Neuroprosthetics Market Market

Neuroprosthetics Market By Type (Motor Prosthetics, Cognitive Prosthetics, Auditory Prosthetics/Cochlear Implants, and Visual Prosthetics/Retinal Implants), Procedure (Invasive and Non-Invasive), Technology (Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, Transcranial Magnetic Stimulation, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography is expected to flourish at a significant CAGR forecast till 2028 owing to increase in target patient population and rising R&D initiative for advanced product development

The global neuroprosthetics market was valued at USD 7.14 billion in 2022, growing at a CAGR of 12.75% during the forecast period from 2023 to 2028, to reach USD 14.64 billion by 2028. The demand for neuroprosthetics is primarily attributed to the rising patient population suffering from neurological disorders and nerve injuries, the growing burden of hearing and vision loss among the global population, increasing amputations cases due to the rising number of accidents & injuries, increased initiative towards research and development, and technological advancement among others during the forecast period.

Neuroprosthetics Market Dynamics:

Neuroprosthetics are devices that can improve the input and output of the neural system. These devices make use of direct electrical impulses for stimulating the nervous system and improving its functioning. The field of neuroprosthetics encompasses a variety of artificial systems or devices that can be used to alleviate motor, cognitive, sensory, visual, auditory, and communicative dysfunction caused due to acquired brain injuries. The rising prevalence of motor neuron disorders such as amyotrophic lateral sclerosis, and spinal muscular atrophy, among others, and cognitive disorders such as Alzheimer’s and others are anticipated to boost the market. For instance, As per the data provided by WHO 2023, about 55 million people are living with dementia, and there are nearly 10 million new cases every year. Alzheimer's disease is the commonest form of dementia and contributes to 60–70% of cases.

According to Alzheimer Europe 2019, it has been estimated that by 2050 the number of people with dementia will increase to 14,298,671 in the EU and 18,846,286 in the wider European region.

Moreover, rising research and development initiatives to develop neuroprosthetic devices for restoring brain functions after an injury or disease are likely to propel the global neuroprosthetics market in the coming future. For example, in April 2021, Rice University and Houston Methodist forged a partnership to launch the Center for Translational Neural Prosthetics to focus on restoring brain function after disease or injury.

However, certain factors such as the high cost of these devices and the availability of alternative treatment options are likely to impede the growth of the neuroprosthetics market.

Neuroprosthetics Market Segment Analysis:

Neuroprosthetics Market by Type (Motor Prosthetics, Cognitive Prosthetics, Auditory Prosthetics/Cochlear Implants, and Visual Prosthetics/Retinal Implants), Procedure (Invasive and Non-Invasive), Technology (Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, Transcranial Magnetic Stimulation, and Others), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the neuroprosthetics market technology segment, spinal cord stimulation (SCS) is expected to hold a significant market during the forecasted period. This is due to the rising prevalence of chronic pain among the population across the globe. Moreover, increasing failed back syndrome, and complex regional pain syndrome are also projected to increase the demand for these technology-based devices. For instance, according to a study published in the British Journal of Anaesthesia 2019, complex regional pain syndrome (CRPS) is a chronic neurologic condition resulting from a traumatic insult, with a prevalence of approximately 5.4–26.2 per 100 000 person-years. Also, several researches have demonstrated that SCS appears to be an effective therapy in the management of patients with CRPS. Thereby boosting the growth of SCS technology.

Additionally, recent product approvals based on SCS technology are likely to propel the neuroprosthetics market in the coming future. For instance, in July 2021, Nevro received FDA approval for its 10 kHz high-frequency spinal cord stimulation therapy for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).

Hence, all the aforementioned are expected to stimulate the segmental growth of the neuroprosthetics market.

North America is expected to dominate the overall Neuroprosthetics Market:

North America is expected to dominate the overall Neuroprosthetics market during the forecast period. This domination is due to the rising incidence of hearing and vision loss, increased prevalence of neurological disorders, the rising focus on R&D, the presence of well-established healthcare infrastructure, growing healthcare expenditure due to the strong economy, and the presence of key market players such as Medtronic, Abbott, Boston Scientific Corporation, and Neuropace, among others.

For instance, according to the National Institute of Deafness and Other Communication Disorders 2021 statistics, one in eight people in the United States (13 percent, or 30 million) aged 12 years or older has hearing loss in both ears, based on standard hearing examinations.

According to the US Food and Drug Administration (FDA) 2021, roughly around 118,100 and 65,000 cochlear implants have been implanted in adults and children respectively in the US in the year 2019. As per the Centers for Disease Control and Prevention (CDC), 2020, nearly 16% of adults in the United States report hearing trouble one out of 5 men, and one out of 8 women report they have at least some trouble hearing.

Thus, the rise in several cochlear implants among the patient population and the growing hearing loss burden is projected to augment the neuroprosthetics market in the region.

Moreover, recent product launches in the region can also attribute to the market growth. For instance, in August 2020, Cochlear Limited, the global leader in implantable hearing solutions, announced the US commercial availability of the CochlearTM Nucleus® ProfileTM Plus with Slim 20 Electrode (CI624). The Slim 20 Electrode expands Cochlear’s cochlear implant portfolio, which consists of the slimmest electrodes, designed to be traumatic, on the market.

Hence all the above-mentioned factors will boost the market of neuroprosthetics in the region.

Neuroprosthetics Market Key Players:

Some of the key market players operating in the Neuroprosthetics market include Medtronic, Cochlear Ltd., Abbott, Boston Scientific Corporation, LivaNova, Second Sight Medical Products, Inc., MED-EL, Retina Implant AG, Sonova, NeuroPace, Inc., and others.

Recent Developmental Activities in Neuroprosthetics Market:

• In March 2021, Second Sight Medical Products, a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of good vision for blind individuals, receive the US Food and Drug Administration (FDA) has approved for the Argus 2s Retinal Prosthesis System.
• In January 2021, Boston Scientific Corporation received FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System used to treat symptoms in patients with advanced Parkinson’s disease.
• In July 2020, Cochlear Limited received the US FDA approval for three new products to its suite of hearing technology solutions. The approval of the CochlearTM Nucleus® Kanso® 2 Sound Processor, Nucleus® 7 Sound Processor for Nucleus 22 Implant recipients, and Custom Sound® Pro fitting software reflects Cochlear’s “ongoing commitment to innovation in hearing technology, providing access to smartphone connectivity and helping to improve hearing performance, and enhancing the cochlear implant fitting experience for hearing health professionals.

Key Takes Away from the Neuroprosthetics Market Report Study

• Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the Global Neuroprosthetics Market.
• Various opportunities available for the other competitor in the Neuroprosthetics Market space.
• What are the top-performing segments in 2022? How these segments will perform in 2028?
• Which are the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Neuroprosthetics market growth in the coming future?

Target Audience who can be benefited from Neuroprosthetics Market Report Study

• Neuroprosthetics providers
• Research organizations and consulting companies
• Neuroprosthetics-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders in Neuroprosthetics
• Various End-users who want to know more about the Neuroprosthetics Market and the latest technological developments in the Neuroprosthetics market.

Frequently Asked Questions for Neuroprosthetics Market:

What is Neuroprosthetics?

A neuroprosthetic is a kind of device that can ameliorate the input or output of a neural system. Neuroprosthetics encompass a variety of artificial devices or systems that can be used to enhance the motor, sensory, cognitive, visual, auditory, and communicative deficits that arise from acquired brain injuries.

What is the market for global neuroprosthetics?

The global neuroprosthetics market was valued at USD 7.14 billion in 2022, growing at a CAGR of 12.75% during the forecast period from 2023 to 2028, to reach USD 14.64 billion.

What are the drivers for global neuroprosthetics?

The major factors driving the demand for Neuroprosthetics are the rising prevalence of neurological disorders and nerve injuries, growing amputation cases owing to the rising number of accidents & injuries, increased initiative towards research and development, and technological advancement, among others.

What are the key players operating in global neuroprosthetics?

Some of the key market players operating in the Neuroprosthetics market include Medtronic, Cochlear Ltd., Abbott, Boston Scientific Corporation, LivaNova, Second Sight Medical Products, Inc., MED-EL, Retina Implant AG, Sonova, NeuroPace, Inc., and others.

What regions have the highest share in the neuroprosthetics market?

North America is anticipated to dominate the overall neuroprosthetics market during the forecast period, 2023-2028 because of the rising focus on R&D, the presence of well-established healthcare infrastructure, and growing healthcare expenditure due to a strong economy.