Global Neuroprosthetics Industry is forecasted to reach a market size of ~US$ 15 billion: Ken Research
What Is the Size of Global Neuroprosthetics Industry?
Global Neuroprosthetics market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 15 Bn by 2028. The Neuroprosthetics Market is largely driven by increasing prevalence of neurological disorders.
The increasing prevalence of neurological disorders is driving the growth of the market. Neuroprosthetics are used when other treatments are unable to cure a disease or condition. The adoption of Neuroprosthetics technologies, such as SCS, DBS, Vagus nerve stimulation (VNS), and sacral cord stimulation, is growing in developed countries such as the US, Canada, and Australia, boosting the growth of the overall market.
The high cost of Neuroprosthetics products is challenging the Neuroprosthetics market growth. Cochlear implants are more expensive than hearing aids. The high cost of surgery and difficulty in maintenance is anticipated to pose a significant challenge during the forecast time. The high cost of the implants, as well as the problem of maintaining them, has hampered market growth.
The market was significantly impacted by the COVID-19 pandemic during the first half of 2020, due to a major drop in non-urgent treatments such as cochlear implant surgery around the world. With the increase in COVID-19 cases, governments around the world implemented various safety measures such as lockdowns and stringent guidelines, disrupting the international supply chain of cochlear implants.
Global Neuroprosthetics Market By Type
The Global Neuroprosthetics market is segmented by type into Output Neural Prosthetics, Motor Prosthetics, Cognitive Prosthetics, Input Neural Prosthetics, Cochlear Implants and Bionic Eye/Retinal Implants. The input neural prosthetics segment held the largest market share in the global Neuroprosthetics market in 2022, owing to the growing burden of hearing loss and advancements in technology for the development of novel devices. The input neural prosthetics include a cochlear Implant and bionic eye/retinal Implant. These are electronic devices that can help to provide a sense of sound to a person who is profoundly deaf or severely hard of hearing.
Global Neuroprosthetics Market By Technique
The Global Neuroprosthetics market is segmented by Technique into Deep Brain Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation and Sacral Nerve Stimulation. The spinal cord stimulation segment held the largest market share in the global Neuroprosthetics market in 2022, due to the rising prevalence of chronic pain among the population across the globe. The increasing failed back syndrome, and complex regional pain syndrome are projected to increase the demand for spinal cord stimulation technology-based Neuroprosthetics devices.
Global Neuroprosthetics Market By Application
The Global Neuroprosthetics market is segmented by Application into Motor Neural Prosthetics (Parkinson’s disease, Epilepsy, Physiological Disorders (Auditory Processing Disorders, Ophthalmic Disorders, Cardiovascular Disorders, Urology Disorders, Cognitive Disorders (Alzheimer’s Disease and Paralysis))).
The motor neural prosthetics segment held the largest market share in the global Neuroprosthetics market in 2021, owing to its rising adoption in Parkinson’s and epilepsy coupled with the rising prevalence of these aforementioned disorders. Cognitive disorders segment is expected to hold the highest CAGR during the forecast period, owing to the rising incidences of Alzheimer’s disease and severe depression.
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Global Neuroprosthetics Market By Geography
The Global Neuroprosthetics market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America held the largest market share among all other regions within the global Neuroprosthetics market in 2022, due to the supporting government policies to augment the growth of the region.
The large share of the region is attributed to the presence of factors, such as government & private funding and well-established healthcare facilities. In the USA, more than a thousand people are living with spinal cord injury and half of these people cannot move from the neck which is expected to drive the treatment through Neuroprosthetics.
Competition Scenario In Global Neuroprosthetics Market
The Global Neuroprosthetics Market is highly competitive with ~150 players, including globally diversified players, regional players, and many country-niche players. Most of the regional players are the developers of Neuroprosthetics used in various end-user industries.
Country-niche players constitute ~25% of the total number of competitors, while regional players dominate representing ~45% of total competitors. Some of the major players in the market include Abbott, Boston Scientific Corporation, Cochlear Ltd, Cyberonics, Inc., LivaNova PLC, Medtronic, NeuroPace, Inc., BioRegio STERN Management GmbH, Second Sight, Sonova, among others.
What is the Expected Future Outlook for the Overall Global Neuroprosthetics Market Across the globe?
The Global Neuroprosthetics market was valued at USD ~billion in 2022 and is anticipated to reach USD ~15 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Neuroprosthetics market is driven by increasing prevalence of neurological disorders. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Neuroprosthetics market is changing rapidly. For instance, In July 2022, Sensorion declared that regulatory authorities in Australia have given their approval for the start of a Proof of Concept (POC) clinical trial of SENS-401 (Arazasetron) in patients who are scheduled for cochlear implantation.
In January 2022, TODOC, a Korean company that specializes in neural prosthesis and neuromodulation systems, announced the introduction of its artificial cochlear implant ‘SULLIVAN’ at the “CES 2022” in Las Vegas.
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The Global Neuroprosthetics Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of processes and shut down all the major industries. Input Neural Prosthetics, which include cochlear implants and bionic eye/retinal implants are the most common type of Neuroprosthetics. Majorly, the spinal cord stimulation Neuroprosthetics technique is used for treating cognitive disorders such as Alzheimer’s disease and paralysis. Though the market is competitive with over ~150 participants, regional players control the dominant share in the market and country-niche players also hold a significant share.
Market Taxonomy
Type
- Output Neural Prosthetics
- Motor Prosthetics
- Cognitive Prosthetics
- Input Neural Prosthetics
- Cochlear Implants
- Bionic Eye/Retinal Implants
Technique
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Spinal Cord Stimulation
- Sacral Nerve Stimulation
Application
- Motor Neural Prosthetics
- Parkinson’s disease
- Epilepsy
- Physiological Disorders
- Auditory Processing Disorders
- Ophthalmic Disorders
- Cardiovascular Disorders
- Urology Disorders
- Cognitive Disorders
- Alzheimer’s Disease
- Paralysis
Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Abbott
- Boston Scientific Corporation
- Cochlear Ltd
- Cyberonics, Inc.
- LivaNova PLC
- Medtronic
- NeuroPace, Inc.
- BioRegio STERN Management GmbH
- Second Sight
- Sonova
For more insights on the market intelligence, refer to below link:-
Global Neuroprosthetics Market
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