Neuroprosthetics Market Size Worth $14.5 Billion By 2025 | CAGR: 4.9%
Published Date : 04 / 01 / 18 | Report Format: PDF
The global neuroprosthetics market is expected to grow at growth rate of 4.9% to reach USD 14,501 million by 2025. Neuroprostheses are brain machines, integrated with electrodes to interface with the central nervous system. These devices are aimed to restore function that has been lost due to neurological injury by identifying stimulation sites of a central nervous system including nerves, muscles, brain or spinal cord. Neuroprosthetic technology is widely used among the end-users in order to restore autonomic and motor functions as well as to improve sensory feedback. The market for neuroprosthetics is majorly driven by the increasing incidences of neurological disorders. Rising approval of new products, technological advancements, and others are also anticipated to spur the market growth to some extent.
Furthermore, acceptance of these devices is increasing as it considered to be safe, effective for treatment of neurological disorder with minimal pain and rapid recovery actions. High cost and lack of proper reimbursement schemes are expected to hinder the industry growth.
Key Takeaways :
- According to various organizations such as National Institute of Neurological Disorders and Stroke, World Health Organization, and American Academy of Neurology, incidence of neurological disorder is increasing at constant rate, supporting the market growth
- Motor prosthetics, the largest segment is considered to grow with the highest growth rate over the future period. High demand for these prosthetics supports the market growth.
- Spinal cord stimulator is widely used neuroprosthetic technology, act by masking spinal cord pain signals before it can reach to the brain tissues
- Companies such as Boston Scientific Corporation received U.S. FDA and CE Mark approval of its novel SCS technology named “Precision Plus”. This system precisely enable to control or target pain in increments of 0.04 mm (i.e. the width of a human hair)
- Motor neuron disorder is the largest application segment, accounted for around USD 3.0 billion in 2017 owing to the consistent increase in number of patients with epilepsy and Parkinson’s disease
- Regions such as North America and Europe will witness high demand for neuroprosthetics in coming years due to the rising incidences of neurological disorders
- Key players such as Medtronic, Inc., Cochlear Limited, St. Jude Medical, Inc., and MED-EL exhibit significant presence in the market
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key factors are propelling the growth of the global market
- Granular analysis of the current market scenario and the expected market grow
- Detailed analysis of the geographic region that will witness the strongest growth
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
The scope of this report covers the market by its major segments, which include as follows:
NEUROPROSTHETICS MARKET, BY TYPES
- Cochlear Implants
- Motor Prosthetics
- Cognitive Prosthetics
- Retinal Implants
NEUROPROSTHETICS MARKET, BY TECHNOLOGY
- Vagus Nerve Stimulation
- Spinal Cord Stimulation
- Deep Brain Simulation
- Sacral Nerve Stimulation
NEUROPROSTHETICS MARKET, BY APPLICATION
- Physiological Disorders
- Auditory Disorders
- Kidney Disorders
- Motor Neuron Disorders
- Parkinson’s disease
- Cognitive Disorders
- Alzheimer’s Disease
- Severe Depression
NEUROPROSTHETICS MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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