Neuroprosthetics Market, By Type (Motor prosthetics, Auditory prosthetics, Cognitive prosthetics), Technology (DBS, VNS, SCS, SNS, ), Application (Motor neuron disorders, Parkinson’s disease, Epilepsy, Physiological disorders), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2032

The Global Neuroprosthetics Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032. The Neuroprosthetics market was valued USD 10.32 Billion in 2022 and registering a CAGR of 13.45% from 2023 to 2032. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032.

In addition, the associated high costs and side effects of conventional medications are responsible for the rising adoption rate of implants. For example, the increasing adoption of the Vagus Nerve Stimulation (VNS) therapy system over therapeutics like antidepressants in the treatment of Alzheimer's disease, brain aneurysm, and strokes is propelling the general market growth.

Moreover, the rising geriatric population susceptible to epilepsy choosing neural implantation over the standard medication is exerting a positive effect on industry growth.

Key Factors Impacting the Growth of Neuroprosthetics Market:

  • The motor prosthetic devices segment dominated in terms of revenue share and accounted for a significant portion of the market, followed by visual cochlear implants. Whereas, retinal neuroprosthetics was identified as one of the fastest-growing market segments due to the rising penetration and also the increasing R&D efforts concerning product innovation.
  • The Spinal Cord Stimulation (SCS) segment held the largest share due to the analgesic property of the SCS therapy utilized in the treatment of ischemic pain, failed back surgery syndrome, and sophisticated refractory pain syndrome. Furthermore, it finds applications in intraspinal and epidural microstimulation for inducing leg movements. Additionally, technological advancements in this segment are predicted to further boost market growth within the near future. The Sacral Nerve Stimulation (SNS) is predicted to be the fastest-growing segment over the forecast period thanks to its applications in chronic intractable pelvic ache and bladder disorder.
  • In the applications segment, motor neuron disorders held the largest segment because of the rising incidences of Parkinson’s disease and epilepsy. For example, as per the report published by Parkinson’s disease Foundation in 2012, approximately 60,000 Americans were diagnosed with Parkinson’s disease annually and the number is predicted to grow further over the forecast period thereby fueling this segment’s growth.
  • North America dominated the neuroprosthetics market due to the large presence of neural implants manufacturers, higher R&D investments, and the availability of funds from both government and private institutes. For example, the Defense Advanced Research Project Agency (DARPA) and the National Institute of Neurological Disorders and Stroke (NIH) in collaboration with the federal agencies are instrumental in providing funds to support R&D initiatives for the further development of neural implants.
  • The Asia Pacific is anticipated to be the fastest-growing segment because of the introduction of multinational healthcare establishments promoting safe and effective medical procedures together with the rising awareness levels amongst consumers
  • Strategic collaborations and mergers & acquisitions are expected to keep the industry rivalry level high over the forecast period

The Neuroprosthetics market segmentation is based on type, technology, application, and region.

Type Outlook:

Motor prosthetics held the biggest market share, followed by cochlear prosthetics. The motor prosthetics segment held the largest share of the market because of the rising adoption of bladder control implants and brain-computer interface for paraplegic and lateral sclerosis patients, respectively The auditory segment witnessed a rapid climb within the neural prostheses (NPs) market because of its increasing use for patients with hearing impairments like brain stem implants ABI’s and mid-brain AMI’s. Cochlear implants find its applications in signal processing and stimulation therapy systems, which offer scope for future treatments of neural disorders.

Technology Outlook:

Spinal Cord Stimulation (SCS) held the most important market share of the technology segment. This dominance is attributed to the greater penetration including the introduction of technologically advanced devices with improved applications that are utilized in disorders with an impaired motor, sensory, and autonomic functions.

Due to the growing adoption of commercial technologies like DBS (Deep Brain Stimulators) and VNS (Vagus Nerve Stimulators), the general technology market segment is predicted to experience significant growth. The introduction of technologically advanced devices, like Local Field Potentials (LFPs), automated and movable probes, MRI, and images featuring surgical implants, is predicted to present this market with future growth opportunities.

Also, manufacturers are constantly developing next-generation technologies to boost therapeutic interventions utilized in treatments to revive impaired neurological functions, which makes SNS (Sacral Nerve Stimulators) as the fastest growing technology within the market.

Application Outlook:

Neuroprosthetics finds wide applicability within the treatment of varied neurological diseases, Alzheimer’s, Parkinson’s disease, spinal cord injuries, and traumatic brain injuries. Based on application the neuroprosthetic devices are classified into motor neuron disorders, physiological disorders, and cognitive disorders. Neuroprosthetic devices have found largest application within the motor neuron disorders because of its rising adoption in Parkinson’s and epilepsy in addition to the rising prevalence of these aforementioned disorders, thereby widening the consumer base.

Whereas, cognitive disorders are anticipated to be the fastest-growing segment because of the rising incidences of Alzheimer’s disease and severe depression. The introduction of advanced implants capable of calculating limb trajectory and stimulating control for movements, utilized in the treatment of paralysis is further anticipated to reinforce the market growth over the forecast period.

Regional Outlook:

North America held the biggest revenue of the overall market share. The massive share is attributed to the presence of factors, like government and private funding and well-established healthcare facilities. Within the European market, neuroprosthetics is predicted to show an upward shift due to the increasing government initiatives concerning the event of technologically advanced devices for people with a hearing disorder, which provide fast and speedy growth.

The Asia Pacific is predicted to be the fastest-growing region thanks to the presence of untapped opportunities within the emerging economies. The increasing focus towards overall cost reduction within the manufacturing of implants and therefore the rising awareness levels amongst patients are the factors propelling the industry growth in this region. Furthermore, the rising investment by industry players in the form of new manufacturing facilities is predicted to present with high growth potential for neural implants within the coming years.

Competitive Landscape

Cochlear Limited, Cyberonics Inc., Medtronic Inc., NDI Medical LLC, and NeuroPace, Inc. are some key players within the neuroprosthetics market. Companies, like Boston Scientific Corporation, St. Jude Medical, Inc., Retina Implant AG, Nervo Corp., MED-EL, Sonova, and BrainGate offer solutions for neurological disorders.

The market is oligopolistic in nature and the companies are instrumental in providing technologically advanced effective solutions like wireless mini microphones, smart hearing devices, stimulators, and advanced therapy systems to neurological disorders. Strategic collaborations and geographic expansion are few sustainable strategies adopted by these players, which is predicted to stay the industry rivalry at a high level, thereby propelling the overall growth of the market over the forecast period.

This report also includes the profiles of key Neuroprosthetics market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Neuroprosthetics Market:

  • In October 2018, with brain-machine interface technology now developing rapidly, neuroprosthetics—implants containing multi-contact electrodes which will replace certain nerve functionalities—have the potential to figure miracles. They may be ready to restore amputees’ sense of touch, help the paralyzed walk again by stimulating spinal cords and silence the neural activity of individuals affected by chronic pain.
  • In October 2019, improving brain-machine interfacing is now the goal of multiple neurotech startups like Paradromics, Neuralink, and Kernel. Despite the challenges, neuroprosthetics has huge clinical potential, with the market expected to display a year-on-year growth of 14% until 2026. Going forward, devices will become smaller and smaller, with more sophisticated arrays, longer battery life and greater use of wirelessly transmitted data and power.

What Does This Report Provide?

This report provides a detailed understanding of the global Neuroprosthetics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type

  • Motor prosthetics
  • Auditory prosthetics
  • Cognitive prosthetics

By Technology

  • DBS
  • VNS
  • SCS
  • SNS

By Application

  • Motor neuron disorders
  • Parkinson’s diseased
  • Epilepsy
  • Physiological disorders

By Region:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Russia
    • UK
    • France
    • Italy
    • Spain
    • The Netherlands
    • Rest of Europe 
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
    • Rest of Asia Pacific 
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America

Reasons to Buy This Report:

  • Market size estimation of the Neuroprosthetics market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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