|Market Size in 2023
|Market Forecast in 2032
|CAGR (in %)
|USD 11.96 Billion
|USD 27.65 Billion
The global Neuroprosthetics market size accrued earnings worth approximately USD 11.96 Billion in 2023 and is predicted to gain revenue of about USD 27.65 Billion by 2032, is set to record a CAGR of nearly 9.76% over the period from 2024 to 2032
The study includes drivers and restraints for the Neuroprosthetics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Neuroprosthetics market on a global level.
In order to give the users of this report a comprehensive view on the neuroprosthetics market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein type, technique, and application segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures,research& development, technology, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis, and product portfolio of various companies according to regions.
Neuroprosthetics refer to devices designed to enhance the input and output functions of the neural system. These devices employ direct electrical impulses to stimulate the nervous system, thereby enhancing its overall performance. The scope of neuroprosthetics includes a range of artificial systems or devices aimed at alleviating dysfunction in motor, cognitive, sensory, visual, auditory, and communicative abilities resulting from acquired brain injuries. The increasing incidence of motor neuron disorders like amyotrophic lateral sclerosis and spinal muscular atrophy, as well as cognitive disorders such as Alzheimer's, is expected to drive market growth.
The study provides a decisive view of the neuroprosthetics market by segmenting the market based on type, technique, application, and geography. Based on the type, the market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is further sub-segmented as, motor prosthetics, and cognitive prosthetics. The input neural prosthetics segment is again further segmented into, cochlear implants, and bionic eye/retinal implants. On the basis of technique, the market is segmented spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation.
The application segment is bifurcated into motor neuron disorders, cognitive disorders, and physiological disorders. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, with its further division into major countries including the U.S., Rest of North America, U.K., Germany, France, Italy, Spain, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific,Brazil, Rest of Latin America, GCC Countries, South Africa and Rest of Middle East and Africa. This segmentation includes demand for Neuroprosthetics market based on individual type, technique, and application in all the regions and countries.
The report also includes detailed profiles of various end players, such as Medtronic, Abbott, Cochlear, Boston Scientific, Livanova, Second Sight, Med-El, Retina Implant, Sonova, Neuropace, NDI Medical, and Nevro, among others.
By Type Segment Analysis
By Technique Segment Analysis
By Application Segment Analysis