Global neuroprosthetics market expected to generate revenue of around USD 13,281 million by the end of 2024, growing at a CAGR of around 12.3% between 2018 and 2024. The major driver of the global neuroprosthetics market is the increasing cases of amputation due to the rising number of accidents and injuries.
The report covers forecast and analysis for the neuroprosthetics market on a global and regional level. The study provides historic data for 2015–2017along with a forecast from 2018 to 2024 based revenue (USD Million). 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.
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.
This report segments the global neuroprosthetics market as follows:
Global Neuroprosthetics Market: Type Segment Analysis
Global Neuroprosthetics Market: Technique Segment Analysis
Global Neuroprosthetics Market: Application Segment Analysis
Global Neuroprosthetics Market: Regional Segment Analysis
Neuroprosthetics is rapidly progressing nowadays, courtesy intense clinical and scientific research. The developments in this filed are seen since 1932, when the cardiac pacemaker was introduced. These developments include deep brain stimulation, techniques for bladder and bowel control, cochlear prostheses, mobility restoration, and respiratory solutions for paralyzed individuals. Neuroprosthetics support the output and input of the nervous system. These days, numerous different surgical brain implants are tested for their capabilities to repair and restore severe motor sensory functions disabilities.
The major driver of the global neuroprosthetics market is the increasing cases of amputation due to the rising number of accidents and injuries. In the U.S., Traumatic Brain Injury (TBI) is the main cause of disability and death. Around 30% of total injury deaths in the U.S. are due to traumatic brain injuries, according to the Centers for Disease Control and Prevention (CDC). On the basis of reported facts by CDC, about 282,000 TBI related hospitalizations and 2.5 million emergency department (ED) visit occurred in 2013 in the U.S. Furthermore, the functional damage caused by these injuries are likely to trigger the growth of neuroprosthetics market during the forecast time period. Thus, an increase in the number of patients suffering from neurological disorders and nerve injury is increasing and likely to potentially drive the market for neuroprosthetics in the forecast time period.
The global neuroprosthetics market is segmented based on type, technique, and application. By type, the market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is further sub-segmented into motor prosthetics and cognitive prosthetics. The input neural prosthetics segment is a further segmented into the cochlear implants and bionic eye/retinal implants. By technique, the market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. The application segment includes motor neuron disorders, cognitive disorders, and physiological disorders.
North America held a dominant share of the global market for neuroprosthetics market in 2017 and is anticipated to continue its dominance over the forthcoming years. Availability of treatment options, high awareness of neuroprosthetics, and an increasing number of accidents and injuries are likely to drive the market during the forecast time period. Europe is estimated to hold the second largest share in the global neuroprosthetics market. Asia Pacific region is likely to grow at the highest CAGR during the forecast time period, owing to rising incidences of hearing loss, increasing the prevalence of diabetes, and growing awareness about neuroprosthetics. Moreover, growing research and development expenditure, the rising prevalence of accidental injuries and traumatic brain injury area anticipated to propel the growth of neuroprosthetics market in the Asia Pacific region.
Some key players in the Neuroprosthetics market areMedtronic, Abbott, Cochlear, Boston Scientific, Livanova, Second Sight, Med-El, Retina Implant, Sonova, Neuropace, NDI Medical, and Nevro, among others.
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