Neuroprosthetics Market to Expand at 12.4% CAGR Between 2018 to 2023 to Reach USD 10. 48 Billion

Global Neuroprosthetics Market overview:

As per the latest report by MRFR, the Global Neuroprosthetics Market is anticipated to expand at 12.4% CAGR between 2018 and 2023. The Neuroprosthetics domain refers to a blend of neuroscience and biomedical engineering.

Global Neuroprosthetics Market is likely to reach a revenue valuation of USD 10.48 billion by the end of the forecast period. Such market growth can be attributed to various factors including increasing prevalence in neural diseases, overactive bladder syndrome, and various chronic disorders such as epilepsy and parkinson's disease. Further, advanced technologies are providing tools that don't need implanting and are minimally invasive, hence, driving accelerated growth to the global neuroprosthetics market during the forecast period.

Neuroprosthetics refers to a series of equipment which is used as a substitute for sensory motor and cognitive abilities of a human. Primarily, neuroprosthetics is used when injuries or diseases cause neurological damage in a human.

Key Players:

·         Cochlear

·         Abbott

·         Neuropace

·         Medtronic

·         Boston Scientific

·         Sonova

·         Livanova

·         Med-El

·         Retina Implant

·         Nevro

·         Second Sight

Market Segmentation:

Global Neuroprosthetics Market has been segmented on the basis of type, technology, applications, end users, and region. On the basis of type, the global neuroprosthetics market is segmented into output neuroprosthetics and input neuroprosthetics. The output neuroprosthetics segment is for the sub- segmented into cognitive prosthetics and motor prosthetics. On the other hand, the input prosthetics segment is further sub-segmented into cochlear implant and visual prosthetics.

On the basis of techniques, the global neuroprosthetics market segment into deep brain stimulation, vagus nerve stimulation, spinal cord stimulation, and sacral nerve stimulation. Based on end users, the global neuroprosthetics market is segmented into diagnostic centers, hospitals and clinics, and research centers.

Based on application, the global neuroprosthetics market segment into physiological disorders, motor neuron disorders, and cognitive disorders. The motor neuron disorder segment is sub-segmented into parkinson’s disease and epilepsy disorder. The physiological disorders segmentation further includes sub-segments of ophthalmic disorders, auditory processing disorders, neurology disorders, and cardiovascular disorders. The cognitive disorders segment is further sub-segmented into alzheimer’s disease paralysis and severe depression.

Detailed Regional Analysis:

The Global Neuroprosthetics Market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is further segmented into North America and South America. North America is anticipated to dominate the global neuroprosthetics market over the forecast period. Such dominance can be attributed to research and development regarding the prevalence of neural diseases epilepsy and Parkinson’s disease. Further, rise in the patient number and diagnosis of Parkinson’s disease has triggered augmentation of the neuroprosthetics market in the region.

Europe, on the other hand, is anticipated to follow North America and hold the second largest share in the global neuroprosthetics market. Within Europe, the presence of a robust healthcare sector, rising investments in the research and development of neuroprosthetics, and growing government support are some factors driving the regional neuroprosthetics market growth during the assessment period.

Asia-pacific is anticipated to grow at a significant rate during the forecast period. Such growth in the regional neuroprosthetics market can be attributed to a massive patient population present in the region. Further, cognitive disorders and other neurological problems present in the region are projected to boost the neuroprosthetics market growth. Owing to the refurbished healthcare sector and various strategic decisions made by prominent market players to invest in the region are accelerating the regional market growth during the forecast period.

Industry Update 

March 2019:

European Innovation Council was announced by the Commission to be a part of Horizon 2020 program. This will provide various kinds of support to start ups, innovators, and companies to scale up internationally. The EIC program is connected to the Future and Emerging Technologies (FET) program. The FET program provides support to various high potential concept including neuroprosthetics and artificial photosynthesis.