Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) — The global neuroprosthetics market size was USD 10.48 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.4% during the forecast period. Rising prevalence of hearing loss and increasing patient population suffering from neurological disorders and nerve injuries are key factors driving market revenue growth. Neuroprosthetics are devices that can improve the input and output of neural system. These devices make use of direct electrical impulse for stimulating the nervous system and improving its functioning. For instance, nearly 20% of the world’s population, or over 1.5 billion individuals, suffer from hearing loss, 430 million of whom are completely disabled.
In addition, increasing number of individuals experiencing neural damage and neurological diseases is also expected to drive market revenue growth during the forecast period. Worldwide, hundreds of thousands of individuals suffer spinal cord injuries each year that leave them unable to move their limbs. Up to 347,000 persons in the U.S. have Spinal Cord Injuries (SCI), and over half of them are unable to move from the neck down.
Moreover, technological advancements in the industry is another key factor rising demand for neuroprosthetics and driving market revenue growth. Some of the new trends observed in the market include creation of more complex devices that can give users increased versatility and independence, application of artificial intelligence to enhance the effectiveness of prosthetic devices, as well as utilization of Three Dimensional (3D) printing for manufacturing customized devices.
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However, high cost of neuroprosthetics, availability of alternative treatment options, and unfavorable reimbursement scenario are major factors, which could restrain market revenue growth. Amputee customers are forced to choose less-effective, lower-cost alternatives due to high cost of prostheses and unfavorable reimbursement concerns. There is a shortage in the market that cannot be filled by out-of-pocket spending due to high cost of new prostheses and third-party payer constraints.
On the basis of type, the neuroprosthetics market has been segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is sub-segmented into motor prosthetics and cognitive prosthetics. The input neural prosthetics segment is sub-segmented into cochlear implant and bionic eye/ retinal implant. The output neural prosthetics segment is expected to account for significantly large revenue share in the global neuroprosthetics market during the forecast period. This is due to improvements in neural interface technology as well as increasing frequency of neurological conditions such spinal cord injuries and neurodegenerative diseases. Motor prosthetics allow individuals who suffer from motor disabilities to regain control over their limbs or carry out precise motions by translating brain impulses into motor commands. On the other side, cognitive prosthetics support memory, attention, and decision-making by bridging brain connections to improve cognitive functioning.
On the basis of technique, the neuroprosthetics market has been segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. The spinal cord stimulation segment is expected to register steadily fast revenue growth rate in the global neuroprosthetics market during the forecast period. This is attributed to rising prevalence of chronic pain problems, together with improvements in the technology for spinal cord stimulation and increasing patient knowledge about neuroprosthetic strategy are also expected to drive revenue growth of this segment during the forecast period.
The North America market is expected to account for largest revenue share in the global neuroprosthetics market during the forecast period. This is due to sizable patient base due to high frequency of neurological illnesses including Parkinson’s Disease (PD), epilepsy, and spinal cord injuries. The superior healthcare infrastructure and research facilities found in North America support development of novel neuroprosthetic devices. Use of neuroprosthetic devices is further aided by favorable payment schemes and healthcare insurance coverage.
The Europe market is expected to register fastest revenue growth rate in the global neuroprosthetics market over the forecast period. This is due to existence of major market participants as well as a rising emphasis on personalized medicine and patient-centric treatment. This region places a high priority on medical research and innovation, which has promoted the development and uptake of neuroprosthetic devices. Furthermore, increasing number of government programs and partnerships between academic institutions are also expected to drive market revenue growth in this region during the forecast period.
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Scope of Research
|Market Size in 2022
|USD 10.48 Billion
|Revenue Forecast To 2032
|USD 33.96 Billion
|Base Year For Estimation
|Revenue in USD Billion and CAGR in % from 2023 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Type, technique, application, and region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
|Key Companies Profiled
|Medtronic, Cochlear Ltd., Abbott, Boston Scientific Corporation, LivaNova PLC, Vivani Medical Inc., Sonova, NeuroPace, Inc., NEVRO CORP., and MED-EL Medical Electronics
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Major Companies and Competitive Landscape
The global neuroprosthetics market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective neuroprosthetics services. Some major players included in the global neuroprosthetics market report are:
- Cochlear Ltd.
- Boston Scientific Corporation
- LivaNova PLC
- Vivani Medical Inc.
- NeuroPace, Inc.
- NEVRO CORP.
- MED-EL Medical Electronics
- On 07 May 2021, Plexon Inc. and Neurescence announced their new distribution and sales partnership. The tools and solutions created by Plexon Inc. serve as the basis for research being done all around the world in areas including fundamental science, Brain-Machine Interface (BMI), neurodegenerative illnesses, addictive behaviors, and neuroprosthetics.
- On 21 April 2021, Rice University partnered with Houston Methodist to introduce Centre for Translational Neural Prosthetics and Interfaces, a cooperation that brings together scientists, clinicians, engineers, and surgeons to tackle clinical challenges with neurorobotics. This facility will serve as a living laboratory where neurosurgeons, neuroengineers, and neurobiologists can collaborate to find solutions to biological issues involving the brain and spinal cord. This partnership will provide alternatives and hope to millions of individuals who experience brain injuries and disorders on a global scale.
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For the purpose of this report, Emergen Research has segmented neuroprosthetics market on the basis of type, technique, application, region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Output Neural Prosthetics
- Motor Prosthetics
- Cognitive Prosthetics
- Input Neural Prosthetics
- Cochlear Implant
- Bionic Eye/ Retinal Implant
- Output Neural Prosthetics
- Technique Outlook (Revenue, USD Billion; 2019–2032)
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Transcranial Magnetic Stimulation
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Motor Neuron Disorders
- Parkinson’s Disease (PD)
- Physiological Disorders
- Auditory Processing Disorders
- Cardiovascular Disorders
- Kidney Disorders
- Ophthalmic Disorders
- Cognitive Disorders
- Alzheimer’s Disease (AD)
- Motor Neuron Disorders
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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