Global Neuroprosthetics Market, By Type (Motor Prosthetics, Auditory Prosthetics/Cochlear Implants, Cognitive Prosthetics, Visual Prosthetics/Retinal Implants), Technique (Deep Brain Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation and Sacral Nerve Stimulation), Application (Motor Neuron Disorders, Physiological Disorders, Cognitive Disorders), End User (Hospitals, Clinics), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2028
The neuroprosthetics market is expected to witness market growth at a rate of 14.1% in the forecast period of 2021 to 2028. Data Bridge Market Research report on neuroprosthetics market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in the prevalence of neurological disorders is escalating the growth of neuroprosthetics market.
Neuroprosthetics refer to a branch of neuroscience and biomedical engineering which is linked with the development of neural prostheses. Neural prostheses are referred as an array of devices which are capable of performing the functions of a motor, sensory or cognitive modality that may have been damaged caused by an injury or a disease.
The increase in the rate of diseases including Parkinson’s, epilepsy, auditory, neuromuscular junction/muscles disorders, ophthalmic and severe depression act as one of the major factors driving the growth of neuroprosthetics market. The rise in the number of cases of amputation due to the rising number of accidents & injuries and development of new devices and products with innovative technologies with the purpose of acquiring effective treatment plans for neurological diseases accelerate the neuroprosthetics market growth. The growth in the popularity of brain computer interface (BCI) devices and increase in the adoption of self-charging implants that make use of bioenergy further influence the neuroprosthetics market. Additionally, rise in the investment for research and development projects, acceptance of advanced technology, improving healthcare infrastructure and surge in healthcare expenditure positively affect the neuroprosthetics market. Furthermore, expansion of target applications and new indications and emerging economies extends profitable opportunities to the neuroprosthetics market players in the forecast period of 2021 to 2028.
On the other hand, high cost associated with the neuroprosthetics and unfavorable reimbursement scenario is the factors expected to obstruct the neuroprosthetics market growth. Availability of alternative treatment options and lack of trained professionals are projected to challenge the neuroprosthetics market in the forecast period of 2021-2028.
This neuroprosthetics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on neuroprosthetics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Neuroprosthetics Market Scope and Market Size
- The neuroprosthetics market is segmented on the basis of type, technique, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of type, the neuroprosthetics market is segmented into motor prosthetics, auditory prosthetics/cochlear implants, cognitive prosthetics and visual prosthetics/retinal implants. Output neural prosthetics are further segmented into motor prosthetics and cognitive prosthetics. Input neural prosthetics are further segmented into cochlear implant and bionic eye/ retinal implant.
- On the basis of technique, the neuroprosthetics market is segmented into deep brain stimulation, vagus nerve stimulation, spinal cord stimulation and sacral nerve stimulation.
- On the basis of application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders and cognitive disorders. Motor neuron disorders are further segmented into Parkinson’s Disease and epilepsy. Physiological disorders are further segmented into auditory processing disorders, cardiovascular disorders, kidney disorders and ophthalmic disorders. Cognitive disorders are further segmented into Alzheimer's disease and paralysis.
- On the basis of end user, the neuroprosthetics market is segmented into hospitals, and clinics.
Global Neuroprosthetics Market Country Level Analysis
The neuroprosthetics market is analyzed and market size insights and trends are provided by country, type, technique, application and end user as referenced above.
The countries covered in the global neuroprosthetics market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the neuroprosthetics market because of the funding by government &private funding and well-established healthcare facilities. Asia-Pacific is estimated to witness the high growth in the forecast period of 2021-2028 due to the increasing focus towards overall cost reduction in the manufacturing of implants, surge in investment by industry players and growth in awareness levels amongst patients in the region.
The country section of the neuroprosthetics market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The neuroprosthetics market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for neuroprosthetics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the neuroprosthetics market. The data is available for historic period 2011-2019.
Competitive Landscape and Neuroprosthetics Market Share Analysis
The neuroprosthetics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to neuroprosthetics market.
The major players covered in the neuroprosthetics market report are Boston Scientific Corporation, Zimmer Biomet, Cochlear Ltd, Medtronic, NDI Medical, LLC, NeuroPace, Inc., Nevro Corp, Retina Implant AG, Abbott, Sonova, SensArs, CorTec GmbH, Neuro Device Group S.A., LivaNova PLC, MED-EL, Second Sight among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.