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The global neuroprosthetics market is set to reach US$ 21.5 BN by 2030 at a 11.8% CAGR between years 2022-2030. The market is experiencing dynamic growth, fuelled by a rising incidence of neurological disorders such as Parkinson's disease, epilepsy, and spinal cord injuries. As these problems affect many people around the world, there is a growing need for new brain devices that help nerve function and improve life quality.
Big steps in brain-computer interfaces (BCIs) are changing the field of neuroprosthetics. BCIs help the brain talk directly to outside equipment, letting people who can't move or have no arms use fake limbs easily. Improvements in signal processing and electrode technologies help make BCI work better. People are starting to use wearable brain devices more often, like exoskeletons and smart fake limbs. These tools give people with movement problems the freedom and ability to do things on their own.
Smaller parts, better batteries and adding sensors help the growth of a part of wearable neuroprosthetics market. Putting more money into research and development is making neuroprosthetics better. Private and public money help make new brain helper tools. This brings tech companies, study places, and health workers together to work on these projects. Neuroprosthetics are now making important progress in helping restore our sense abilities.
New gadgets that can be put inside the body are helping people with eye or ear problems to get back sight or hearing. This growth of brain-computer interfaces into sensory areas makes them more useful. The help from government actions and official rules is very important in making the market for brain-controlled devices. Rules that check the safety and usefulness of brain device tools, along with money programs for study and sale help make it easier to increase market size.
Neuroprosthetics are being used more often in programs that help the brain heal. They make it easier for patients with injuries or problems related to their nerves to regain control over moving parts of their body. The use of brain-machine devices in recovery plans helps to make patients function better and feel happier. Even with technology getting better, problems still happen when making sure that brain devices stay reliable for a long time and work well in the body.
Fixing problems like how long devices last, what materials work well together and lower chances of illness is still a big focus for makers and scientists. The market for brain-computer links is growing worldwide, with an increasing presence in different areas. As more people learn about using brain prosthetics, healthcare systems around the world are adding these tools to their treatment plans. This is making them more popular everywhere.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Technology, Applications, and End users Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors Medtronic (US), Abbott (US), Cochlear (Australia), Boston Scientific (US), Livanova (UK), Second Sight (US), Med-El (UK), Retina Implant (US), Sonova (UK), Neuropace (US), Nevro (California), and others Key Market Opportunities New product launches and R&D Amongst major key Players Key Market Drivers Increasing prevalence of neural diseases Over active bladder syndrome and Chronic disorder |
Neuroprosthetics Market Highlights:
Neuroprosthetics Market OverviewÂ
The neuroprosthetics market was valued USD 14.3 billion in 2021 and is expected to reach USD 21.5 billion by 2030 at 11.8% CAGR during the forecast period 2022-2030. Neuroprosthetics are medical devices that are designed to send signals to the central nervous system while also receiving input from the outside world. These devices are employed in the treatment of neurological illnesses like epilepsy, Parkinson's disease, and visual prosthetics, among others. The increasing frequency of neurological diseases, overactive bladder syndrome, and chronic disorders such as epilepsy are driving this market's favorable expansion. The rising number of patients suffering from neurological disorders and nerve injury, the rising incidence of hearing loss, the increasing cases of amputations due to the rising number of accidents and injuries, and the rising prevalence of diabetes are the major factors driving the market growth of the Neuroprosthetics.Â
Diabetes patients may develop a variety of foot problems, including blood vessel and nerve damage. Also, diabetes can harm the blood vessels in the retina, resulting in vision problems or blindness. As a result, the growing prevalence of diabetes is predicted to boost demand for retinal/bionic eye implants. Amputations due to dysvascular disorders and diabetes are projected to fuel demand for mechanical limb replacements soon leading to the growth in Neuroprosthetics Market. Diabetes has a large regional difference in prevalence. Because the weight of this factor is larger in the Asia Pacific area, it is likely to have a greater impact on the market in Southeast Asia and the Indian subcontinent.
Neuroprosthetics Market Segment Insights:
The neuroprosthetics market is segmented on the basis of type, technology, applications, and end users.Â
Neuroprosthetics Type Insights
On the basis of type the market is segmented into output neural prosthetics and input neural prosthetics. The output is segmented into cognitive prosthetics, and motor prosthetics. The input is segmented into cochlear implant, and visual prosthetic.
Neuroprosthetics Technology Insights
On the basis of techniques, the market is segmented into vagus nerve stimulation, deep brain stimulation, sacral nerve stimulation, and spinal cord stimulation.
Neuroprosthetics Application Insights
On the basis of application, the market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders are segmented into Parkinson’s disease, and Epilepsy disorder. The physiological disorders are segmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. Furthermore, the cognitive disorders include disorders such as Alzheimer’s disease, paralysis, and severe depression. On the basis of end-users, the market is segmented into hospitals and clinics, diagnostic centers, research centers and others.
Neuroprosthetics Regional Insights
On the basis of region, the market of Neuroprosthetics is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and South America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia-Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.
Key players:
Some of the key players in the neuroprosthetics global market are:Â
- Medtronic (US)Â
- Abbott (US)Â
- Cochlear (Australia)
- Boston Scientific (US)
- Livanova (UK)
- Second Sight (US)
- Med-El (UK)
- Retina Implant (US)
- Sonova (UK)
- Neuropace (US)
- Nevro (California), and others.Â
Regional Market Summary: Global Neuroprosthetics Market Share (%), by Region
Sources: National Cancer Institute, Cancer research UK, the American Cancer Society, Inc., US Department of Health and Human Services National Institutes of Health
It is estimated that North America dominated the market of neuroprosthetics owing to the increasing in the prevalence of neural diseases such as Epilepsy, Parkinson’s disease. According to the Parkinson's Foundation it has been estimated that in the U.S. approximately one million people may live with Parkinson's disease (PD) by 2020. It was also reported that around 60,000 Americans get diagnosed with Parkinson's disease each year.
Such a high prevalence of Parkinson's disease in this region may support the market growth during the forecasted period.
Europe stood second largest in the neuroprosthetics market owing to the increasing number of patients diagnose with Parkinson disorder. According to the Parkinson’s UK 2018, the number of adults living and diagnosed with Parkinson’s is increasing rapidly, it has been estimated that approximately 145,000 number of people are diagnosed with Parkinson’s in 2018 in the UK. Such high prevalence Parkinson and increasing geriatric population in this region facilitates the market growth.
Asia-Pacific was projected to be the rapidly growing region for the neuroprosthetics global market. The market is expected to witness growth owing to the increasing various technological for developing neuroprosthetics devices, rising cognitive disorders such as paralysis, Alzheimer’s disease, and severe depression. According to the National Center for Biotechnology Information 2016, Alzheimer’s disease accounts for up to 60% cases in Asia. The increasing number of Alzheimer patients in Asia region will support the market growth positively.
The Middle East and Africa holds low market share in the neuroprosthetics due to, low awareness about the available neuroprosthetics devices, and lack of well-defined standards and treatment guidelines for neurological disorders. However, the market is expected to witness growth due to increasing government imitative programs related to creating awareness about the various diseases and their treatment methods in the Middle East.Recent Development
MED-El got European Medical Device Regulation (MDR) certification in March 2020. MED-El is one of the first manufacturers in the world to be certified for medical devices in the highest risk class (Class III), Class III Implantable Custom-Made Devices, and Class I reusable surgical instruments. Cochlear Limited gained FDA permission in March 2020 to reduce the age of cochlear implantation for children with bilateral, significant sensorineural hearing loss from 12 months to 9 months in the Neuroprosthetics Market.
Intended Audience
- Government and private laboratories
- Hospitals and clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Market research and consulting service providers
Neuroprosthetics Market SegmentationÂ
Neuroprosthetics Type Outlook
-
Output Neural Prosthetics- Cognitive Prosthetics
- Motor Prosthetics
-
Input Neural Prosthetics- Cochlear Implant
- Visual Prosthetics
Neuroprosthetics Techniques Outlook
- Deep Brain stimulation,
- Vagus Nerve stimulation
- Sacral Nerve Stimulation
- Spinal Cord stimulation
Neuroprosthetics Application Outlook
-
Motor Neuron Disorders- Parkinson’s Disease
- Epilepsy Â
-
Physiological Disorders- Auditory Processing Disorders
- Ophthalmic Disorders
- Cardiovascular Disorders,
- Urology Disorders
-
Cognitive Disorders- Alzheimer’s Disease
- Paralysis
- Severe Depression
Neuroprosthetics End-Users Outlook
- Hospitals and clinics
- Diagnostic centers
- Research centers
- Others
Neuroprosthetics Region Outlook
- Americas
- Europe
- Asia-Pacific
- Middle East & Africa
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