Pune, India, November 2018/MRFR Press Release/- Market Research Future published a half-cooked research report on the global neuroprosthetics market.
The neuroprosthetics market was estimated to be USD 5.28 billion in 2016 and expected to reach USD 10.48 billion by 2023. The key factors responsible for driving this are increasing in geriatric population, auditory processing disorders in kids, and increase in spinal cord treatment due to advancement in neuroprosthetics devices. Beside these, the increase in cognitive disorders which includes severe depression is also one of the major driving factors. According to the National Center for Biotechnology Information 2016, 1.94 per 1,000 children are affected with auditory processing disorders. Also, according to the Parkinson's Foundation 2018, reported that globally more than 10 million individuals are living with Parkinson disorder. The increase in neurological disorders may influence the market growth globally.
The cost of neuroprosthetics devices is very high and it needs extensive skills and training to operate the devices, these factors may contribute in restraining the growth of the market.
Some of the key players in the global neuroprosthetics market are 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.
The global neuroprosthetics market is segmented on the basis of type, technology, applications, and end users. On the basis of type the market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics is segmented into cognitive prosthetics, and motor prosthetics. The input neural prosthetics is segmented into cochlear implant, and visual prosthetic.
On the basis of techniques, the market is segmented into vagus nerve stimulation, deep brain stimulation, sacral nerve stimulation, and spinal cord stimulation.
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.
The Americas leads in the market owing to the increasing prevalence of rising incidence of depression cases, physiological disorders such as ophthalmic disorders, cardiovascular disorders, and urology disorders may support the market growth.
According to the National Eye Institute 2014 statistics, it has been estimated that 2.1 million Americans have advanced age-related macular degeneration and it has been estimated that by 2030 the number will reach to 3.7 million. Thus, the increase in prevalence of ophthalmic disorders may support the market growth in this region.
Europe is the second largest neuroprosthetics market during the forecast period. The increase in prevalence of spinal cord injury and rising geriatric population supports the market growth. According to the National Center for Biotechnology Information 2017, publication on death due to traumatic spinal cord injuries stats that 29% male die due to traumatic spinal cord injuries in Europe. The increasing incidences of spinal cord injuries support the neuroprosthetics market in Europe.
Asia-Pacific was estimated to be the fastest growing region for the global neuroprosthetics market in 2017. The market is expected to witness high growth owing to the rising prevalence of demand of neuroprosthetics devices due to increase in technologies such as deep brain stimulation, sacral nerve stimulation, and vagus nerve stimulation that is used to treat epilepsy and resistant depression. The increasing in technology to treat these problems may support the market growth in Asia-Pacific.
The Middle East and Africa holds the lowest share for neuroprosthetics market. However, the rising health care centers and awareness programmers are expected to influence the market in a positive way.
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