Neuroprosthetics Market Overview
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.
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.
The 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 is segmented into cognitive prosthetics, and motor prosthetics. The input 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.
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.
Some of the key players in the neuroprosthetics global 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.
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.
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.
- Government and private laboratories
- Hospitals and clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Market research and consulting service providers
- Output Neural Prosthetics
- Cognitive Prosthetics
- Motor Prosthetics
- Input Neural Prosthetics
- Deep Brain stimulation,
- Vagus Nerve stimulation
- Sacral Nerve Stimulation
- Spinal Cord stimulation
- Motor Neuron Disorders
- Parkinson’s Disease
- Physiological Disorders
- Auditory Processing Disorders
- Ophthalmic Disorders
- Cardiovascular Disorders,
- Urology Disorders
- Cognitive Disorders
- Alzheimer’s Disease
- Severe Depression
- Hospitals and clinics
- Diagnostic centers
- Research centers
- Middle East & Africa
2030: USD 21.5 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Technology, Applications, and End users
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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
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