Neuroprosthetics Market Size, Share & Industry Analysis, By Type (Sensory Neuroprosthetics, Motor Neuroprosthetics, Cognitive Neuroprosthetics), By Technique (Deep Brain Stimulation, Spinal Cord Stimulation, Peripheral Nerves Stimulation), By Application (Motor Neuron Disorders, Parkinson's Disease, Epilepsy, Physiological Disorders, Auditory Processing Disorders, Cardiovascular Disorders, Kidney Disorders) And Regional Forecast, 2024-2032

Neuroprosthetics are the devices used to enhance the input or output of the neural system. They help to restore the brain’s damaged function resulted due to disease or accident. However, this restoration is not full-fledged, and it is partial in nature. Neuroprosthetics combine the processing of the brain with prosthetics. For this, they are evolving greatly and continuously advancing with the efforts of various researchers and organizations. Due to these advancements, their alignment is very close with the human body for smooth functioning. These improvements in neuroprosthetics make them applicable in neurological disorders such as in paralyzed patients. They provide movement to the paralyzed patients. So, an increasing number of patients suffering from neurological disorders will anticipate the growth of the market during the forecast period. Furthermore, neuroprosthetics is used to treat hearing loss to a large extent. The rising incidence of hearing loss will fuel the growth of the market. Additionally, a rise in the geriatric population gives rise to many patients with disabilities, and neuroprosthetics is used to treat disabilities. So this also acts as contributing factor for the growth of the market. Apart from these drivers, some restraints are also present for this market, such as increased mortality due to adverse side effects like stroke and seizure. The cost of devices is also acting as a restraining factor. These restraints limit the growth of the market up to a certain extend.

Market Segmentation:

Globally, the neuroprosthetics market can be segmented on the basis of type, technique, application and geography. Based on the type, the market can be segmented into sensory neuroprosthetics, motor neuroprosthetics and cognitive neuroprosthetics. Based on technique, the market is segmented into deep brain stimulation, spinal cord stimulation, peripheral nerves stimulation, sacral nerves stimulation and others. Based on application, the market is segmented into motor neuron disorders, physiological disorders and cognitive disorders. Geographically, neuroprosthetics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Key Players Covered:

Some of the major companies that are present in the neuroprosthetics market are Cochlear Ltd, Medtronic, NeuroPace, Inc., Boston Scientific Corporation, SensArs, Sonova, BRAINGATE, MED-EL Medical Electronics, Second Sight, Advanced Bionics AG and other prominent players.

Key Insights:

• Key Industry Trends


• Technological Advancements in Neuroprosthetics


• New Product Launches


• Key Industry Developments Mergers, Acquisitions, And Collaborations


• Impact of COVID-19 on market

Regional Analysis:

Geographically, the neuroprosthetics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for the majority of the share of the neuroprosthetics market. The dominance is attributable to a large population suffering from hearing loss and the presence of key players in this region. Europe is expected to hold the second-largest market share during the forecast period due to the availability of affordable neuroprosthetics devices and the presence of a large number of the geriatric population which is more prone to neurological disorders. In Europe, the growth rate of this market will be steady. On the other hand, Asia Pacific is expected to grow with the highest growth rate during the forecast period, attributed to increasing awareness in populous countries such as China and India. The market in Latin America will also show steady growth due to sound infrastructure and investment in the healthcare industry of major countries of Latin America, such as Brazil and Mexico. However, stringent government policies of these countries will act as obstacles to growth. In Middle-East & South Africa, the market will show sluggish growth due to the high cost of neuroprosthetics and lack of skilled professionals.

Segmentation

Neuro prosthetics Market Industry Developments:

• April 2021, Houston Methodist and Rice University launched a neuroprosthetics collaboration- Centre for Translational Neural Prosthetics and Interfaces to focus on restoring brain function after disease or injury. Rice University and Houston Methodist entered into the partnership to launch the Centre for Translational Neural Prosthetics and Interfaces, a collaboration that brings together scientists, clinicians, engineers, and surgeons to solve clinical problems with neuro robotics.     

• September 2019, Cochlear and GN Hearing become world's first to support direct Android streaming to hearing devices using Bluetooth Low Energy. The new technology is based on a hearing aid specification, Audio Streaming for Hearing Aids (ASHA) on Bluetooth Low Energy Connection-Oriented Channels, which Google has developed in collaboration with GN Hearing and Cochlear.