Product ID: SQSG35A2073
Report ID: SQSG35A2073 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Neuroprosthetics Market size was valued at USD 21.5 billion in 2021 and is poised to grow from USD 24.03 billion in 2022 to USD 54.17 billion by 2030, growing at a CAGR of 11.8% in the forecast period (2023-2030).
Rising prevalence of neurological disorders with the increasing demand for cost-effective and technologically advanced implants across the globe is projected to drive the global neuroprosthetics market over the forecast period. Moreover, increasing geriatric population and continuously growing incidence rate of several diseases including auditory, ophthalmic, epilepsy, Alzheimer’s, and severe depression is also contributing to the growth of the market around the world.
In addition, an extensive rise in the number of people with hearing loss are expected to get benefit from early identification of their diseases by using hearing aids, cochlear implants, and other devices. For instance, according to the World Health Organization, in 2021, around 2.5 billion people across the globe are estimated to suffer from hearing loss by 2050, and approx. 700 million people are estimated to require hearing rehabilitation by 2050. Thus, the heavy burden of hearing loss among the global population and increasing demand for the treatment of the same is expected to boost the global neuroprosthetics market in the near future.
Advancement in technology and increasing investments on the research & development sector for the innovation of new and more advanced devices by several major companies and government bodies are anticipated to fuel the demand of the global market during the forecast period. For instance, in August 2019, MED-EL received approval from U.S. Food & Drug Administration for its new Cochlear Implant System, Synchrony-2, for the patients suffering from single-sided deafness asymmetric hearing loss.
US Neuroprosthetics Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global neuroprosthetics market is segmented on the basis of application, technique, type, and region. By application, the market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. By technique, the market is categorized into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and others. By type, the market is bifurcated into output neural prosthetics and input neural prosthetics. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Neuroprosthetics Market Analysis by Application
By application, the motor neuron disorders segment dominated the market in 2021 with a significant market share. This is simply attributed to the rising number of neurological disorders, like Parkinson’s and epilepsy around the world. According to the World Health Organization, epilepsy impacts around 5 million people globally every year, and epilepsy is diagnosed in 49 people out if every 100,000 people in the developed and high-income nation every year. Similarly, Parkinson’s is diagnosed in more than 10 million people globally, according to the Parkinson’s Foundation. Due to high number of patients in such diseases, the demand for neuroprosthetics is expected to grow at a significant rate in the coming years, as neuroprosthetics can help people in increasing their life quality and improve their health conditions in such type of disorders.
Neuroprosthetics Market Analysis by Type
By type, the output neural prosthetics segment held the largest market share with a healthy CAGR in 2021. Increasing prevalence of amputations, injuries, and high technological advancements couple with the availability of innovative devices are the key factors driving the segment growth. Devices that use in conversion of a brain signal into a motor output are commonly known as output neural prosthetics, advancements in the features of these devices along with the development of healthcare facilities is projected to contribute to the growth of the market. According to the World Health Organization, nearly 5% of the global population, or around 430 million people, require hearing rehabilitation for the diagnosis of their disorders. Thus, the demand for neural prosthetics are likely to increase with the rising number of such disorders among global population.
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North America dominated the global neuroprosthetics market with a holding of significant market share in 2021 and is expected to maintain its dominance throughout the forecast period. Rising incidences of vision and hearing loss among people, advanced healthcare infrastructure, and presence of key market players are the major factors driving the growth of the market in the region. According to the Parkinson’s Foundation, around 1 million people are suffering with Parkinson’s diseases in the United States. Similarly, according to Centers for Disease Control and Prevention, nearly 3.4 million people in the United States have epilepsy disease including 3 million adults and 470,000 children, and the number of epilepsy among children is expected to reach a value of 1.2 million by 2030. As a result, the demand for neuroprosthetics is projected to rise during the forecast period.
Furthermore, the Asia Pacific region is anticipated to grow at fastest CAGR during the forecast period. Increasing awareness regarding health issues coupled with the rising healthcare facilities in the emerging economies such as India and China are the key factors expected to drive the market growth in the region over the forecast period. For instance, it is assumed that over 10 million people are suffering from epilepsy in India. As a result, the need for neuroprosthetics in the region is likely to boost in the coming years. Furthermore, rising adoption of advanced devices and investments from foreign companies are further expected to contribute to the growth of the market.
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Neuroprosthetics Market Drivers
Neuroprosthetics Market Restraint
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Global neuroprosthetics market is moderately consolidated in nature with a few levels of players operating on global and regional basis such as Medtronic, Abbott, Cochlear Ltd., and Boston Scientific Corporation. Key players are implementing on several business strategies like strategic alliance, platform development, collaboration, and partnerships to expand their geographical presence and expanding their product portfolio.
Neuroprosthetics Market Top Player’s Company Profiles
Neuroprosthetics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global neuroprosthetics market is witnessing a significant growth during the forecast period owing to the latest innovation in technologies, increasing income of global populations, rising concerns from several pandemics, and increasing number of devices available in the market. Furthermore, an extensive rise in the investments on research & development sector in developing nations such as India, Brazil, and China to create an advanced healthcare infrastructure is also expected to have a positive impact on the market growth. However, high cost of these treatments, limited reach and high availability of alternatives are few factors expected to hinder the demand and growth of the market during the forecast period.
|Market size value in 2021||USD 21.5 billion|
|Market size value in 2030||USD 24.03 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Neuroprosthetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Neuroprosthetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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