Who are the key vendors in the Neuroprosthetics Market?

Neuroprosthetics market is moderately consolidated in nature with a few levels of players operating on 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. 'Abbott Laboratories', 'Boston Scientific Corporation', 'Cochlear Limited', 'Cyberonics, Inc. (LivaNova PLC)', 'Edwards Lifesciences Corporation', 'Envoy Medical Corporation', 'Medtronic plc', 'MicroPort Scientific Corporation', 'NDI Medical LLC', 'NeuroPace, Inc.', 'Nevro Corp.', 'Otto Bock HealthCare GmbH', 'Retina Implant AG', 'Second Sight Medical Products, Inc.', 'Sonova Holding AG', 'St. Jude Medical, Inc. (Abbott Laboratories)', 'Synapse Biomedical, Inc. (Zynex, Inc.)', 'Terumo Corporation', 'Thoratec Corporation (Abbott Laboratories)', 'Zimmer Biomet Holdings, Inc.'

What is the key driver of Neuroprosthetics Market?

High prevalence of neurological disorders and injuries related to nerve is expected to be the key driving factors for the Neuroprosthetics market during the forecast period. For instance, neurological diseases accounted for more than 533,000 deaths, with number of males reported nearly 213,000 and number of females reported around 320,000. Neuroprosthetics devices can help in the treatment of these types of diseases owing to its several numbers of benefits. Moreover, patient with hearing problems can also get benefits from these devices such as cochlear and ABI. Hence, the global demand for neuroprosthetics for the diagnosis of several disorders are likely to fuel the growth of the market in the coming years.

What is the key market trend for Neuroprosthetics Market?

The input neural prosthetics is getting more popularity owing to the growing burden of hearing loss and advancements in technology for the development of the various devices. Due to the features like providing sense of sound to a person who is proudly deaf and hard-of hearing, easy to use, and low implementation cost are creating lucrative growth opportunities for this prosthetics in the next coming years. According to our findings, cochlear implantation was found for not only the diagnosis of hearing loss but also suggested to use as a depression rehabilitation tool for tinnitus patients. Therefore, the neuroprosthetics market is expected to show an extensive growth in the next few years.

Which region accounted for the largest share in Neuroprosthetics Market?

North America dominated the 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.

Neuroprosthetics Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to neuroprosthetics market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Neuroprosthetics Market News

In September 2023, the World Federation of Neurology estimated Neurological disorders are currently the second highest cause of death and the world's leading cause of disability. Global Burden of Disease (GBD) studies estimate that the number of people living with brain disease will double by the year 2050.
In August 2023, BionicM, a pioneering Japanese medical device startup, announced it has been granted U.S. Food and Drug Administration (FDA) 510(k) exemption registration for Bio Leg. Its New Motor-Robotic Prosthetic Knee.
In October 2022, Axoft, launched a brain-machine interface to streamline the process of treating neurologic diseases. This item received an FDA advancement device assignment through the organization and brought $8 million up in subsidizing that will continue supporting pre-clinical investigations and enlarging neural implant prototyping.

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Neuroprosthetics Market size was valued at USD 11.59 Billion in 2023 and is poised to grow from USD 13.04 Billion in 2024 to USD 33.45 Billion by 2032, growing at a CAGR of 12.50% during the forecast period (2025-2032).

Rising prevalence of motor neuron disorders, physiological disorders and brain disorders are some of the key drivers accelerating growth in this market. To increase their presence, the companies are resorting to several strategies including strategic alliances, and partnerships, mergers & acquisitions. Market players are also collaborating with the local companies to introduce their products in the market and increase geographical expansions. Moreover, a rising focus on research and development activities for neuroprosthetics is anticipated to boost the market over the forecast period. This is because constant R&D is helping the organizations to launch new products and advance the existing ones to provide better service to the patients and healthcare facilities. This neuroprosthetics industry will continue to grow due to a rising incidence of neurological disorders and current research related to the diseases and devices to help patients. 'Medtronic (US) ', 'Abbott (US) ', 'Cochlear (Australia) ', 'Boston Scientific (US) ', 'Livanova (UK) ', 'Med-El (Austria) ', 'Sonova (Switzerland) ', 'Neuropace (U S) ', 'NDI Medical (Canada) ', 'Nevro (US) ', 'SensArs Neuroprosthetics (Switzerland) ', 'NeuroPace, Inc. (US) ', 'Pixium Vision (France) ', 'NeuroSigma, Inc. (US) ', 'Axonics Modulation Technologies, Inc. (US) ', 'Nervo Corp (US) ', 'Soterix Medical, Inc. (US) ', 'Aleva Neurotherapeutics SA (Switzerland) ', 'Synapse Biomedical, Inc. (US) ', 'Cleveland FES Center (US)'

The increasing incidence of neurological ailments such as Parkinson's disease and epilepsy is being responsible for a growing patient pool seeking neuroprosthetics. As an example, there are more than 10 million patients suffering from Parkinson's disease worldwide which propels the continuous need for deep brain stimulation devices that can reduce symptoms. The same trend is driving innovation and investment in neuroprosthetics to restore lost motor functions and enhance the quality of life for affected individuals. This will continue to drive growth in the neuroprosthetics market.

Development in Neural Interface Technology: Neural interface technology is one of the most rapidly developing field, driven by advances in enhanced electrode designs and biocompatible materials, thus, fuelling the neuroprosthetics market. For example, flexible and micro-scaled electrodes could enhance precision in neural signal detection while minimizing tissue damage, thus prolonging the device life span. This skill allows precise control and functionality of neuroprosthetic devices and opens up avenues for developing advanced solutions for a wide range of neurological conditions which.

In 2023, North America dominated the global neuroprosthetics market. Neurological disorders pose a significant burden to overall health structure in North America. Technological advances and combination of AI and Robotics are incorporated in neuroprosthetics and neurological treatments, boosting the market growth in the region. Public health efforts are emphasizing building healthcare infrastructure, subsidizing research, and expanding access to care in response to the growing prevalence of neurological disorders. There is a lot of people who are suffering from Alzheimer’s and Parkinson’s disease due to which continuous efforts are being taken to progress diagnostic and treatment capabilities. Moreover, hearing loss is also impacting a huge portion of the population, which is necessitating programs for various support and intervention.