What is the global market size of Neuroprosthetics Market?

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).

Global Neuroprosthetics Market Size, Share, Growth Analysis, By Application(Motor Neuron Disorders, Physiological Disorders), By Technique(Brain Stimulation, Spinal Cord Stimulation), By Type(Output Neural Prosthetics, Input Neural Prosthetics) - Industry Forecast 2024-2031

Report ID: SQMIG35A2517 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 90 | Figures: 76

Global Neuroprosthetics Market Insights

Neuroprosthetics Market size was valued at USD 21.5 billion in 2019 and is poised to grow from USD 24.03 billion in 2023 to USD 54.17 billion by 2031, growing at a CAGR of 11.8% in the forecast period (2024-2031).

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 2019, around 2.5 billion people across the globe are estimated to suffer from hearing loss by 2031, and approx. 700 million people are estimated to require hearing rehabilitation by 2031. 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.

Global Neuroprosthetics Market Report Snapshots

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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. '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.'

High prevalence of neurological disorders and injuries related to nerve is expected to be the key driving factors for the global 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.

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.

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.

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Global Neuroprosthetics Market Size, Share, Growth Analysis, By Application(Motor Neuron Disorders, Physiological Disorders), By Technique(Brain Stimulation, Spinal Cord Stimulation), By Type(Output Neural Prosthetics, Input Neural Prosthetics) - Industry Forecast 2024-2031

Global Neuroprosthetics Market Insights

Global Neuroprosthetics Market Report Snapshots

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