The global demand for Neuroprosthetics Market is presumed to reach the market size of nearly USD 51.96 MN by 2028 from USD 17.52 MN in 2021 with a CAGR of 16.8% under the study period 2022 - 2028.
Neuroprosthetics is defined as an area of neuroscience and biomedical engineering associated with the development of neural prostheses. Neural prostheses encompass a range of artificial devices or systems to improve the motor, sensory, visual, auditory, and cognitive modalities that result from acquired brain injuries. These include robotics, myoelectric prosthesis, functional electrical stimulation, assistive technology, virtual reality games, and brain stimulation. The widely popular neuroprosthetic devices developed to date are prosthetic devices for amputees and cochlear implants for patients with hearing impairment.
Market Dynamics
The rising prevalence of diabetes, the surging cases of amputations due to accidents and injuries, the increasing incidence of hearing impairment, and the rising number of patients with neurological disorders and nerve injuries, are the main factors influencing the growth of this market. In addition, the key factors propelling the growth of the neuroprosthetics market is the surge in the prevalence of diseases like severe depression, Parkinson's, epilepsy, auditory, neuromuscular junction/muscle disorders, and ophthalmology. The market for neuroprosthetics is positively influenced by increased investment in research and development activities, the adoption of advanced technology, an improved healthcare infrastructure, and a surge in healthcare spending. Furthermore, the rising popularity of brain-computer interface (BCI) devices and the development of self-charging implants utilize bioenergy resources.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of neuroprosthetics. The growth and trends of neuroprosthetics industry provide a holistic approach to this study.
Market Segmentation
This section of the neuroprosthetics market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Output Neural Prosthetics
- Input Neural Prosthetics
By Technique
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Other Techniques
By Application
- Parkinson'S Disease
- Alzheimer'S Disease
- Epilepsy
- Auditory Processing Disorders
- Ophthalmic Disorders
- Other Applications
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Neuroprosthetics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Neuroprosthetics Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the neuroprosthetics market include Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, Demant AS, LivaNova PLC, MED-EL, Medtronic PLC, Oticon, Retina Implant AG, and Sonova Holding AG. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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