Neuroprosthetics Market
Report ID: SQMIG35A2517
Neuroprosthetics Market Size, Share, Growth Analysis, By Type(Output Neural Prosthetics [Motor Prosthetics, Cognitive Prosthetics], Input Neural Prosthetics [Cochlear Implants, Bionic Eye/Retinal Implants]), By Technique(Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation), By Application(Motor Neuron Disorders (Parkinson’S Disease, Epilepsy), Physiological Disorders (Auditory Processing Disorders, Ophthalmic Disorders), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2517 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
90
|Figures:
76
Neuroprosthetics Market Insights
Global Neuroprosthetics Market size was valued at USD 10.3 billion in 2022 and is poised to grow from USD 11.59 billion in 2023 to USD 29.73 billion by 2031, growing at a CAGR of 12.50% during 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.
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Neuroprosthetics Market Segmental Analysis
Global Neuroprosthetics Market is segmented by Type, Technique, Application, and region. Based on Type, the market is segmented into Output Neural Prosthetics, Neural Prosthetic. Based on Technique, the market is segmented into Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, and Transcranial Magnetic Stimulation. Based on Application, the market is segmented into Motor Neuron Disorders, Physiological Disorders, and Cognitive Disorders. Based on end user, the market is segmented into automotive, consumer electronics, healthcare, agriculture, manufacturing, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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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Neuroprosthetics Market Regional Insights
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 Dynamics
Neuroprosthetics Market Drivers
- 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.
Neuroprosthetics Market Restraint
- Increasing popularity of alternative treatments methods like stem cell therapy, which offers large opportunities for the treatment of various neurological illness is a major key factor projected to hamper growth of the market during the forecast period. Stem cell therapy offers facilities in treatment of motor neuron illnesses such as Parkinson’s and Alzheimer’s and due to its cheaper cost as compared to others coupled with ease of medication therapy are attracting patients to opt for this. This is likely to restrain the global growth of the neuroprosthetics market throughout the forecast period.
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Neuroprosthetics Market Competitive Landscape
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
- 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)
Neuroprosthetics Market Recent Developments
- In April 2021, Houston Methodist and Rice University announced their launching of neuroprosthetics collaboration center for Translational Neural Prosthetics to focus on the restoring of a brain after any disease and injury. Houston Methodist and Rice University came into a strategic partnership to launch the center.
- In July 2021, Researchers of US San Francisco has successfully developed a “speech neuroprosthesis” which enables a human with severe paralysis to communicate in sentences and help to translate signals from a human brain to vocal tract directly into words and that clearly appears on a screen as a text.
Neuroprosthetics Key Market Trends
- 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.
Neuroprosthetics Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.3 billion |
| Market size value in 2031 | USD 29.73 billion |
| Growth Rate | 12.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Neuroprosthetics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Neuroprosthetics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neuroprosthetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neuroprosthetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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