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

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.