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

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.