Europe Neuroprosthetics Market

Europe Neuroprosthetics Market Size (2023 to 2028)

The size of the European Neuroprosthetics market was estimated at USD 2.16 Billion in 2023. It is expected to grow at a CAGR of 11.57% and be worth USD 3.74 Billion by 2028.

The European Neuroprosthetics market is expected to be driven by the factors such as the increasing prevalence of neurological disorders and the rising prevalence of chronic diseases such as diabetes. Also, growing amputation cases due to the growing number of accidents, injuries, and nerve injuries boost the market growth. Furthermore, the rising incidence of hearing loss is another major factor driving the market growth. However, the growing geriatric population is another major factor propelling the neuroprosthetics market in Europe. The senior population is more prone to hearing problems and chronic diseases like diabetes. 

The increase in the neuroprosthetics market is due to the growing population. In addition, the increase in the prevalence of neurological diseases such as stroke and Parkinson's disease and the increasing incidences of chronic diseases such as diabetes among the growing elderly population is majorly driving the demand for neuroprosthetics in the market. Also, with the increasing cases of epilepsy in the region, epilepsy is a common neurological disorder that uplifts the market growth.

In addition, technological advancements in neuroprosthetics offer lucrative growth opportunities for market growth. On the other hand, these technological advancements have flooded the neuroprosthetics market with several marketing techniques to improve the quality of life for patients with neuromotor diseases. Furthermore, the development of personalized Neurotechnologies and rehabilitation for patient-specific neurological deficits has aided in the timely distribution of neuroprosthetics therapy due to technological advancements. Cochlear and retinal implants are two highly sophisticated neuroprosthetics that has aided deaf and blind populations.

Moreover, the increase in the investment and funding by the government and non-government in research and development activities for manufacturing effective treatment and therapies with the increasing awareness and initiatives about the medical and healthcare infrastructure is encouraging the neuroprosthetics market. Furthermore, the growing competition in the market for developing advanced and effective treatments and procedures and the presence of various therapies and medications available are expected to accelerate the market growth. 

However, the high cost of the instruments and equipment and lack of awareness among the people about the uses and benefits of the devices is majorly affecting the growth of the neuroprosthetics market in Europe. Also, the growing preferences towards other treatments for several neurological diseases hamper the European neuroprosthetics market.

This research report on the European Neuroprosthetics Market has been segmented and sub-segmented into the following categories:

By Type: 

• Motor Prosthetics
• Auditory Prosthetics
• Cognitive Prosthetics
• Visual Prosthetics

The motor prosthetics segment captured the major share of the European neuroprosthetics market in 2021.

By Technology: 

• Deep Brain Stimulation
• Vagus Nerve Stimulation
• Spinal Cord Stimulation
• Sacral Nerve Stimulation

Based on technology, the spinal cord stimulation segment is estimated to occupy a major share of the European neuroprosthetics market during the forecast period.

By Application: 

• Motor Neuron Disorders
• Physiological Disorders
• Cognitive Disorders

Based on application, the physiological disorders segment is expected to play the leading role in the European neuroprosthetics market in the coming years.

By End-user: 

• Hospitals
• Clinics

By Country: 

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, the European market is one of the largest regions globally with a significant marketplace. Europe held the second-largest share of the worldwide neuroprosthetics market in 2020, which is anticipated to record a substantial share during the forecast period. The region's market growth is attributed to well-established healthcare infrastructure, increasing problems of nerve damage and neurological disorders in the area, and favorable reimbursement policies. Germany, the UK, France, Italy, and Spain are the major growth contributors in the region. 

Germany accounted for the largest share of the Neuroprosthetics market, which is expected to grow significantly over the forecast period. The increasing prevalence of neurological disorders and diabetes, rising healthcare spending, and technological advancements in the healthcare sector are propelling market growth. However, the market has also been experiencing increased hearing loss and amputations due to road accidents. Therefore, road accidents in the region have also increased in recent years, increasing market growth.

The UK is expected to witness exponential growth in the market. The major factors driving the market growth are the growing geriatric population, government initiatives to promote research and development, increasing road accidents, and hearing loss and amputations. 

On the other hand, Italy, France, and Spain have experienced an increase in neurological disorders among individuals for various reasons. In addition, the causes of hearing loss and amputations have also increased over the period. Also, the recent technological developments in the market have proven to be a significant growth contributor to the neuroprosthetics market.

KEY MARKET PLAYERS:

Companies profiled in the European neuroprosthetics market profiled in this report are Cochlear Ltd., Boston Scientific Corporation, Cyberonics Inc., Medtronic plc, NDI Medical LLC, NeuroPace Inc., St. Jude Medical Inc., Nervo Corp., Retina Implant AG, Biomet Inc., and Sonova.