Neuroprosthetics Market

Global Neuroprosthetics Market Size (2023 to 2028)

The size of the worldwide neuroprosthetics market is forecasted to grow from USD 12.82 Billion By 2028 and USD 7.28 billion in 2023, growing at a CAGR of 12% during the forecast period.

Neuroprosthetics are medical devices implanted into the body to restore the functioning of an organ system that has stopped due to diseases or injuries. It is a computer-aided device, and the primary aim is to revive the functionalities in patients suffering from losing motor control like spinal cord injury, sclerosis, stroke, etc. In addition, these devices are majorly used for treating neural ailments such as epilepsy, Parkinson’s disease, visual prosthetics, and more.

Impact of COVID-19 on the global neuroprosthetics market:

The emergence of the global pandemic has significantly affected neuroprosthetics. According to the article published in F1000 Research, the COVID-19 pandemic has affected access to hearing care with cochlear implants. The study found that the collapse of speech processors and the disconnection of an auditory mode of communication dramatically impacted behavior changes in children with cochlear implants. According to the research study, sensorineural hearing loss was one of the complications of viral infections, including COVID-19. The study found acute and profound hearing loss in a healthy 60-year-old man admitted to the intensive care unit with a severe COVID-19 infection after recovering from the SARS-CoV2 virus infection. Therefore, due to the factors mentioned above, although access to hearing care was limited during the lockdown period, the increasing incidence of hearing loss in patients with severe COVID-19 is expected to impact the studied market significantly.

According to the research article published in Clinical Epidemiology and Global Health, 2020, in Western European countries, the prevalence of cochlear implants was estimated at 210 in one million people and 55-75 cochlear implants per million in countries from Eastern Europe. Additionally, according to the research study published in Karger, cochlear implantation has been shown to help restore hearing loss. It has also been suggested as a depression rehabilitation tool for patients with dementia and tinnitus.

MARKET DRIVERS:

The growing patient population suffering from neurological disorders, increasing awareness among people regarding neurological diseases, rising healthcare infrastructure, and rising government funds are majorly accelerating the growth rate of the global neuroprosthetics market. Additionally, factors such as growth in the aging population, technological advancements, a growing number of initiatives taken by various government and government associations, and an average increase in neurological diseases such as traumatic brain injury, stroke, and Parkinson’s disease are the factors further boosting the growth rate of the global neuroprosthetics market.

An increase in the incidence of hearing loss and a moderate rise in diabetes drive the global neuroprosthetics market. According to the US FDA, over 58,000 devices have been implanted in adults, and 38,000 children suffer from hearing problems. These electronic devices provide a sense of sound to the person who is deaf, and in the number of cases where children are born with hearing defects, about 2-3 of 1000 children with hearing loss in one or both ears. In addition, nearly 188,000 independents are fitted with a cochlear implant.

Eliminating the need for high-risk and costly surgery to replace the discharged battery and controlling machinery helps develop global neuroprosthetics market growth prospects. The large unexplored market in the neuroprosthetics of developing economies is creating many possibilities. Development facilities, advanced research, and new product development produce more than enough market growth opportunities.

MARKET RESTRAINTS:

Factors such as low acceptance of neuroprosthetics due to the high cost of the device, reimbursement issues, and adverse effects pose significant limitations to market growth. The high cost of the procedure also restrains the Global Neuroprosthetics Market growth. Besides challenges, neuroprosthetics has enormous clinical potential, with the market expected to display a year-on-year increase. Devices used in the Global Neuroprosthetics Market are becoming smaller and smaller with more sophisticated rays, longer battery life, and more important data and power use.

REPORT COVERAGE:

This market research report on the global neuroprosthetics market has been segmented and sub-segmented based on the type, technology, application, end-user, and region.

Neuroprosthetics Market - By Type:

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

Based on type, motor prosthetics account for the largest share in the global neuroprosthetics market due to the rising prevalence of Parkinson’s disease and Epilepsy across the globe. According to a report published by Parkinson’s disease in 2012, nearly 60,000 Americans were diagnosed with Parkinson’s disease. Furthermore, it is expected to increase more and more every year over the analysis period.

Neuroprosthetics Market - By Technology:

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

Based on technology, the spinal cord stimulation segment was dominated by the market in 2022 and is expected to continue its domination throughout the forecast period. Factors such as the growing number of people suffering from back surgery syndrome, ischemia, and chronic pain worldwide support this segment to lead the market. Furthermore, technological developments introduced in this segment further enhance the segment’s growth.

Due to various applications in chronic intractable pelvic aches and neurogenic bladder, the sacral nerve stimulation segment is likely to grow at a healthy CAGR.

Neuroprosthetics Market - By Application:

• Motor Neuron Disorders
• Physiological Disorders
• Cognitive Disorders

Based on application, Physiology disorders, especially auditory disorders, holds the most substantial share value. This segment growth is due to the increase in the number of people suffering from hearing loss.

Secondly, the motor neuron disorders segment is projected to showcase the fastest growth due to the increasing occurrence rate of neurological diseases such as Parkinson’s disease and epilepsy fueling the market.

Neuroprosthetics Market - By End-user:

• Hospitals
• Clinics

Based on the End-user, the hospital's segment is forecasted to lead the market during the forecast period. This is because many hospitals across the globe and a massive number of patients prefer hospitals as they have well-established equipment and infrastructure to accelerate the market for this segment's growth.

Neuroprosthetics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America occupied most of the market share in 2022 in the global market. Factors such as critical players present in this region, huge investments from governmental and other private organizations, massive patient population, and the broad spectrum of advanced technologies are majorly fuelling the market growth in this region during the forecast period. Within North America, the U.S. is leading the North American market, followed by Canada.

The European market covered the second largest share and is projected to have promising growth during the forecast period. The neuroprosthetics market in this region is strongly influenced by the growing elder population and lower costs for the treatment process. European countries like the UK and Germany are the most lucrative due to the increasing burden of chronic neurological conditions fuelling the market. In recognized countries of the European region, the market growth remained steady throughout the period.

At the same time, Asia-pacific is expected to witness a significant growth rate owing to the increasing population of countries like India and China due to the factors such as growing awareness among the consumers and the multinational healthcare establishments across the countries of this region which surge the market. Therefore, India and China are predicted to grow with the expansion rate of the neuroprosthetics market growth over the analysis period.

Latin American America is expected to grow steadily in the neuroprosthetics market during the period. The development owes to improving healthcare infrastructure and increasing funds and investments from the government, propelling the market. However, strict regulations regarding the approvals for product launches are hindering the market. Therefore, the market of this region has focused mainly on Mexico and Brazil, which is to have considerable growth.

The Middle East & Africa region is estimated to experience sluggish growth due to less growing demand for the neuroprosthetics market. However, inadequate reimbursement policies, high costs, and a lack of expert professionals are the factors restricting the market of this region.

KEY MARKET PARTICIPANTS:

A few noteworthy companies in the global 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.

RECENT MARKET DEVELOPMENTS:

• In December 2019, LivaNova recalled its Vagus nerve stimulation device, implanted in patients to treat major depressive episodes and control seizures associated with Epilepsy. 
• In November 2019, Nevro said that it won FDA approval to launch the Senza Omnia Spinal Cord Stimulation System. 
• In September 2019, LivaNova noted that it had enrolled its first patient to study vagus nerve stimulation therapy for treatment-resistant depression.