The latest market report published by Credence Research, Inc. “Neuroprosthetics Market By Type (Motor Prosthetics, Auditory Prosthetics, Cognitive Prosthetics, Visual Prosthetics), By Modality (Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Spinal Cord Stimulation (SCS), Sacral Nerve Stimulation (SNS), Others), By Application (Motor Neuron Disorders, Physiological Disorders, Cognitive Disorders) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global market for neuroprosthetics was valued at US$ 5.55 billion in 2017 and is expected to reach US$ 15.81 billion by 2026, increasing to CAGR by 12.3 per cent from 2018 to 2026.
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Neuroprosthetics involves the fusion of engineering, biotechnology and neurology apps for the therapy and management of several neurological conditions, making it easier to restore lost motions. Technological advances have resulted to the growth of personalized neuroprosthetics and neural impairment rehabilitation. Spinal, cochlear and retinal implants are the most important examples of technological progress in this sector. In addition, an increase in the incidence of neurological disorders resulting both from age and trauma is another important factor promoting the development of this industry.
Conversely, such devices are expensive and can therefore only be provided to patients with elevated disposable income. The implementation of these systems also requires a considerable quantity of skill. This has resulted to a higher acceptance of focused neuroprosthetics in developed markets. Whereas middle-and low-income countries are still struggling to adopt neuroprosthetics. Awareness also plays a key role in determining the demand for these therapeutic alternatives. In emerging economies, therefore, improved understanding of neuroprosthetics and government initiatives to improve healthcare circumstances are crucial to opening up market penetration possibilities.
In view of the competitive landscape, several businesses have launched their products which cover distinct applications, such as traumatic neural circumstances, motor neuron disorders and physiological diseases. Although motor neuron disorders generate a bigger share of income in the worldwide economy, the largest amount of product approvals for physiological disorders are noted. Major physiological circumstances for which neuroprosthetics are commercially accessible include cardiovascular disease, chronic pain, ophthalmic and auditory illnesses.
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The development of the market for neuroprosthetics in advanced areas is primarily due to an increase in the burden of chronic neurological diseases. As the general life expectancy and incidence of neurological conditions continues to improve, the market for neuroprosthetics will be set to achieve stability. In the advanced areas, the United States, Canada, France, Germany, the United Kingdom, the Netherlands and Italy are projected to be the biggest markets, with the United States taking the lead.
Globally, brain and spinal cord disorders and accidents have a significant economic and social burden. In Europe alone, brain disorders account for 35% of the general burden of illness. A persistently increasing aging population and associated increase in economic expenses for conventional treatment and management of such circumstances have been a main factor in the introduction of neuroprosthetics. Spinal cord stimulation is the most commonly used modality in neuroprosthetics. The analgesic properties of spinal cord stimulation have created it as the most popular therapy for chronic pain. The modality also finds efficient implementation in the therapy of movement of limbs. On the other side, sacramental nerve stimulation is projected to be the fastest-growing segment owing to its proven efficacy in the treatment of chronic pelvic pain and neurogenic bladder.
Key Market Movements:
- Perpetually growing prevalence of neurodegenerative diseases such as Alzheimer’s and Parkinson’s
- Significantly high cost incurred in conventional treatment of traumatic brain injury and spinal cord injuries
- Increasing disposable incomes and improving awareness in emerging economies of Asia Pacific and Latin America
- Scarce availability of viable and efficacious treatments for Parkinson’s disease through the conventional mode
- Growing preference for neuromodulation techniques such as deep brain stimulation and spinal cord stimulation for treating cognitive disorders and debilitating injuries
- Vigorous collaborative and marketing strategies by international market players
- Intensive research and development advancing in the field of deep brain stimulation and sacral nerve stimulation
By Type (2016–2026; US$ Bn)
- Motor Prosthetics
- Auditory Prosthetics
- Cognitive Prosthetics
- Visual Prosthetics
By Modality (2016–2026; US$ Bn)
- Deep Brain Stimulation (DBS)
- Vagus Nerve Stimulation (VNS)
- Spinal Cord Stimulation (SCS)
- Sacral Nerve Stimulation (SNS)
By Application (2016–2026; US$ Bn)
- Motor Neuron Disorders
- Parkinson’s Disease
- Physiological Disorders
- Auditory Disorders
- Cardiac Disorders
- Chronic Pain
- Others (Ophthalmic and Kidney Disorders)
- Cognitive Disorders
- Alzheimer’s Disease
- Severe Depression
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America