May 22, 2024
Global Neuroprosthetics Market

Global Neuroprosthetics Market is Estimated to Witness High Growth Owing to Technological Advancements in Brain Interface Devices

Neuroprosthetics are implantable devices that help improve or restore lost neurological functions in the body. Implants are targeted towards brain, spinal cord and peripheral nerves for applications such as deep brain stimulation, cochlear implants and retinal implants. These devices have gained immense popularity for their ability to treat neurological conditions like Parkinson’s disease, tremor, depression and blindness effectively. Growing prevalence of neurological disorders along with the development of specialized brain interface devices offers immense opportunities in this market.

The Global Neuroprosthetics Market is estimated to be valued at US$ 12.66 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Advancements in brain interface technology have enabled more natural signal acquisition and improved device performance, driving their adoption. Growing number of clinical trials for new indications and improvements to existing Global Neuroprosthetics Market Demand systems also supports market growth.

Key Takeaways

Key players operating in the Global Neuroprosthetics market are Second Sight, Med-El, Retina Implant, Sonova Holding AG. , NeuroPace, Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC.

Key opportunities in the market include the rising demand for minimally invasive procedures and untapped potential of developing regions. An aging population prone to neurodegenerative diseases also presents growth prospects.

Technological advancements like brain-computer interfaces, direct neural interfaces and non-invasive sensory processors are expected to make devices more effective and user-friendly. Ongoing R&D is focused on developing prosthetics for spinal cord injuries, motor prosthetics and other complex neural interfaces.

Market Drivers

The growing geriatric population susceptible to neurological disorders is a major market driver. According to the WHO, the number of people aged 65 and above is expected to reach 1.5 billion by 2050 from 703 million in 2019. Neurological conditions have high prevalence in elderly. Moreover, demand for advanced treatment options combined with increasing disposable incomes in emerging nations will support market expansion. Rising awareness about available treatment options and growing acceptance of neuroprosthetic devices will further stimulate market growth over the forecast period.

Challenges in the Global Neuroprosthetics Market

There are several challenges faced by the Global Neuroprosthetics Market. Regulatory approval and reimbursement policies make it difficult for new products to enter the market. High costs associated with R&D and manufacturing of neuroprosthetic devices also pose significant challenges. Neuroprosthetic devices are highly complex to develop as they interface with the nervous system and require thorough testing before commercial use. Limited awareness among patients and healthcare professionals regarding available neuroprosthetic solutions also acts as a barrier.

SWOT Analysis

Strength: Growing prevalence of neurological disorders is driving strong demand for neuroprosthetic devices. Advancements in neural interfacing technologies are enabling the development of innovative solutions.

Weakness: Complex implantation procedures and high costs of neuroprosthetic devices limit their adoption. Device durability and reliability issues pose compliance challenges.

Opportunity: Untapped emerging markets offer significant growth potential. Growing investment in neuroscience research will help address unmet needs.

Threats: Stringent regulatory norms can delay new product approvals. Reimbursement coverage and payment models vary widely globally. Intense competition exists from alternative therapies.

Geographical Regions

North America accounts for the largest share of the global neuroprosthetics market currently, owing to supportive reimbursement policies, technological advancements and presence of key industry players in the region. Europe follows North America in terms of market share due to rising neurological disorders coupled with growing geriatric population.

The Asia Pacific region is expected to witness the fastest growth over the forecast period from 2024 to 2031. Significant unmet medical needs, expanding healthcare infrastructure and improving access to care are attracting many international players to focus on Asian markets. Growing disposable incomes are also making neuroprosthetic therapies more affordable in emerging Asia Pacific countries.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.