April 23, 2024
Neuroprosthetics Market

Global Neuroprosthetics Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders

The global neuroprosthetics market involves devices that are primarily used to restore, repair or replace neurological functions which are lost or damaged due to neurological disorders, injuries, or diseases. These devices can help in managing mobility disabilities in diseases like Parkinson’s and epilepsy, restoring sight through retinal implants, managing pain through spinal cord stimulation and restoring hearing through cochlear implants. The demand for neuroprosthetics is increasing globally owing to the rising prevalence of neurological conditions like Alzheimer’s, Parkinson’s, epilepsy and stroke.

The Global Neuroprosthetics Market Share is estimated to be valued at US$ 12.66 BN in 2024 and is expected to exhibit a CAGR of 10.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global neuroprosthetics 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. These players are focusing on new product launches and approvals to strengthen their presence. For instance, in 2023, Medtronic received FDA approval for its Percept PC Deep Brain Stimulation (DBS) System to treat chronic pain.

The major opportunities in the neuroprosthetics market include increasing R&D funding for neurological disorders, growing demand for minimally invasive surgeries and rising awareness regarding neuroprosthetic devices. The global market is also witnessing expansion opportunities in emerging markets of Asia Pacific and Latin America owing to growing unmet medical needs.

Market drivers for neuroprosthetics include rising geriatric population who are more prone to neurological disorders, increased life expectancy leading to higher prevalence of neurological conditions and growing focus on development of advanced neuromodulation devices.

The key restraints in the neuroprosthetics market are high costs associated with neuroprosthetic devices, reimbursement issues related to high-cost neural implants and limited awareness regarding advanced neuroprosthetics in developing regions.

Market drivers and restrain:
One of the key drivers for neuroprosthetics market is rising geriatric population who are more prone to neurological disorders. As per Population Reference Bureau (PRB), the number of people aged 65 years and above is projected to reach 1.5 billion in 2050 from 703 million in 2019. Older people have higher risks of neurological conditions like Alzheimer’s, Parkinson’s, and epilepsy.

Another key restraint in the neuroprosthetics market is high costs associated with neuroprosthetic devices. Novel neuroprosthetics featured with advanced technologies come with very high price tags making them unaffordable for many. For instance, retinal implants can cost anywhere between $100,000 to $150,000 which is generally not covered by medical insurance. This high cost acts as a major limiting factor for widespread adoption of neuroprosthetics.

Segment Analysis
The global neuroprosthetics market can be segmented into external and implantable neuroprosthetics. Implantable neuroprosthetics dominate the market due to rising number of people suffering from neurological disorders like Parkinson’s disease and epilepsy. Implantable neuroprosthetics directly stimulate the brain or nervous system providing treatment for such neurological disorders.

Global Analysis
North America leads the global neuroprosthetics market due to presence of advanced healthcare facilities and increasing budget allocated for neuroscience research in the region. The region will continue to dominate the market during the forecast period supported by increasing prevalence of neurological disorders. Asia Pacific neuroprosthetics market will experience highest growth rate owing to growing healthcare spending, rising geriatric population, increasing awareness about neurological disorders. China, Japan and India will be major revenue generators in Asia Pacific market during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it