The factor driving the rise in Neuroprosthetics Market is the rising number of patients with neurological illnesses and nerve injuries. Additionally, rising amputation rates due to an increase in accidents would also support market expansion.
JERSEY CITY, N.J., Oct. 12, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Neuroprosthetics Market" By Technique (Spinal Cord Stimulation, Deep Brain Stimulation), By Source (Output Neural Prosthetics, Input Neural Prosthetics), By Application (Motor Neuron Disorders, Physiological Disorders), and By Geography.
As per the deep research carried out by Verified Market Research, the global Neuroprosthetics Market was valued at USD 12.8 Billion in 2022 and is projected to reach USD 26.17 Billion by 2030, growing at a CAGR of 10.4% from 2023 to 2030.
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Global Neuroprosthetics Market Overview
Neuroprosthetics is a term used to describe a biomedically created device designed to link to the peripheral or central nervous system of people with impairments who have neurological disorders or traumas. Over the past few years, neuroprosthetics more generally known as neural or brain implants have provided the healthcare sector a substantial boost thanks to the successful realisation of their vast potential as a replacement approach for lost or damaged motor, sensory, or cognitive functions. Neuroprosthetics' primary objective is to recover lost motor functions while rehabbing the ones that are still there. A number of conditions or accidents, including spinal cord injuries, multiple sclerosis, lateral sclerosis, and strokes, can result in the loss of motor skills.
The growing number of individuals suffering from neurological disorders is currently driving the Global Neuroprosthetics Market. Parkinson's disease, which can significantly impair and disturb a person's daily life, is impacting an increasing number of people. One of the key elements contributing to this increased patient count is the fast increasing number of older persons. The expanding older population has had a huge impact on this industry, which will also fuel innovation and technical improvement in the next few years. New treatments, such as stem cell therapy, are showing significant promise in the treatment of a wide range of neurological disorders. Better reimbursement policies, more government support, growing public and private awareness campaigns, and expanding pharmaceutical availability and awareness in all countries are other drivers propelling the global neuroprosthetics market.
Key Developments
- In October 2021, Cochlear Limited, which is the global leader in implantable hearing solutions, obtained the US Food and Drug Administration (FDA) approval and clearance last month for its Cochlear Remote Assist solution in the Nucleus and Baha Systems and now they are ready to start their work.
- In March 2021, Second Sight Medical Products, which is a leading developer and marketer of implantable visual prosthetics which are highly intended in order to create an artificial form of useful vision for blind individuals, receive approval from the US Food and Drug Administration (FDA) for Argus 2s Retinal Prosthesis System.
- In January 2021, Boston Scientific Corporation received the Food and Drug Administration (FDA) approval for their fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System that is being used to treat the symptoms in patients with advanced Parkinson's disease.
Key Players
The major players in the market are Boston Scientific Corporation, Cochlear Limited, Medtronic, Inc., Cyberonics, Inc., NDI Medical LLC, NeuroPace, Inc., Nervo Corp., Retina Implant AG, St. Jude Medical, and Sonova Group.
Verified Market Research has segmented the Global Neuroprosthetics Market On the basis of Technique, Source, Application, and Geography.
- Neuroprosthetics Market, By Technique
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Transcranial Magnetic Stimulation
- Neuroprosthetics Market, By Source
- Output Neural Prosthetics
- Input Neural Prosthetics
- Neuroprosthetics Market, By Application
- Motor Neuron Disorders
- Physiological Disorders
- Cognitive Disorders
- Neuroprosthetics Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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