Comprehensive Report on Neuroprosthetics Market | Growth Demand, Opportunities Forecast 2027

 

The global neuroprosthetics market, as per the reports of Market Research Future (MRFR), is expected to grow by 12.4% during the forecast period (2018-2023). The period would also experience the neuroprosthetics market surpassing USD 10.48 billion valuation. Neuroprosthetics is a blend of neuroscience and biomedical engineering where a series of equipment is used that can be a substitute for a motor, sensory or cognitive modality. Primarily, this type of treatment takes place when injuries or diseases cause damage to any of the neurological system. By replacing damaged senses, these modifications aim at providing better life standard for people with disabilities. 

These products are also used to understand animal behavior by monitoring emitted brain signals in laboratories and research centers. MRFR, in their recent report, included detailed segmental analysis for a better understanding of the market. The analysis is based on volume-wise and value-wise reading of the market. Simultaneously, emphases have been given to neuroprosthetics market and competitive landscape for a holistic overview. 

New technologies are providing tools that need no implanting, and minimum invasive surgery can often design the system. This is garnering significant traction from the patient pool. This can ensure future market growth for the neuroprosthetics market. Prevalence of neurological disorders and overactive bladder syndrome are also effective factors that can trigger market growth. But the forecast period of the can also witnesses slight leashing owing to the high cost of the products.

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Segmentation Analysis

The global neuroprosthetics market has been studied based on segmentation that includes technology, applications, type, and end users. 

By Type 

  • Output Neural Prosthetics 
  • Input Neural Prosthetics

By Techniques

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

By Application 

  • Physiological Disorders
  • Motor Neuron Disorders
  • Cognitive Disorders

By End-users

  • Diagnostic Centers
  • Hospitals and Clinics
  • Research Centers
  • Others

Competitive Analysis

The report on neuroprosthetics market by Market Research Future (MRFR) has included profiled information regarding various prominent players present in the global neuroprosthetics market. These noteworthy players include Cochlear (Australia), Abbott (US), Neuropace(US), Medtronic (US), Boston Scientific (US), Sonova(UK), Livanova(UK), Med-El (UK), Retina Implant (US), Nevro (California), and Second Sight (US).

Regional Analysis

MRFR regionally segments the neuroprosthetics market into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

North America’s market dominance can be attributed to researches regarding the prevalence of neural diseases such as Epilepsy and Parkinson’s disease. Patient number, diagnosed with Parkinson’s disease, is quite high and is triggering the inflation of the neuroprosthetics market in the region. 

Europe stands second in terms of the value of the market. The region, with a robust healthcare sector, gets fund in research and development regarding neuroprosthetics from both governments and private investors. 

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The APAC market is expecting high growth during the forecast period owing to the vast patient pool present in the region. Cognitive disorders and other neurological problems are present in a considerable number to boost the market. The regional market is gaining momentum from the revamped healthcare sector and the strategic decisions of various market players of investing in the region. The number of patients suffering from Alzheimer is also quite high which is providing traction to the market.  

Industry News

In June 2020, Picosun Group announced that results for their ALD-organic bilayer encapsulation of metal electrodes targeted for neuroprosthetics and bioelectronic medicine. The results are positive. It also discussed the superior hermetic barrier performance of its ALD nanolaminates that could prevent corrosive ion diffusion in aqueous media. This is good news as tools made out of this can work well against human bodily fluids.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Market Research Future (MRFR) team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. 

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