Neuroprosthetics or neural prosthetics are devices implanted in human bodies in case of a disease or an injury. Such devices stimulate the functioning of the failed organ or organ systems. Neuroprosthetics is a brain-computer interface, which is used to identify, detect and transform neural activity into various sequences of command for prostheses. The significance of neuroprosthetics is to bring stability in patients suffering from their systems’ motor failure such as stroke, multiple sclerosis, spinal cord damage and amyotrophic lateral sclerosis among others. The vital types of neuroprosthetics include cognitive prosthetics, motor prosthetics and sensory implants. Motor prosthetics are used for the regulation, support and assistance of autonomous system or stimulation of failed motor functions in a human body. Prevalence of neurological diseases, increase in healthcare expenditure, rising geriatric population across the globe, technological advancements in neuroprosthetic products, government initiatives and support, and the growing awareness about healthcare are the major factors influencing the growth of the overall neuroprosthetics market, globally.
The neuroprosthetics market has been segregated into two vital segments such as by type and by application. The type segmentincludesmotor prosthetics, auditory prosthetics, cognitive prosthetics and visual prosthetics. Motor prosthetics witnessed the largest market share in this segment due to the increasing application of such prosthetics for damaged and injured motor functions in human bodies. By application, the market has been classified into motor neuron disorders, physiological disorders and cognitive disorders. Motor neuron disorder is the leading market share holder in this segment. This is due to the more number of application in diseases in such as epilepsy, over active bladder syndrome, Parkinson’s disease and neurocardiac disorders among others.
By geography, the neuroprosthetics market has been bifurcated into regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to be the dominating market among all regions. The U.S. is not only the leading market in North America but also in the world among all countries. Increasing geriatric population and rising incidences of neurological diseases in the country are the major reasons for the country’s dominance in this market. In terms of growth rate, Asia Pacific is expected to witness the highest CAGR among all regions. There have been immense technological advancements in the healthcare care sectors of China, India and Japan among other countries of Asia Pacific. China and India are the most populated countries in the world. A significant proportion of the population of both the countries are suffering from neurological, Parkinson’s and epilepsy diseases. Lack of fitness, awareness and unhealthy lifestyle of the people of China and India are the major reasons for the aforementioned diseases. Europe is another significant neuroprosthetics market considering the presence of large neuroprosthetics manufacturing companies in the region. In addition, rising technological advancements for efficient neuroprosthetics and increasing growth in the healthcare sector is expected to bolster the growth of the neuroprosthetics market in Europe.
Some of the major players in the neuroprosthetics market are Cochlear Limited, Boston Scientific Corporation, Cyberonics, Inc., Medtronic, Inc., and Neuropace, Inc., among others.
Neuroprosthetics Market: By Type
Neuroprosthetics Market: By Application
Neuroprosthetics Market: By Geography