May 23, 2024
Global Neuroprosthetics Market

The Global Neuroprosthetics Market is Estimated to Witness High Growth Owing to Rapid Advancements in Healthcare Infrastructure

The global neuroprosthetics market consists of implanted medical devices that facilitate connections between an external component and neural circuits in the central nervous system or in peripheral tissues. Some of the major neuroprosthetics in use include cochlear implants, deep brain stimulators, cardiac pacemakers, spinal cord stimulators and visual prosthetics. Neuroprosthetics help in treating various neurological disorders like Alzheimer’s, Parkinson’s, epilepsy, spinal cord injury and depression. They aid in restoring or recovering lost neural functions.

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.

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 leaders are engaging in new product launches and partnerships to strengthen their presence in the Global Neuroprosthetics Market Demand.

The key opportunities in the neuroprosthetics market include rising prevalence of neurological disorders, growing geriatric population, increasing investments in research and development activities and favorable medical reimbursements. The major players are focusing on emerging economies for further expansion owing to growing healthcare infrastructure and rising healthcare spending in these regions.

Globally, North America dominates the neuroprosthetics market due to rapid technological advancements and availability of favorable medical reimbursements in the region. However, Asia Pacific is expected to exhibit the highest CAGR over the forecast period due to improving medical facilities and increasing preference for effective treatment of neurological disorders in developing nations like India and China.

Market drivers

The rapid advancements in healthcare infrastructure across the world have provided impetus to the neuroprosthetics market growth. Neuroprosthetics are increasingly adopted for their ability to restore lost sensory and motor functions better than conventional treatment alternatives. The rising prevalence of Alzheimer’s, Parkinson’s disease, epilepsy and other neurological disorders have increased the demand for effective treatment procedures like neuroprosthetics implantation. Additionally, growing geriatric population who are more prone to neurological illnesses will continue to drive the market during the forecast period.

PEST Analysis

Political: The political landscape impacts neuroprosthetics primarily through healthcare policies and reimbursement programs for medical devices and treatments. Regulations regarding approval processes and safety standards also affect the industry.

Economic: Economic growth influences the demand for neuroprosthetics. Higher disposable incomes increase patients’ ability to afford sophisticated medical devices and therapies. National economic priorities and spending on healthcare sectors further impact market conditions.

Social: An aging global population fuels greater demand for technologies alleviating neurological conditions. Growing societal acceptance of advanced medical devices encourage patients to adopt neuroprosthetic solutions. Heightened awareness of conditions like paralysis also prompts innovation.

Technological: Rapid technological progress enables the development of smaller, less invasive, and more effective neuroprosthetics. Advances in materials science, device miniaturization, battery technology, and wireless connectivity open new possibilities. Continuous innovation will expand treatment options.

The United States represents the largest market for neuroprosthetics in terms of value currently. High healthcare expenditure, presence of major players, favorable regulation and reimbursement frameworks support industry growth. Europe is the second largest regional market driven by rising neurological conditions, supportive initiatives and universal healthcare in major countries.

The Asia Pacific region is poised to be the fastest growing market for neuroprosthetics during the forecast period. Factors like rising awareness, growing aging population, increasing healthcare spending and expanding medical technologies sector will propel the industry in Asia Pacific. Growing economies are investing heavily in healthcare infrastructure and research. This will attract global players and accelerate product adoption.

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