June 18, 2024
Neuroprosthetics Market

Global Neuroprosthetics Market is Estimated to Witness High Growth Owing to Rising Geriatric Population

The global neuroprosthetics market consists of implantable devices that are used to treat various neurological disorders and restore lost functions in the body. Neuroprosthetics include deep brain stimulation devices, retinal implants, cochlear implants, spinal cord stimulators and more. With rising prevalence of neurological disorders like Alzheimer’s disease, Parkinson’s disease, epilepsy, stroke and other cognitive decline conditions, the need for advanced neuroprosthetics has increased substantially in recent years.

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 2030.

Key Takeaways
Key players operating in the global neuroprosthetics market 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. Key players are focusing on developing advanced technologies for neuroprosthetics like brain-machine interface devices and neural implants.

The key opportunities in the market include growing investments towards developing neuroprosthetics for applications beyondjust restorative functions. Companies are investing in areas of sensory substitution, augmenting human performance and treatments for conditions like depression, PTSD, addiction and more.

Globally, rising elderly population, increasing healthcare expenditures and awareness about available neuroprosthetic treatments are supporting growth of market. Regions like North America, Western Europe and Japan currently dominate the market. However, Asia Pacific region is expected to offer high growth opportunities with rapid economic development and rising medical tourism in countries like India, China and South Korea.

Market drivers
The Global Neuroprosthetics Market Size
is witnessing high growth driven by rising geriatric population globally. With aging, incidence of neurological disorders increases substantially. As per WHO estimates, over 50 million people suffer from dementia worldwide currently and the numbers are projected to triple by 2050. Growing geriatric population base will therefore augment demand for neuroprosthetic devices for treatment of conditions like Alzheimer’s and Parkinson’s. Significant funding and investments in neuroprosthetics research by governments, private organizations and companies is another key factor supporting market expansion over the forecast period.

PEST Analysis
Political
: Healthcare reforms and regulations positively impact the neuroprosthetics market. Developed nations spend higher on healthcare which boosts market growth.

Economic: Rising disposable incomes increase affordability of neuroprosthetic devices. Developing economies invest more in neurotechnologies to drive research.

Social: Growing elder population suffers from neurological disorders elevating demand. Awareness about treatment aids acceptance of neuroprosthetics.

Technological: Advancements in material science, AI, and surgical robotics improve device functionality. Miniaturization enhances portability and reduces surgery risks. Collaborations expedite innovations.

Around 45% of the global neuroprosthetics market value is concentrated in North America led by the US. Higher healthcare spends and investments in neuroscience research back market expansion. Europe is another major revenue contributor driven by supportive regulatory landscape and rapidly aging population susceptible to neurological issues.

Asia Pacific experiences fastest growth for the neuroprosthetics market propelled by expanding medical infrastructure in China, India, and Japan. Rising lifestyle diseases, increasing neurological disorders prevalence, and improving access to healthcare drive the regional market. Heightened government focus on patient care quality further stimulates neuroprosthetics adoption.

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