Global "Neuroprosthetics
Market" 2024 Industry research report covers the industry overview with
Marketplace Size, Share, Development, futuristic cost, earnings, demand and
distribution data. Its vast repository offers an analytical summary of the
marketplace that can help to the new and existing player to take a significant
decision.
In this report, we
thoroughly examine and analyse the Global market for Neuroprosthetics so that
market participants can improve their business strategy and ensure long-term
success. This report provides players with useful information and suggests
result-based ideas to give them a competitive advantage in the global Neuroprosthetics
industry. It will show how other players compete in the global Neuroprosthetics
Market and explain the strategies you use to differentiate yourself from other
participants.
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Industry Insights
The market for
neuroprosthetics in 2015 was estimated at USD 4.2 billion globally. This can be
attributed to high prevalence rate of disorders such as severe depression,
Alzheimer’s, muscle/neuromuscular junction disorder, ophthalmic, auditory,
epilepsy, and Parkinson’s which will drive the growth.
Also, the increasing
investments in R&D for new products and device innovation & development
for effective treatment plans to be used for neurological diseases are
anticipated to provide significant boost to the overall demand. The increasing
preference of self-charging devices, which uses bioenergy is expected to propel
demand for brain implants throughout the forecast period. Furthermore, rise in
aging population susceptible to neurological diseases is presumed to be a high
impact factor for increasing neural implants demand throughout the forecast
period.
Type Insights
The largest market share
was held by motor prosthetics followed by the cochlear prosthetics segment in
2015. The dominant share held by motor prosthetic can be attributed to
increased adoption, preference for implantable devices in bladder control and
brain computer interface for treatment of lateral sclerosis & paraplegic
patients.
A rapid growth is seen by
the auditory segment owing to the increase in usage of mid brain AMI’s and
brain stem implants ABI’s by patients with impaired hearings. Cochlear implants
can be used for stimulation therapy and signal processing systems, which is
expected to broaden the treatment scope in the future for neural disorders.
Application Insights
Traumatic brain injuries,
spinal cord injuries, Parkinson’s disease, and Alzheimer’s can be treated with
the use of neuroprosthetics. The neuroprosthetic devices can be broadly
classified into cognitive & physiological disorders, and motor neuron
abnormalities based on application. The largest application segment was found
to be motor neuron disorders in 2015 owing to the increasing adoption in
epilepsy and Parkinson’s along with high prevalence of the aforementioned
thereby leading to a widened consumer base.
The fastest growing segment
is anticipated to be cognitive disorders as a consequence of rising prevalence
of severe depression and Alzheimer’s. Introduction of various technologically
advanced stimulation devices which can stimulate motor controls and calculate
limb trajectory to be used in paralysis treatment, is expected to further drive
the market during the forecast period.
Regional Insights
The largest share of over
50.0% in terms of revenue was held by North America in 2015. The dominancy in
terms of revenue can be attributed to various factors such as, private and
government funding as well as supportive healthcare infrastructure. Europe is
anticipated to witness an upward shift as a consequence of advent of
technologically advanced products for patients with impaired hearing and
increasing initiatives by the government.
The fastest growing region
is predicted to be Asia Pacific owing to the untapped opportunities present in
this emerging region. The shifting focus towards overall cost containment in
manufacturing of implants and high awareness amongst patients are predicted to
drive the growth prospects. Moreover, increasing investments by the key players
for development of new manufacturing facilities is expected to provide high
growth potential over the coming years for neural implants.
Competitive Insights
Various companies which
offer solutions for a wide range of neurological disorders are BrainGate,
Sonova, MED-EL, Nervo Corp., Retina Implant AG, St. Jude Medical Inc., and
Boston Scientific Corporation. The prominent players include NeuroPace Inc, NDI
Medical LLC, Medtronic Inc., Cyberonics Inc., and Cochlear Limited.
The oligopolistic nature of
the market and companies help in providing technologically advanced and
effective solutions including, stimulators, smart hearing devices, wireless
mini microphones and advanced therapy for neurological diseases. Geographic
expansion and strategic collaborations are some of the few sustainable
strategies that are adopted by these players. This is predicted to keep the
industry’s competitive rivalry at the highest level and drive the market
throughout the forecast period.
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