Neuroprosthetics Market Expected To Reach US$ 21.64 Bn by 2029
The latest market report published by Brisk Insights “Neuroprosthetics Market - Growth, Future Prospects, Competitive Analysis, 2021 - 2029,” the global neuroprosthetics market was valued at US$ 7.59 Bn in 2020 and expected to reach US$ 21.64 Bn by 2029, expanding at a CAGR of 12.3% from 2021 to 2029.
Market Insights
Neuroprosthetics involve merger of engineering, biotechnology and neurology applications for treatment and management of several neurological conditions, facilitating restoration of lost movements. Technological advancements have led to development of personalized neuroprosthetics and rehabilitation for neural impairments. Spinal, cochlear and retinal implants are the most prominent examples of technological progress in this field. Additionally, increasing prevalence of neurological disorders occurring both from age or trauma is another key factor supporting the growth of this market.
Conversely, such devices are costly and therefore can be afforded only by patients with high disposable incomes. Implantation of these devices also require significant amount of skill. This has led to greater adoption of neuroprosthetics concentrated in developed markets. Whereas middle- and low-income countries still struggle with the adoption of neuroprosthetics. Awareness also plays a critical role in determining the demand for these therapeutic solutions. Therefore, in emerging markets, improvement in knowledge of neuroprosthetics and government initiatives for improving healthcare conditions are imperative to open market penetration opportunities.
Considering the competitive landscape, several companies have introduced their products encompassing different applications such as traumatic neural conditions, motor neuron disorders and physiological disorders. Though motor neuron disorders accumulate larger revenue share in the global market, the highest number of product approvals are observed for application for physiological disorders. Major physiological conditions for which neuroprosthetics are commercially available include cardiovascular diseases, chronic pain, ophthalmic and auditory disorders.
Browse the full report Neuroprosthetics Market - Growth, Future Prospects, Competitive Analysis, 2021 – 2029 at https://www.briskinsights.com/report/neuroprosthetics-market
The growth of neuroprosthetics market in developed regions is mainly attributed to increasing burden of chronic neurological diseases. Therefore as the overall life expectancy and the prevalence of neurological conditions continue to increase, the neuroprosthetics market will be set to attain stability. In the developed regions, U.S., Canada, France, Germany, U.K., the Netherlands and Italy are estimated to be the largest markets, with the U.S. taking the lead.
Globally, disorders and injuries to the brain and spinal cord possess a considerable financial and social burden. In Europe alone, brain disorders are responsible for 35% of the overall disease burden. Persistently growing aging population, and the corresponding growth in financial costs for conventional treatment and management of such conditions has been a key factor for the advent of neuroprosthetics. Spinal cord stimulation is the most widely employed modality in neuroprosthetics. Analgesic property of spinal cord stimulation has established it as the most sought treatment for chronic pain. The modality also finds effective application in the treatment of limb movements. On the other hand, sacral nerve stimulation is estimated to be the fastest progressing segment due to its established efficacy in treating chronic pelvic pain and neurogenic bladder.
Key Market Movements:
• Perpetually growing prevalence of neurodegenerative diseases such as Alzheimer’s and Parkinson’s
• Significantly high cost incurred in conventional treatment of traumatic brain injury and spinal cord injuries
• Increasing disposable incomes and improving awareness in emerging economies of Asia Pacific and Latin America
• Scarce availability of viable and efficacious treatments for Parkinson’s disease through the conventional mode
• Growing preference for neuromodulation techniques such as deep brain stimulation and spinal cord stimulation for treating cognitive disorders and debilitating injuries
• Vigorous collaborative and marketing strategies by international market players
• Intensive research and development advancing in the field of deep brain stimulation and sacral nerve stimulation