March 28, 2020

Neuroprosthetics Market | Key Players are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, LivaNova, PLC, MED-EL, NeuroPace, Inc. and among others.

The latest market report published by Credence Research, Inc. “Neuroprosthetics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global market for neuroprosthetics was valued at US$ 5.55 billion in 2017 and is expected to reach US$ 15.81 billion by 2026, increasing to CAGR by 12.3 per cent from 2018 to 2026.

Market Insights

Neuroprosthetics involves the fusion of engineering, biotechnology and neurology applications for the treatment and management of several neurological conditions, making it easier to restore lost movements. Technological advances have led to the development of personalized neuroprosthetics and neural impairment rehabilitation. Spinal, cochlear and retinal implants are the most important examples of technological progress in this field. In addition, an increase in the prevalence of neurological disorders occurring both from age and trauma is another key factor supporting the growth of this market.

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Conversely, such devices are costly and can therefore only be provided to patients with high disposable income. The implementation of these devices also requires a considerable amount of skill. This has led to a greater adoption of concentrated neuroprosthetics in developed markets. Whereas middle-and low-income countries are still struggling to adopt neuroprosthetics. Awareness also plays a key role in determining the demand for these therapeutic solutions. In emerging markets, therefore, improved knowledge of neuroprosthetics and government initiatives to improve healthcare conditions are crucial to opening up market penetration opportunities.

In view of the competitive landscape, several companies have introduced their products which cover different applications, such as traumatic neural conditions, motor neuron disorders and physiological disorders. Although motor neuron disorders accumulate a larger share of revenue in the global market, the highest number of product approvals for physiological disorders are observed. Major physiological conditions for which neuroprosthetics are commercially available include cardiovascular disease, chronic pain, ophthalmic and auditory disorders.

The growth of the market for neuroprosthetics in developed regions is mainly due to an increase in the burden of chronic neurological diseases. As the overall life expectancy and prevalence of neurological conditions continues to increase, the market for neuroprosthetics will be set to achieve stability. In the developed regions, the United States, Canada, France, Germany, the United Kingdom, the Netherlands and Italy are estimated to be the largest markets, with the United States taking the lead.

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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.

The prime players operating in the global neuroprosthetics market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, LivaNova, PLC, MED-EL, NeuroPace, Inc., Medtronic Plc, NDI Medical LLC, Nervo Corp., Retina Implant AG, Second Sight Medical Products, Inc., Sonova Holding AG, Cyberonics, Inc., St. Jude Medical, Inc. and BrainGate Company.

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

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 [Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Report Scope by Segments

By Type

  • Motor Prosthetics
  • Auditory Prosthetics
  • Cognitive Prosthetics
  • Visual Prosthetics

By Modality Type

  • Deep Brain Stimulation (DBS)
  • Vagus Nerve Stimulation (VNS) 
  • Spinal Cord Stimulation (SCS) 
  • Sacral Nerve Stimulation (SNS)
  • Others

By Application Type

  • Motor Neuron Disorders 
  • Parkinson’s Disease
  • Epilepsy
  • Physiological Disorders   
  • Auditory Disorders 
  • Cardiac Disorders
  • Chronic Pain
  • Others (Ophthalmic and Kidney Disorders)
  • Cognitive Disorders        
  • Alzheimer’s Disease
  • Severe Depression 

By Geography Segment

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

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