Neuroprosthetic devices/implants are technically advanced products that involves different technologies for its manufacturing/functioning such as local field potential, automated movable electrical probes, MRI, image guided surgical technique etc
Portland, OR -- (SBWIRE) -- 09/21/2017 -- Allied Market Research published a detailed report, titled "Neuroprosthetics Market by Simulation Technology, Type, and Application- Global Opportunity Analysis and Industry Forecast, 2013–2020". According to the report, the global Neuroprosthetics Market is envisioned to a mass $14 billion by 2022. It is expected to exhibit a CAGR of 15.8% during the forecast period 2014–2020. The report is a comprehensive analysis of the market and examines the factors affecting its dynamics such as the opportunities, key driving factors, and restraints faced by the industry players. The data, acquired as a result of the rigorous primary and secondary research carried out by expert analysts, is supported by vital statistics, tables, and charts to add credibility to the information provided.
The rapid progression of technology along with the availability of research funds and grants assist in improving neuroprosthetics. The rising burden of neurological disorders that responds to neurostimulation has fueled the demand for neuroprosthetics. However, the high cost involved in the development of the product and the therapy limits the growth of the market. The report segments the market based on the technology, type, application, and the geography. The types of neuroprosthetics include Motor Prosthetics, Auditory Prosthetics / Cochlear Implants, Visual Prosthetics / Retinal Implants, and Cognitive Prosthetics. They are used in the treatment of Motor Neuron disorders, Physiological disorders, and Cognitive Disorders. The segment based on the technology is further classified into Deep Brain Simulation (DBS), Vagus Nerve Stimulation (VNS), Spinal Cord Stimulation (SCS), and Sacral Nerve Stimulation (SNS). Among the Neuroprosthetics devices, Motor Prosthetics holds the largest share whereas Sacral Cord Stimulation (SCS) would maintain the leading market position through 2020, within the technology segment. Based on the geography, the report analyzes the presence of the market across the globe in the regions of Asia-Pacific, North America, Europe, and LAMEA.
A majority of cognitive and physiological disorders affect the quality of life of the affected patients. Approximately 80% of such patients do not respond to any form of treatment as the first line and second line treatments fail. The only viable solution is the use of neuroprosthetics devices or neural implants. The Motor Neuroprosthetics market for treating Parkinson's disease garners the largest market share owing to various factors such as the high base of the affected patient population, followed by Motor Neuroprosthetics for treating Overactive Bladder Syndrome and Motor Neuroprosthetics for treating Epilepsy.
The report profiles the key players in the market and includes information about the key winning strategies adopted by them, their expertise in various market segments, and the recent developments. The leading players include Boston Scientific Corporation, Cochlear Limited, Cyberonics Inc., Medtronic Inc., NDI Medical LLC, Retina Implant AG, Nervo Corp., ST. Jude Medical, NeuroPace Inc., and Sonova Group (Advanced Bionics AG).
Key Points to be considered
- The increasing demand for Visual Prosthetics/ Retinal implants and Motor Neuroprosthetics is expected to fuel the growth of the global neuroprosthetics market during the forecast period.
- Visual Prosthetics/ Retinal implants exhibit the fastest growth among the neuroprosthetic devices.
- Numerous applications of neuroprosthetics, such as the treatment of Parkinson's disease, Neurocardiac disorders, Over Active Bladder syndrome and Epilepsy, have resulted in the Motor neuroprosthetics segment garnering the largest market share.
- Based on the geographical segmentation, North America would be the most lucrative investment option and will yield maximum returns on the investments.
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