Motor Prosthetics is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 12.8 %
New York, NY -- (SBWIRE) -- 04/13/2021 -- The global Neuroprosthetics market was valued at USD 6.1 Billion in 2018 and is expected to reach USD 15.8 Billion by the year 2026, at a CAGR of 12.4%. The study covers Neuroprosthetics, neuroscience, and biomedical engineering discipline, concerned with developing neural prostheses. Neural prostheses are the assistive devices that can restore functions lost because of neural damage by substituting motor, sensory, or cognitive modality. Growing healthcare awareness all over the globe, rising prevalence of chronic diseases, rise in the number of patients with nerve injuries and neurological diseases, an increasing number of road mishaps and accidents elevating the number of amputation cases, and rising hearing loss incidences, are some of the key factors propelling Neuroprosthetics market growth in the industry. However, non-favorable reimbursement scenarios, high cost of neuroprosthetics, lack of skilled professionals, and availability of advanced alternative treatment options are the major hindrance for Neuroprosthetics market growth during 2019-2026.
Key participants include:
Second Site, Boston Scientific Corporation, Medtronic, Inc., Neuropace, Cochlear Limited, Abbott, Sonova, NeuroPace, Inc., Cyberonics, Inc., and Nervo Corp.
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Individuals suffering from diabetes may develop several foot problems, which may cause damage to nerves and blood vessels. Diabetes can also damage the blood vessels in the retina, which can cause blindness or vision impairments. Therefore, the rising incidence of diabetes is estimated to fuel the growth of the neuro-prosthetics market. Dysvascular disorder- and diabetes-related disorders are estimated to fuel the demand for artificial limb replacements in the near future. The prevalence of diabetes has significant regional variation. The rising prevalence of neurological disorders like Parkinson's disease and epilepsy is estimated to fuel the growth of the neuro-prosthetics market. The rising number of people suffering from ischemia, back surgery syndrome, and chronic pain around the world is expected to augment the market growth.
Reports and Data have segmented the Neuroprosthetics market on the basis of type, technology type, application, and region
Type (Revenue, USD Million; 2016–2026)
Auditory Prosthetics/Cochlear Implants
Visual Prosthetics/Retinal Implants
Technology Type (Revenue, USD Million; 2016–2026)
Deep Brain stimulation
Vagus Nerve stimulation
Spinal Cord stimulation
Sacral Nerve Stimulation
Transcranial magnetic Stimulation
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Application Type (Revenue, USD Million; 2016–2026)
Motor Neuron Disorders
Auditory Processing Disorders
On the basis of region, the neuro-prosthetics market is segmented into Asia Pacific, North America, Europe, and the rest of the world. In the coming years, North America is expected to dominate the largest share of the neuro-prosthetics market. The large share of this market can majorly be attributed to the high prevalence of hearing and vision loss, rising prevalence of neurological disorders, and the strong presence of major industry players in this region. Asia Pacific is expected to be the fastest-growing region owing to the introduction of multinational healthcare establishments promoting effective and safe medical procedures coupled with the increasing awareness levels amongst consumers.
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Further key findings from the report suggest:
Neuroprosthetics market is growing at a CAGR of 6 % in Asia Pacific followed by North America and Europe, with 12.2 % and 12.1 % CAGR, respectively. Rising prevalence of chronic diseases and growing healthcare awareness all over the globe is the prominent factor to accelerate the Neuroprosthetics market growth during forecast period across all regions.
As of 2018, Auditory Prosthetics/Cochlear Implants is the dominating Neuroprosthetics which holds 36.7 % of the global market. Rising incidences of hearing loss is driving the growth of the market segment. European regional. Neuroprosthetics market is the major revenue generating source for this market segment, followed by North America and Asia-Pacific regions.
Motor Prosthetics is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 12.8 %. However, associated side effects and high costs are major challenge for the Neuroprosthetics market growth of this market segment…Continue
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Rising prevalence of chronic diseases
3.2. Increasing incidences of neurological disorders
3.3. Global burden of diabetes
3.4. Availability of alternatives
Chapter 4. Neuroprosthetics Segmentation & Impact Analysis
4.1. Neuroprosthetics Segmentation Analysis
4.2. Neuroprosthetics Market Value Chain Analysis, 2016-2026
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