(PharmaNewsWire.Com, February 04, 2020 ) Factors such as increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries are contributing to the growth of this market.
The neuroprosthetics market was valued at USD 5.28 Billion in 2016 and expected to grow at a CAGR of 12.4% during the forecast period (2017–2022) to reach USD 10.48 Billion in 2022.
Neuroprostheses uses electrodes to interface with the central or peripheral nervous system to restore lost motor or sensory capabilities. These devices can receive neural signals from the external environment & brain, and convert the signals to restore functions such as loss of hearing and vision. They have applications in cognitive disorders, ophthalmic disorders, motor disorders, and auditory disorders.
Increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries are the major driving factors for this market.
The neuroprosthetics market is segmented on the basis of type, technique, and application. The physiological disorders market is subsegmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. The auditory processing disorders segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to increasing number of people suffering from hearing loss.
Based on output neural prosthetics, the neuroprosthetics market is subsegmented into motor disorders and cognitive disorders. In 2017, the motor disorders segment accounted for the largest share of the market. This is because of increasing incidence of Parkinson’s disease and epilepsy.
Geographical Region Covered
By region, the neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The market is dominated by North America, followed by Europe, however, the APAC region is expected to witness the highest growth rate during the forecast period. The presence of emerging economies like China and India; large population; increasing funding and support for the launches of new products, and increasing neurological disorders in the region are some of the key factors driving the high growth of this regional segment.
Medtronic (US), Boston Scientific (US), Abbott (US), Second Sight (US), and Cochlear (Australia) are the top players in this market. These companies have a broad product portfolio with comprehensive features and have a strong geographical presence.
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