Neuroprosthetic devices are used to develop or supplant the central nervous systemís function, when embedded in the human body, in order to stimulate organ function that was previously incomplete due to a disease or injury. The global neuroprosthetics market is expected to reach USD 10.48 Billion by 2022 from USD 5.84 Billion in 2017, at a CAGR of 12.4%.
Globally, the neuroprosthetics market is witnessing high growth due to 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.
Over the last few decades, key players operating in this market are focusing on product launches to help companies increase its share in the market. For instance, Abbott Laboratories (US) received FDA approval for infinity DBS System. Second Sight (US) received Canada approval for Argus II retinal prosthesis system (Bionic Eye).
Based on type, the neuroprosthetics market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing neurological disorders.
By application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders segment is expected to register the highest growth rate during the forecast period. Rising neurological disorders such as Parkinsonís disease and epilepsy is the driving factors for this segment.
Companies have great opportunity in the emerging market, like expanded target application and new indication; increase in neurological disorders and the large patient population in countries like India, China, and Japan are the major factors that will support market growth during the forecast period. Increasing cases of neurological disorders drive the market in this country. According to the WHO, most individuals with dementia live in developing countries; this figure was 60% in 2001 and is estimated to reach 71% by 2040. According to an article published in the Chinese Journal of Traumatology (2015), around 3-4 million traumatic brain injuries (TBI) cases are found annually in China.
Neuroprosthetics Market by Type (Output (Cognitive, Motor Prosthetics), Input (Cochlear, Retinal Implant)), Techniques (Deep Brain, Vagus Nerve, Spinal Cord stimulation), Application (Epilepsy, Paralysis, Alzheimerís Disease) - Global Forecast to 2022
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