Neuroprosthetics Market report provides emerging market drivers, challenges, opportunities for Neuroprosthetics Industry. It focuses on the latest trends and recent developments of Neuroprosthetics Industry. Neuroprosthetics market report will help you to know each and every fact of keyword industry. Neuroprosthetics market also covers growth potential, market size, demand by buyer and suppliers and forecast details.
Neuroprosthetics Market is expected to grow at a CAGR of 12.4% during the forecast period.
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The global neuroprosthetics market is expected to grow at a CAGR of 12.4% over the forecast period, 2018-2023. Neuroprosthetics is a branch of neuroscience and biomedical engineering concerned with developing neural prostheses. Neural prostheses are an array of devices that can substitute for the functions of a motor, sensory, or cognitive modality that may have been damaged because of an injury or a disease.
Increasing Incidence of Hearing Loss
It is expected that by 2020, more than 44 million American adults aged 20 or older are expected to suffer from hearing loss. Due to increasingly aging sections of the population, this number is projected to reach 73.5 million by 2060. The total population with hearing disorders in the United States will, therefore, increase from about 15% of adults to 22%. Research has also forecasted higher rates of hearing loss, partly due to the increasing exposure to loud sounds played through headphones and ear buds. Furthermore, other means of exposure to loud sounds in busy cities or around loud machinery may lead to a higher rate of hearing loss. Cochlear implant is the oldest form of neuroprosthetic, which was approved for use by the U.S. Food and Drug Administration (FDA) in 1984. This device proves to be beneficial for people with deafness or severely hard-of-hearing. This device can also be used by patients who have experienced intense hearing loss caused by disease or injury, allowing them to hear sounds in their environment. Scientists continue to work on the technology of the external machinery and the design and positioning of the internal electrode to improve performance and provide more naturalistic sound. This will help drive the market in the forecast years. Along with this, other factors, such as the increasing number of patients suffering from neurological disorders and nerve injury and increasing cases of amputation due to the rising number of accidents & injuries will further drive the market in the future.
High Cost of Neuroprosthetics and Unfavorable Reimbursement Scenario
Neuroprosthetics is a relatively new and constantly evolving treatment option for the treatment of hearing damage, making them a very expensive treatment option for most of the users. Neuroprosthetics such as cochlear prosthesis, visual prosthesis, and hippocampal (or cognition) prostheses are generally very expensive and make it difficult for most of the patients to access. This, along with other factors such as availability of alternative treatment options and lack of trained professionals, will lead to the slowdown of this market in the forecast period.
North America to Maintain Lead in the Market
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.
Key Developments in the Market:
• November 2017 – The U.S. Food and Drug Administration approved a remote feature for follow-up programming sessions for the Nucleus Cochlear Implant System through a telemedicine platform. The remote programming feature is indicated for patients who have had six months of experience with their cochlear implant sound processor and are comfortable with the programming process.
• November 2017 – Researchers report amputees are able to control a robotic arm with help of brain implants and BMI technology. The study details how brain areas that control both the intact arm and amputated limb can create new connections and learn to control the robotic arm.
Major Players: ABBOTT, BOSTON SCIENTIFIC, COCHLEAR, LIVANOVA, MED-EL, MEDTRONIC, NEVRO, RETINA IMPLANT, SECOND SIGHT, AND SONOVA, amongst others.
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Global Neuroprosthetics Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Neuroprosthetics Market Dynamics
– Increasing Number of Patients Suffering From Neurological Disorders and Nerve Injury
– Increasing Incidence of Hearing Loss
– Increasing Cases of Amputation Due to the Rising Number of Accidents & Injuries
– Availability of Alternative Treatment Options
– High Cost of Neuroprosthetics and Unfavorable Reimbursement Scenario
– Lack of Trained Professionals
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Neuroprosthetics Market Covers Following Points in TOC:
Chapter 1: Neuroprosthetics Market Definition
Chapter 2: Research Methodology of Neuroprosthetics Market
Chapter 3: Neuroprosthetics Market Executive Summary
Chapter 4: Neuroprosthetics Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Neuroprosthetics Market Segmentation by Types, End-User, and Applications Forecast to 2023
Chapter 7: Neuroprosthetics Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Neuroprosthetics Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Neuroprosthetics Market
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