The global neuroprosthetics market comprises implantable components that helps restore lost functions or sensation in the nervous system. Neuroprosthetics find application in treating conditions such as Parkinson’s disease, spinal cord injury and stroke through devices like deep brain stimulators, auditory implants and exoskeletons. They aid in restoring vision, hearing and mobility in patients by supplementing or replacing malfunctioning neural circuits.
The Global Neuroprosthetics Market is estimated to be valued at US$ 12.66 BN in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the neuroprosthetics are Second Sight, Med-El, Retina Implant, Sonova Holding AG. , NeuroPace, Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC. The significant increase in the global aging population suffering from neurological disorders has been a major factor driving the demand for neuroprosthetics. Furthermore, advancements in technology have facilitated the development of next-generation neuroprosthetics with improved efficacy and reduced costs. Geographical expansion into emerging markets and growing investments from both private and public entities are further fueling the growth of the neuroprosthetics market.
Market Key Trends
Miniaturization of Neuroprosthetic Market components is a key trend being observed in the market. Ongoing research is enabling the development of tiny, less invasive neural implants that can be placed through minimal incisions. For instance, Retina Implant AG is developing an implant that is just millimeters in size but can restore vision in patients with retinal degeneration. Such technologically advanced and minimally sized neuroprosthetics offer improved outcomes, faster recovery and greater acceptance by patients worldwide.
Porter’s Analysis
Threat of new entrants: Low investment in R&D and clinical trials for regulatory approval. Bargaining power of buyers: Few medical device companies dominate the market. Bargaining power of suppliers: Dependence on few component suppliers and technology providers. Threat of new substitutes: Limited substitutes available considering the complex nature of the conditions. Competitive rivalry: Intense competition between major players to gain higher market share.
The geographical region where the neuroprosthetics market in terms of value is concentrated is North America. The United States accounts for the major share in North America due to factors such as favorable reimbursement policies, higher adoption of technologically advanced neuroprosthetic devices, and greater healthcare spending.
Asia Pacific region is expected to witness the fastest growth during the forecast period owing to large patient pool, rising healthcare expenditure, increasing geriatric population, growing awareness about neuroprosthetic devices. The major Asian countries such as China, Japan and India are expected to provide lucrative opportunities for the neuroprosthetics market players owing to the improving healthcare facilities and infrastructure in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it