Showing posts with label Global Neuroprosthetics Market. Show all posts
Showing posts with label Global Neuroprosthetics Market. Show all posts

Friday, November 18, 2022

3 Key Insights on the US$ 15 Bn Opportunity in Global Neuroprosthetics Market

 Driven by the Increasing Prevalence of Neurological Disorders, the Global Neuroprosthetics Market is forecasted to Cross US$ 15 Bn By 2028 says Ken Research Study.

A neuroprosthetic is any device that can enhance the input or output of a neural system. The most successful neuroprosthetic devices developed to date are cochlear implants for patients with hearing impairment, and prosthetic devices for amputees. Neuroprosthetics encompass a variety of artificial devices or systems that can be used to enhance the motor, sensory, cognitive, visual, auditory, and communicative deficits that arise from acquired brain injuries.

“KEN RESEARCH SHARES 3 KEY INSIGHTS ON THIS HIGH-OPPORTUNITY MARKET FROM ITS LATEST RESEARCH STUDY”           

1. The Technological Advancements in Neuroprosthetics Devices Provide an Opportunity for the Market Growt
According to Ken Research Analysis, the Global Neuroprosthetics Market was valued at ~US$ 5 billion in 2017. It is estimated to be ~US$ 8 billion in 2022 and is forecasted to reach a market size of ~US$ 15 billion by 2028, growing at a CAGR of ~12% from 2022 to 2028.

The rising R&D investments for the development of new devices and products with innovative technologies to devise effective treatment plans for neurological diseases are expected to boost the growth of the market. The introduction of technologically advanced devices, such as Local Field Potentials (LFPs), automated and movable probes, MRIs, and images featuring surgical implants, is boosting the market for neuroprosthetics.

The manufacturers are constantly developing next-generation technologies to enhance therapeutic interventions used in treatments to restore impaired neurological functions. Several initiatives are being undertaken by the government and various organizations to support research in the field of cochlear implantation. For instance, in March 2022, members of the American Cochlear Implant (ACI) Alliance shared research and clinical practice with the other community members at the 2022 American Academy of Audiology (AAA) conference.

Global Neuroprosthetics Market

2. Increasing Number of Patients Suffering from Neurological Disorders is Fuelling the Market Worldwide

The demand for neuroprosthetics is primarily attributed to the rising patient population suffering from neurological disorders and nerve injuries. The growing burden of hearing and vision loss among the global population, and increasing amputation cases due to the rising number of accidents & injuries are anticipated to boost the market growth. One of the most common neurodegenerative diseases is Alzheimer's disease, which affects an estimated 5.7 million Americans over the age of 65. In fact, the disease is known to affect around 10% of the global population above 65 years.

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According to the Hearing Loss Association of America, 2020, nearly 48 million Americans had some degree of hearing loss, and an estimated 50 million Americans experience tinnitus, which is ringing in the ears, among which 90% have hearing loss. Additionally, nearly 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears. Advanced products such as brain-computer interfaces (BCIs), retinal implants, deep brain stimulators (DBSs), and spinal cord stimulators (SCSs) are becoming increasingly available, which enhances the demand for neuroprosthetics. The graph below represents the percentage of USA population with hearing loss.

Global Neuroprosthetics Market Size

3. High Costs Associated with the Surgery Implantation of Neuroprosthetics Devices is the Major Challenge Faced by the Market

Cochlear implants are more expensive than hearing aids. The high cost of surgery and difficulty in maintenance is anticipated to pose a significant challenge during the forecast time. The high cost of the implants, as well as the problem of maintaining them, has hampered market growth. Moreover, throughout the projected amount, a lack of skilled personnel and therefore the availability of other treatment alternatives will probably impede market growth to a particular extent.

The high cost of neuroprosthetic products is challenging the Global Neuroprosthetics Market growth. A majority of insurance companies do not pay reimbursements for these devices. Though health insurance covers prosthetic limbs, the coverage is highly dependent on the amputation level and the physical condition of the patient. Moreover, the initial cost of using neuroprosthetics for treatment is high, especially for implantable devices.

For instance, the cost of computer-assisted devices ranges from US$ 20,000 to US$ 30,000. In addition, the cost of a neural prosthetic arm can be up to US$ 100,000. A normal prosthetic limb costs between US$ 3,000 and US$ 30,000. The cost of manufacturing a fully functional modular prosthetic limb is approximately US$ 500,000.

The table below represents the high cost of cochlear implant surgeries in 2022:

Global Neuroprosthetics Market Outlook

Key Topics Covered in the Report

  • Snapshot of Global Neuroprosthetics Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Neuroprosthetics Market
  • Historic Growth of Overall Global Neuroprosthetics Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of Global Neuroprosthetics Industry
  • Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
  • Covid-19 Impact on the Overall Global Neuroprosthetics Market
  • Future Market Forecast and Growth Rates of the Global Neuroprosthetics Market and Segments
  • Analysis of Global Neuroprosthetics Market
  • Major Production/Supply and Consumption/Demand Hubs within Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Region

Notable Key Players Mentioned in the Report

  • Abbott
  • Boston Scientific Corporation
  • Cochlear Ltd
  • Cyberonics, Inc.
  • LivaNova PLC
  • Medtronic
  • NeuroPace, Inc..
  • BioRegio STERN Management GmbH
  • Second Sight 
  • Sonova

Notable Emerging Companies Mentioned in the Report

  • iotaMotion, Inc.
  • Hemideina
  • TODOC Co., Ltd.
  • ADVANCED OPTRONICS
  • Restohearing

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Neuroprosthetics Manufacturers
  • Neuroprosthetics Suppliers
  • Output Neural Prosthetics Manufacturers
  • Input Neural Prosthetics Manufacturers
  • Deep Brain Stimulation Neuroprosthetics Manufacturers
  • Vagus Nerve Stimulation Neuroprosthetics Manufacturers
  • Spinal Cord Stimulation Neuroprosthetics Manufacturers
  • Sacral Nerve Stimulation Neuroprosthetics Manufacturers
  • Emerging and Startup Companies in Neuroprosthetics
  • Different Types of Neuroprosthetics Manufacturing Hubs
  • Government Ministries and Departments of Healthcare Industry
  • Healthcare Regulatory Organizations
  • Healthcare Research Institutes
  • Importers and Distributors of Neuroprosthetics
  • Financial Organizations focused on Healthcare Industry
  • PE and VC Firms focused on Healthcare Industry

For more insights on the market intelligence, refer to the link below: -

Global Neuroprosthetics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research

Wednesday, April 27, 2022

Global Neuroprosthetics Market is predicted to Propel Owing to Growth in Geriatric Population: Ken Research

 Neuroprosthetics, also well-known as neural prosthetics, are devices implanted in the body that arouse the function of an organ or organ system that has failed owing to disease or injury. It is a brain-computer interface device utilized to detect and translate neural activity into the command sequences for prostheses.

Its primary focus is to restore functionality in patients suffering from loss of motor control likewise spinal cord injury, multiple sclerosis, amyotrophic lateral sclerosis, and stroke. The foremost types of neuroprosthetics include sensory implants, motor prosthetics, and cognitive prosthetics.

According to the report analysis, ‘Global Neuroprosthetics Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)’ states that Boston Scientific, Soterix Medical, Neuro Pace, Cochlear, St. Jude Medical, Medtronic, Oticon Medical, Brain Gate, Sonova, Aleva Neuroprosthetics, Autonomic Technologies, Electro Core, MED-EL, Mainstay Medical, Nevro, Atrotech and many more are the key companies which presently functioning in the global neuroprosthetics market more proficiently for keep maintaining the governing position, leading the highest market growth, generating the highest percentage of revenue, obtaining the competitive edge and registering the great value of market share by analysing the strategies and policies of government as well as contenders, increasing the features and benefits of neuroprosthetics, spreading the awareness connected to the benefits and applications of neuroprosthetics, decreasing the associated prices of such, delivering the better customer satisfaction, establishing the several research and development programs, implementing the policies of profit making and strategies of expansion and improving the qualitative and quantitative measures of such.

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The foremost factors propelling the growth of this market are the growing number of patients suffering from neurological disorders and nerve injury, augmenting the incidence of hearing loss, growing cases of amputations due to the increasing the number of accidents & injuries, and augmenting the prevalence of diabetes.

Some key operations of neuroprosthetics include delivering the hearing, seeing, feeling abilities, pain relief, and restoring damaged brain cells. Cochlear implant is among the most prominent neuroprosthetics. In addition, auditory brain stem implant is also a neuroprosthetic meant to enhance the hearing damage.

North America registers the global market for neuroprosthetics due to the growing incidence of neurological diseases and growth in geriatric population across the region. Asia is predicted to display a high growth rate in the next five years in the global neuroprosthetics market, with China and India being the fastest increasing markets in the Asia-Pacific region.

Not only has this, the effective growth in prevalence of neurological diseases such as traumatic brain injury, stroke and Parkinson’s disease, augment in geriatric population, development in healthcare expenditure, augmenting the awareness about healthcare, speedy progression of technology, and growing number of initiatives by various governments and government associations are some foremost factors propelling growth of the global neuroprosthetics market. Therefore, it is predicted that during the near period the market of neuroprosthetics will augment more proficiently over the review duration.

For More Information, Click on the Link Below:-

Global Neuroprosthetics Market

Related Reports:-

Neuroprosthetics Market by Type(Output Neural Prosthetics and Input Neural Prosthetics),by Technique (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, and Transcranial Magnetic Stimulation), andby Application (Motor Neuron Disorders, Physiological Disorders, and Cognitive Disorders): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024

Global Neuroprosthetics Market Research Report with Opportunities and Strategies to Boost Growth- COVID-19 Impact and Recovery

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