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.
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.
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:
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
