The global neuroprosthetics market size is expected to reach USD 42.27 billion by 2032, according to a new study by Polaris Market Research. The report “Neuroprosthetics Market Share, Size, Trends, Industry Analysis Report, By Type (Auditory Prosthetics/Cochlear Implants, Visual Prosthetics/Retinal Implants, Motor Prosthetics, and Cognitive Prosthetics); By Technology; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for neuroprosthetics is anticipated to be driven by the rising incidence of neurological diseases and the demand for affordable, high-tech implants. The increasing adoption rate of implants is also a result of the related high expenses and adverse effects of conventional medicines. For instance, the growing use of the Vagus Nerve Stimulation (VNS) therapy system in place of medications like antidepressants for the treatment of strokes, brain aneurysms, and Alzheimer's disease is boosting the market's total development.
Moreover, the geriatric population with epilepsy opting for neural implantation is contributing to the growth of the neuroprosthetics market. Neuroprosthetics are devices implanted in the nervous system to treat neurological disorders like epilepsy. As the geriatric population grows and lives longer, the prevalence of neurological disorders is expected to increase.
Advances in technology and increased investment in research and development are leading to the development of more effective and sophisticated neuroprosthetics, further fueling growth in the industry.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/neuroprosthetics-market/request-for-sample
Growing chronic disease prevalence, increased numbers of patients with nerve injuries and neurological diseases, an increase in road accidents and mishaps that lead to more amputation cases, and an increase in hearing loss incidences are some of the major drivers of the Neuroprosthetics market's growth in the industry.
However, the biggest obstacles to the development of the neuroprosthetics market are non-favorable reimbursement scenarios, the high cost of neuroprosthetics, a dearth of skilled experts, and the availability of cutting-edge alternative therapy options.
Neuroprosthetics Market Report Highlights
Polaris Market Research has segmented the Neuroprosthetics market report based on type, technology, application, and region:
Neuroprosthetics, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Neuroprosthetics, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Neuroprosthetics, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Neuroprosthetics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)