Neuroprosthetics Market Size Worth $42.27 Billion By 2032 | CAGR: 12.0%

Neuroprosthetics Market Size Worth $42.27 Billion By 2032 | CAGR: 12.0%

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, 2024 - 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.

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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

  • Motor prosthetic devices held the largest revenue share, followed by visual cochlear implants in the Neuroprosthetics market. Meanwhile, the segment of retinal neuroprosthetics was identified as one of the fastest-growing segments, due to an increase in penetration and research and development efforts focused on product innovation.
  • The Spinal Cord Stimulation (SCS) segment held the largest share in the Neuroprosthetics market, which is primarily used for its analgesic properties in the treatment of complex refractory pain syndrome, ischemic pain, and failed back surgery syndrome.
  • Motor neuron disorders accounted the largest segment because of growing incidences of Parkinson’s disease and epilepsy.
  • North America dominates the neuroprosthetics market due to the region's significant presence of neural implant manufacturers, higher research and development investments, and the availability of funding from both government and private institutes.
  • The global key market players include Cyberonics, Inc., Cochlear Limited, Boston Scientific Corporation, St. Jude Medical, Inc., NDI Medical LLC, Medtronic, Inc., NeuroPace, Inc., Retina Implant AG, Nervo Corp., MED-EL, Sonova, BrainGate

Polaris Market Research has segmented the Neuroprosthetics market report based on type, technology, application, and region:

Neuroprosthetics, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Auditory Prosthetics/Cochlear Implants
  • Visual Prosthetics/Retinal Implants
  • Motor Prosthetics
  • Cognitive Prosthetics

Neuroprosthetics, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Spinal Cord Stimulation (SCS)
  • Vagus Nerve Stimulation (VNS)
  • Sacral Nerve Stimulation (SNS)
  • Deep Brain Stimulation (DBS)

Neuroprosthetics, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Cognitive Disorders
    • Severe Depression
    • Alzheimer’s Disease
  • Motor Neuron Disorders
    • Epilepsy
    • Parkinson’s Disease
  • Physiological Disorders
    • Kidney Disorders
    • Ophthalmic Disorders
    • Auditory Disorders
    • Cardiac Disorders

Neuroprosthetics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa