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The global neuroprosthetics market is growing due to early commercialization of pipeline products and innovative self charging neural implants in the industry. The self-charging neural implant reduces the need for costly and risky surgery, in order to replace discharge battery and controlling machinery. The motor prosthetic, a type of neuroprosthetics dominates the market. The visual neuroprosthetics segment is expected to grow with the fastest rate. The Parkinson’s disease segment is expected to grow with the fastest rate in the coming years.
In addition, the massive unexplored market in the neuroprosthetics industry of the developing economies is creating abundant growth opportunities for the global neuroproshetics market. The advanced research and development facilities and new product developments by the companies are also creating ample opportunities, for the growth of the global neuroprosthetics market. The next generation therapies for central nervous system disorders, hybrid neuroprosthetic devices, and aesthetically appealing prosthetics are some of the trends witnessed in the global neuroprosthetic market. Neuroprosthetics are therapeutic devices that are worn outside the body, or implanted inside the body. These devices are used to replace the lost function of body.
Some of the factors driving the growth of the global neuroprosthetics market are growing geriatric population, increasing prevalence of neurological disorders such as Parkinson’s disease, stroke and brain injury, increasing healthcare expenditure, increasing government and government association’s support and initiatives, and improving healthcare infrastructure. In addition, the rapid progression of devices, increasing healthcare awareness, high availability of funds for R&D of neuroprosthetics and new device approvals are also contributing to growth of the global neuroprosthetic market. However, the high cost of therapy and products, limited reimbursement, and side effects of neuroprosthetics are some of the factors, restraining the growth of the global neuroprosthetics market. Moreover, the stringent regulatory requirement and limited compatibility with MRI, ultrasound and x-ray devices are also inhibiting the growth of the global neuroprosthetic market.
Geographically, North America is expected to dominate the global neuroprosthetics market in the coming years, due to increasing prevalence of neurological disorders and growing geriatric population. Asia-Pacific is expected to be the fastest growing regions in the global neuroprosthetics market, due to the presence of huge pool of patients and increasing geriatric population in the regions. In addition, the Asia-Pacific neuroprosthetics market is growing due to increasing healthcare expenditure, increasing awareness of healthcare, and refining healthcare infrastructure in the emerging countries, such as India and China.
Some of the companies operating in the global neuroprosthetics market are Boston Scientific Corporation, Cyberonics Inc., Cochlear Limited, NDI Medical LLC, Nervo Corporation, NeuroPace Inc., Medtronic Inc., Aleva Neuroprosthetic, Oticon Medical, St Jude Medical, Retina Implant AG, and Sonova Group.