Global Neuroprosthetics Market is Forecasted to reach a Market Size of ~US$ 15 billion: Ken Research

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, growing at a CAGR of ~12% owing to the rising demand from the manufacturing industry.

Key Growth Drivers

The increasing prevalence of neurological disorders is driving the growth of the market. Neuroprosthetics are used when other treatments are unable to cure a disease or condition. The adoption of neuroprosthetic technologies, such as SCS, DBS, Vagus nerve stimulation (VNS), and sacral cord stimulation, is growing in developed countries such as the US, Canada, and Australia, boosting the growth of the overall market.
The high cost of neuroprosthetic products is challenging the neuroprosthetics market growth. 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.
The market was significantly impacted by the COVID-19 pandemic during the first half of 2020, due to a major drop in non-urgent treatments such as cochlear implant surgery around the world. With the increase in COVID-19 cases, governments around the world implemented various safety measures such as lockdowns and stringent guidelines, disrupting the international supply chain of cochlear implants.

Key Trends by Market Segment

By Type: The input neural prosthetics segment held the largest market share in the global neuroprosthetics market in 2021, owing to the growing burden of hearing loss and advancements in technology for the development of novel devices.

The input neural prosthetics include a cochlear Implant and bionic eye/retinal Implant. These are electronic devices that can help to provide a sense of sound to a person who is profoundly deaf or severely hard of hearing.
The motor prosthetics segment held a significant share of the market owing to the rising adoption of bladder control implants and brain-computer interfaces for paraplegic and lateral sclerosis patients.

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By Technique: The spinal cord stimulation segment held the largest market share in the global neuroprosthetics market in 2021, due to the rising prevalence of chronic pain among the population across the globe.

The increasing failed back syndrome, and complex regional pain syndrome are projected to increase the demand for spinal cord stimulation technology-based neuroprosthetics devices.
The recent product approvals based on spinal cord stimulation technology is likely to propel the neuroprosthetics market in the coming future. For instance, in July 2021, Nevro received FDA approval for its 10 kHz high-frequency spinal cord stimulation therapy for the treatment of chronic pain associated with Painful Diabetic Neuropathy (PDN).

By Application: The motor neural prosthetics segment held the largest market share in the global Neuroprosthetics market in 2021, owing to its rising adoption in parkinson's and epilepsy coupled with the rising prevalence of these aforementioned disorders.

Cognitive disorders segment is expected to hold the highest CAGR during the forecast period, owing to the rising incidences of Alzheimer's disease and severe depression.
The introduction of advanced implants capable of calculating limb trajectory and stimulating motor control for movements, used in the treatment of paralysis are further anticipated to augment the market growth over the forecast period.

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By Region: North America held the largest market share among all other regions within the global neuroprosthetics market in 2021, due to the supporting government policies to augment the growth of the region.

The large share of the region is attributed to the presence of factors, such as government & private funding and well-established healthcare facilities.
In the USA, more than a thousand people are living with spinal cord injury and half of these people cannot move from the neck which is expected to drive the treatment through neuroprosthetics.

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Competitive Landscape

The Global Neuroprosthetics Market is highly competitive with ~150 players, including globally diversified players, regional players, and many country-niche players. Most of the regional players are the developers of Neuroprosthetics used in various end-user industries.

Country-niche players constitute ~25% of the total number of competitors, while regional players dominate representing ~45% of total competitors. Some of the major players in the market include Abbott, Boston Scientific Corporation, Cochlear Ltd, Cyberonics, Inc., LivaNova PLC, Medtronic, NeuroPace, Inc., BioRegio STERN Management GmbH, Second Sight, Sonova, among others.

Recent Developments Related to Major Players and Organizations

In July 2022, Sensorion declared that regulatory authorities in Australia have given their approval for the start of a Proof of Concept (POC) clinical trial of SENS-401 (Arazasetron) in patients who are scheduled for cochlear implantation.
In January 2022, TODOC, a Korean company that specializes in neural prosthesis and neuromodulation systems, announced the introduction of its artificial cochlear implant 'SULLIVAN' at the "CES 2022" in Las Vegas.

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Conclusion

The Global Neuroprosthetics Market witnessed a negative impact due to COVID-19 owing to the strict regulations in several countries that temporarily halted all types of processes and shut down all the major industries. Input Neural Prosthetics, which include cochlear implants and bionic eye/retinal implants are the most common type of neuroprosthetics. Majorly, the spinal cord stimulation neuroprosthetics technique is used for treating cognitive disorders such as Alzheimer's disease and paralysis. Though the market is competitive with over ~150 participants, regional players control the dominant share in the market and country-niche players also hold a significant share.

Ken Research has recently published report titled, Global Neuroprosthetics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 that segmented by type, technique, application, and region. In addition, the report also covers the market size for each of the four regions' Neuroprosthetics market. The revenue used to size and forecast the market for each segment is US$ billion.

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