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Neuroprosthetics Global Market Size, Share, Trends, Potential Growth Opportunities and Competitive Landscape Report to 2033
Neuroprosthetics Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Neuroprosthetics industry. This report on Neuroprosthetics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The neuroprosthetics market size has grown rapidly in recent years. It will grow from $9.16 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to aging population, government initiatives, research and development, regulatory approvals, investment and funding. The neuroprosthetics market size is expected to see rapid growth in the next few years. It will grow to $18.09 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
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Key Market Players:
Abbott Laboratories, Biomet Inc., Boston Scientific Corp., Cochlear Ltd., Demant AS, The Progressive Corporation are prominent players in the Neuroprosthetics industry.
Market Drivers:
The rising patient population suffering from neurological disorders and nerve injuries is expected to propel the growth of the neuroprosthetics market. Neurological disorders are referred to as disorders that affect the brain and the nerves present in the human body and the spinal cord. Nerve injuries are the damages caused to nerves due to pressure, cuts, or stretching during an accident or any unpredicted event. Neuroprosthetics help patients with such disorders and injuries to restore their lost motor and sensory functions. For instance, according to the world Health Organization (WHO), a Switzerland-based health agency of the United Nations, in 2022, 50 million people globally were suffering from epilepsy, nearly 80% of them were living in low and middle-income countries.
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Market segments for Neuroprosthetics include:
1) By Type: Motor Neuroprosthetics, Auditory Neuroprosthetics/ Cochlear implants, Visual Neuroprosthetics/ Retinal implants, Cognitive Neuroprosthetics
2) By Technique: Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Transcranial Magnetic Stimulation
3) By Application: Motor Neuron Disorders, Physiological Disorders, Cognitive Disorders
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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