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Neuroprosthetics Market 2024: Innovations, Industry Trends, and Future Growth
Neuroprosthetics Market 2024
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According to The Business Research Company's, 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%. The growth in the forecast period can be attributed to personalized medicine, chronic disease prevalence, telemedicine services, global healthcare expenditure, neurorehabilitation. Major trends in the forecast period include brain-computer interfaces (bcis), artificial intelligence (ai) and machine learning, non-invasive neuroprosthetics, sensory restoration, biohybrid neuroprosthetics.
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Market Drivers and Trends:
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 Oganization (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. Therefore, the growing patient population suffering from neurological disorders and nerve injuries is driving the growth of the neuroprosthetics market.
Technological advancements are shaping the neuroprosthetics market. Technological advancement is defined as a discovery of knowledge that advances technology to provide an enhanced product to the customers. For instance, in July 2021, the University of California San Francisco Parnassus Campus (UCSF), a US-based academic medical center, developed Speech Neuroprosthesis. The new achievement was developed by researchers of UCSF, which enabled paralysis patients to directly translate the signals from their brain to the vocal tract, which appear as text on the screen. The technology used is Brain-Computer Interface Restoration of Arm and Voice which uses human vocabulary with advanced computer algorithms that are used to recognize brain activity.
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Major Key Players of the Market:
Abbott Laboratories, Biomet Inc., Boston Scientific Corp., Cochlear Ltd., Demant AS, LivaNova plc, MED-EL GmbH, NDI Medical LLC, Neuropace Inc., Nevro Corp., Oticon US Inc., Retina Implant AG, Second Sight Medical Products Inc., Sonova Holding AG, St. Jude Medical Inc., Aleva Neurotherapeutics SA, Axonics Modulation Technologies Inc., Bionic Vision Technologies Pty Ltd., Blackrock Microsystems LLC, Cognixion, Cyberonics Inc., Intheon, Medtronic plc, MicroPort Scientific Corporation, NeuroKinetics Inc., NeuroMetrix Inc., Neuropath BV, Pixium Vision SA, SPR Therapeutics Inc., Synapse Biomedical Inc., Synchron Inc., Wise Srl
Neuroprosthetics Market 2024 Key Insights:
• 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%.
• Neuroprosthetics Market Soars As Global Neurological Disorder And Nerve Injury Cases Surge
• Ucsf's Speech Neuroprosthesis Sets A New Standard In Brain-Computer Interface Technology
• North America was the largest region in the neuroprosthetics market in 2023
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