Press release
Strong Growth Ahead: Neuroprosthetics Market Size To Grow At Arecord 15.2% Cagr By 2029
Neuroprosthetics
How Big Is the Neuroprosthetics Market Size Expected to Be by 2034?
The scale of the neuroprosthetics market has seen a swift expansion in recent times. It's projected to rise from $10.27 billion in 2024 to $11.72 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.2%. The spike in growth during the historical period can be traced back to factors such as an aging populace, governmental schemes, R&D activities, regulatory consent, and capital investments.
In the following years, the neuroprosthetics market size is forecasted to see a rapid expansion. By 2029, it's expected to increase to $20.61 billion with a compound annual growth rate (CAGR) of 15.2%. Factors contributing to the growth during the forecast period include personalized medicine, a rise in chronic diseases, growth in telemedicine services, an increase in global healthcare expenditure, and neurorehabilitation. Key trends projected in the forecast period encompass brain-computer interfaces (bcis), advancements in artificial intelligence (ai) and machine learning, non-invasive neuroprosthetics, sensory restoration, and biohybrid neuroprosthetics.
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What Are the Emerging Segments Within the Neuroprosthetics Market?
The neuroprosthetics market covered in this report is segmented -
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
Subsegments:
1) By Motor Neuroprosthetics: Functional Electrical Stimulation (FES) Systems, Brain-Machine Interfaces (BMIs), Prosthetic Limbs With Neural Control, Exoskeletons For Rehabilitation
2) By Auditory Neuroprosthetics Or Cochlear Implants: Cochlear Implants (Single and Multi-Channel), Auditory Brainstem Implants (ABI), Bone-Anchored Hearing Aids (BAHA)
3) By Visual Neuroprosthetics Or Retinal Implants: Retinal Prostheses, Optogenetic Implants, Visual Cortical Implants
4) By Cognitive Neuroprosthetics: Deep Brain Stimulation (DBS) Devices, Cognitive Enhancement Implants, Neurostimulation Devices For Cognitive Disorders
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What Long-Term Drivers Are Shaping Neuroprosthetics Market Trends?
The neuroprosthetics market is set to grow, driven by an increasing number of patients with neurological disorders and nerve injuries. Neurological disorders impact the brain and the body's nerves, as well as the spinal cord. Nerve injuries, on the other hand, are the bruises suffered by nerves from pressure, cuts, or stretching during unforeseen incidents or accidents. Neuroprosthetics serve to help such patients regain their lost motor and sensory abilities. For example, the World Health Oganization (WHO), a health agency of the United Nations based in Switzerland, stated that in 2022, epilepsy was a condition suffered by 50 million people worldwide, with nearly 80% residing in lower to middle-income nations. Consequently, the rising number of patients with neurological disorders and nerve injuries is stimulating the expansion of the neuroprosthetics market.
Who Are the Top Competitors in Key Neuroprosthetics Market Segments?
Major companies operating in the neuroprosthetics market include 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
What Neuroprosthetics Market Trends Are Gaining Traction Across Different Segments?
Technological progression is influencing the neuroprosthetics market. This progression refers to the development of knowledge that serves to boost the technology level, allowing for improved products for the consumers. For example, in October 2022, Axoft, a nanotechnology firm based in the US, introduced brain-machine interface (BMI) technology. This technology includes soft, flexible implants made from bio-inspired materials that replicate brain tissue, which promotes long-term stability whilst reducing the likelihood of scarring or infection. This groundbreaking design permits ultra-high bandwidth and reliable measurements at the single-neuron level, considerably elevating treatment possibilities for neurological diseases like epilepsy and Parkinson's disease, with a reduced necessity for frequent replacements.
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Which Regions Are Becoming Hubs for Neuroprosthetics Market Innovation?
North America was the largest region in the neuroprosthetics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuroprosthetics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Neuroprosthetics Market?
2. What is the CAGR expected in the Neuroprosthetics Market?
3. What Are the Key Innovations Transforming the Neuroprosthetics Industry?
4. Which Region Is Leading the Neuroprosthetics Market?
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