Global Neuroprosthetics Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Output Neural Prosthetics, Input Neural Prosthetics), By Technique (Deep Brain Stimulation, Spinal Cord Stimulation, Sacral Nerve Stimulation, Transcranial Magnetic Stimulation, Vague Nerve Stimulation), By Application (Auditory Processing Disorders, Parkison’s Disease, Epilepsy, Ophthalmic Disease, Cardiovascular Disease, Paralysis, Alzheimer's Disease, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Apr 2022
- Report Code : KSI061612097
- Pages : 130
The global neuroprosthetics market is evaluated at US$3.208 billion for the year 2020 and is projected to grow at a CAGR of 12.28% to reach the market size of US$7.217 billion by the year 2027.
Neuroprosthetics are devices that are implanted in patients having neural damage to compensate for and restore the normal functioning of the nerves, which consequently help in partially restoring normal bodily functions. The rising incidences of neurological disorders worldwide is one of the major factors anticipated to boost the growth of the global neuroprosthetics market during the forecast period. Furthermore, the growing number of diabetes patients, leading to nerve damage in many people, is also expected to lead to a surge in demand for neuroprosthetics in the coming years. Moreover, the number of people with disabling hearing loss has been increasing substantially over the years, and its projected rapid rise in the coming years is further anticipated to augment the growth of the global neuroprosthetics market during the assessment period.
The COVID-19 pandemic had a negative impact on the global neuroprosthetics market as access to healthcare was limited for non-COVID patients during the peak of the coronavirus outbreak. The focus of the healthcare system was shifted to COVID-19 patients due to a huge number of mortalities. This led to a decrease in the diagnosis and treatment of patients with disabling hearing loss, neurological disorders, and patients with other conditions requiring the use of neuroprosthetics. This led to a decrease in the demand for neuroprosthetics during the pandemic, which resulted in a decline in the market growth in 2020.
Rising cases of neurological disorders
The number of people suffering from neurological disorders is on the rise worldwide and is one of the prominent reasons anticipated to drive the demand for neuroprosthetics during the forecast period. According to World Health Organization, the number of deaths caused by neurological disorders has increased by nearly 39% in the last 30 years. It has also been stated that an increase in the number of patients with neurological disorders is being seen over the years, while the number of cases is further projected to grow in the coming years owing to a growing elderly population, a decrease in child mortality, and rise in the survival rate and life expectancy. As per data from the PAHO, the years lived with disability (YLDs) per 100,000 population in Brazil has increased from 784.06 years in 2010 to 813.74 years in 2019. In Mexico, it increased from 721.78 years in 2010 to 737.02 years in 2019. In the United States, the deaths from neurological disorders increased from 39.29 deaths per 100,000 population in 2010 to 47.39 deaths in 2019, witnessing an increase of more than 20%. The diseases such as Alzheimer's, dementia, and Parkinson’s disease are some of the neurological disorders spreading fast. For instance, as per Pan America Health Organization, Canada has witnessed a surge in the disability-adjusted life years (DALYs) per 100,000 population from 351.30 in 2010 to 415.70 in 2019, growing by more than 18%.
Growing prevalence of hearing loss
As neuroprosthetics are used in severe hearing loss, the increasing prevalence of hearing loss worldwide is a significant factor expected to augment the growth of the global neuroprosthetics market in the coming years. According to data from the WHO, the absolute number of people with hearing loss in Brazil has increased from 10 million in 2008 to 13 million in 2018. In China, the number has increased from 74 million in 2008 to 96 million in 2018, while in India, the number of people with hearing loss increased from 76.5 million in 2008 to 100 million in 2018. WHO has projected that people with disabling hearing loss will increase from 430 million in 2020 to more than 700 million by 2050. This is expected to surge the demand for neuroprosthetics significantly.
North America projected to have a major market share
Geographically, the North American region is anticipated to hold a significant market share owing to the rising cases of neurological disorders in the region, especially in the United States. Furthermore, the presence of a quality healthcare system and its accessibility to the patients makes the diagnosis and treatment stronger, which is another prominent reason for the large market size of neuroprosthetics in the region. The Asia Pacific region is anticipated to witness substantial growth due to the rising prevalence of hearing loss in the region. According to data from the WHO, the absolute number of people with disabling hearing loss in South Asia is projected to increase from 131 million in 2018 to 176 million in 2030 and further to 267 million in 2050. Furthermore, the rapidly growing cases of diabetes in the region are leading to damage to the nerves and blood vessels of a large number of patients, which is further projected to surge the demand for neuroprosthetics in the Asia Pacific region during the assessment period.
Global Neuroprosthetics Market Scope:
|Market size value in 2020||US$3.208 billion|
|Market size value in 2027||US$7.217 billion|
|Growth Rate||CAGR of 12.28% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Technique, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SenArs, LivaNova PLC, Medtronic PLC, Sonova Holding AG, Boston Scientific Corporation, Cochlear Ltd, Demant AS, Abbott Laboratories, NeuroPace, Inc., BrainGate, NDI Medica|
|Customization scope||Free report customization with purchase|
- By Type
- Output Neural Prosthetics
- Input Neural Prosthetics
- By Technique
- Deep Brain Stimulation
- Spinal Cord Stimulation
- Sacral Nerve Stimulation
- Transcranial Magnetic Stimulation
- Vague Nerve Stimulation
- By Application
- Auditory Processing Disorders
- Parkison’s Disease
- Ophthalmic Disease
- Cardiovascular Disease
- Alzheimer's Disease
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the neuroprosthetics market?
A1. The global neuroprosthetics market is projected to grow at a CAGR of 12.28% over the forecast period.
Q2. What will be the neuroprosthetics market size by 2027?
A2. The neuroprosthetics market is projected to reach a market size of US$7.217 billion by 2027.
Q3. What is the size of the global neuroprosthetics market?
A3. Neuroprosthetics Market was valued at US$3.208 billion in 2020.
Q4. What factors are anticipated to drive the neuroprosthetics market growth?
A4. The rising incidences of neurological disorders around the world is one of the major factors anticipated to boost the global neuroprosthetics market growth.
Q5. Which region holds the largest market share in the neuroprosthetics market?
A5. Geographically, the North American region is anticipated to hold a significant share in the neuroprosthetics market owing to the rising cases of neurological disorders in the region.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Neuroprosthetics Market Analysis, by Type
5.2. Output Neural Prosthetics
5.3. Input Neural Prosthetics
6. Global Neuroprosthetics Market Analysis, by Technique
6.2. Deep Brain Stimulation
6.3. Spinal Cord Stimulation
6.4. Sacral Nerve Stimulation
6.5. Transcranial Magnetic Stimulation
6.6. Vague Nerve Stimulation
7. Global Neuroprosthetics Market Analysis, by Application
7.2. Auditory Processing Disorders
7.3. Parkison’s Disease
7.5. Ophthalmic Disease
7.6. Cardiovascular Disease
7.8. Alzheimer's Disease
8. Global Neuroprosthetics Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.2. LivaNova PLC
10.3. Medtronic PLC
10.4. Sonova Holding AG
10.5. Boston Scientific Corporation
10.6. Cochlear Ltd
10.7. Demant AS
10.8. Abbott Laboratories
10.9. NeuroPace, Inc.
10.11. NDI Medica
Sonova Holding AG
Boston Scientific Corporation
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