The global neuroprosthetics market is expected to reach USD 14.6 billion by 2024, according to a new report by Grand View Research, Inc. The increasing prevalence of neurological disorders coupled with the demand for cost-effective and technologically advanced implants is expected to drive the demand for neuroprosthetics market in the coming years.
In addition, the associated high costs and side effects of conventional medications are responsible for the rising adoption rate of implants. For instance, the increasing adoption of Vagus Nerve Stimulation (VNS) therapy system over therapeutics such as antidepressants in the treatment of Alzheimer's disease, brain aneurysm, and strokes is propelling the overall market growth.
Moreover, the rising geriatric population prone to epilepsy opting for neural implantation over the conventional medication is exerting a positive effect on the overall industry growth.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/neuroprosthetics-market
Further key findings from the study suggest:
·
The motor prosthetic devices segment dominated
in terms of revenue share and accounted for over 35.0% of the market in 2015,
followed by visual cochlear implants. Whereas, retinal neuroprosthetics were
identified as one of the fastest growing market segment owing to the rising
penetration and the increasing R&D efforts pertaining to product
innovation.
·
The Spinal Cord Stimulation (SCS) segment held
the largest share at over 55.0% owing to the analgesic property of the SCS
therapy used in the treatment of ischemic pain, failed back surgery syndrome,
and complex refractory pain syndrome. Furthermore, it finds applications in
intraspinal and epidural microstimulation for inducing leg movements. In
addition, technological advancements in this segment is expected to further
boost market growth in the near future. The sacral Nerve Stimulation (SNS) is
expected to be the fastest growing segment over the forecast period due to its
applications in chronic intractable pelvic ache and neurogenic bladder.
·
In the applications segment, motor neuron
disorders held the largest segment due to the rising incidences of Parkinson’s
disease and epilepsy. For instance, as per the report published by Parkinson’s
disease Foundation in 2012, approximately 60,000 Americans were diagnosed with
Parkinson’s disease each year and the number is expected to grow further over
the forecast period thereby fueling this segment’s growth.
·
In 2015, North America dominated the overall
neuroprosthetics market at over 43.0% owing to the large presence of neural
implants manufacturers, higher R&D investments, and the availability of
funds from both government and private institutes. For instance, the Defense
Advanced Research Project Agency (DARPA) and National Institute of Neurological
Disorders and Stroke (NIH)in collaboration with the federal agencies are
instrumental in providing funds to support R&D initiatives for the further
development of neural implants.
·
Asia Pacific is anticipated to be the fastest
growing segment due to the introduction of multinational healthcare
establishments promoting safe and effective medical procedures along with the
rising awareness levels amongst consumers
·
Strategic collaborations and mergers &
acquisitions are expected to keep the industry rivalry level high over the
forecast period
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Grand View Research has segmented the neuroprosthetics market on the basis of type, technology, application, and region.
Global Neuroprosthetics Type Outlook (Revenue, USD Million, 2013 - 2024)
·
Motor Prosthetics
·
Auditory Prosthetics/Cochlear Implants
·
Cognitive Prosthetics
·
Visual Prosthetics/Retinal Implants
Global Neuroprosthetics Technology Outlook (Revenue, USD Million,
2013 - 2024)
·
Deep Brain Stimulation (DBS)
·
Vagus Nerve Stimulation (VNS)
·
Spinal Cord Stimulation (SCS)
·
Sacral Nerve Stimulation (SNS)
Global Neuroprosthetics Application Outlook (Revenue, USD Million,
2013 - 2024)
·
Motor Neuron Disorders
·
Parkinson’s Disease
·
Epilepsy
·
Physiological Disorders
·
Auditory Processing Disorders
·
Ophthalmic Disorders
·
Cardiovascular Disorders
·
Kidney Diseases
·
Cognitive Disorders
·
Alzheimer’s Disease
·
Severe Depression
Neuroprosthetics Regional Outlook (Revenue, USD Million, 2013 -
2024)
·
North America
·
U.S.
·
Canada
·
Europe
·
UK
·
Germany
·
Asia Pacific
·
Japan
·
China
·
India
·
Latin America
·
Mexico
·
Brazil
·
MEA
·
South Africa
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
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