Neuroprosthetics Market overview:
Neuroprosthetics is a discipline that includes neuroscience and engineering to create devices that work on a brain-computer interface. The process includes devices that can substitute damaged motor, sensory, and cognitive modality to enhance better functional experience.As per the latest report by MRFR, the Global Neuroprosthetics Market is anticipated to expand at 12.4% CAGR between 2018 and 2023. The Neuroprosthetics domain refers to a blend of neuroscience and biomedical engineering.
Global Neuroprosthetics Market Trends is likely to reach a revenue valuation of USD 10.48 billion by the end of the forecast period. Such market growth can be attributed to various factors including increasing prevalence in neural diseases, overactive bladder syndrome, and various chronic disorders such as epilepsy and parkinson's disease. Further, advanced technologies are providing tools that don't need implanting and are minimally invasive, hence, driving accelerated growth to the global neuroprosthetics market during the forecast period.
New technologies are providing tools that need no implanting, and minimum invasive surgery can often design the system. This is garnering significant traction from the patient pool. This can ensure future market growth for the neuroprosthetics market. Prevalence of neurological disorders and overactive bladder syndrome are also effective factors that can trigger market growth. But the forecast period of the can also witness slight leashing owing to the high cost of the products.
Global Neuroprosthetics Market has been segmented on the basis of type, technology, applications, end users, and region.
On the basis of type, the global neuroprosthetics market is segmented into output neuroprosthetics and input neuroprosthetics. The output neuroprosthetics segment is for the sub- segmented into cognitive prosthetics and motor prosthetics. On the other hand, the input prosthetics segment is further sub-segmented into cochlear implant and visual prosthetics.
On the basis of techniques, the global neuroprosthetics market segment into deep brain stimulation, vagus nerve stimulation, spinal cord stimulation, and sacral nerve stimulation. Based on end users, the global neuroprosthetics market is segmented into diagnostic centers, hospitals and clinics, and research centers.
Based on application, the global neuroprosthetics market segment into physiological disorders, motor neuron disorders, and cognitive disorders. The motor neuron disorder segment is sub-segmented into parkinson’s disease and epilepsy disorder. The physiological disorders segmentation further includes sub-segments of ophthalmic disorders, auditory processing disorders, neurology disorders, and cardiovascular disorders. The cognitive disorders segment is further sub-segmented into alzheimer’s disease paralysis and severe depression.
Detailed Regional Analysis:
MRFR regionally segments the neuroprosthetics market into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America’s market dominance can be attributed to researches regarding the prevalence of neural diseases such as Epilepsy and Parkinson’s disease. Patient number, diagnosed with Parkinson’s disease, is quite high and is triggering the inflation of the neuroprosthetics market in the region.
Europe stands second in terms of the value of the market. The region, with a robust healthcare sector, gets fund in research and development regarding neuroprosthetics from both governments and private investors.
The APAC market is expecting high growth during the forecast period owing to the vast patient pool present in the region. Cognitive disorders and other neurological problems are present in a considerable number to boost the market. The regional market is gaining momentum from the revamped healthcare sector and the strategic decisions of various market players of investing in the region.
European Innovation Council was announced by the Commission to be a part of Horizon 2020 program. This will provide various kinds of support to start ups, innovators, and companies to scale up internationally. The EIC program is connected to the Future and Emerging Technologies (FET) program. The FET program provides support to various high potential concept including neuroprosthetics and artificial photosynthesis.