Industry Outlook

Similar to the conventional prosthetics, neural prosthesis or neuroprosthesis are devices that restore or replace the function or a damaged part of the nervous system. Some of such neuroprostheses such as cochlear implant restore the sensory input with simulation to the nervous system. Retinal implant is another breakthrough sensory neuroprosthesis. Both these devices involve transduction of sensory information from the outer environment to the nervous system. Conversely, the nervous system can also be used as a means of signals for neural prosthesis. In paralysis treatment, information from brain motor areas are used for controlling external devices, thus restoring the movement of paralyzed limb. Another group of neuroprosthetics devices is used in neuromodulation. Deep brain stimulation improves or restores the movements in patients with Parkinson’s disease and essential tremors and is also being used for treatment of obsessive compulsive disorders and depression.

The lifetime cost of neurological injuries is detrimental. Estimated cost of spinal cord injuries are mainly subject to the severity of injury, age and nature of the trauma, wherein the average first year treatment cost may cost up to US$ 1 Mn, which may further grow through the following years. Furthermore, the cost of living with such disability is also detrimental to the patient as well as the medical companies. Use of neuroprosthetics for improving the way of life of neurological injury patients, the cost of assisted living dramatically drops. For instance, in cases of bladder and bowel incontinence patients, the cost of implementing neurostimulation devices balance with the savings on medications, medical procedures and supplies that is otherwise spent without the device. Neuroprosthesis not only improves the quality of life, but also restores lost independence. The market for neuroprosthetics is efficiently growing. Neuroprosthetics are at the forefront of medical technology and will have significant adoption in the years to come. Spinal cord stimulation is the most widely adopted modality for neuroprosthesis along with deep brain stimulation. Additionally new neuroprosthetics are being developed for restoration of senses. Its use in treating cognitive conditions such as depression is also proliferating.

"Motor Prosthetics to Hold Dominant Position through the Forecast Period"

At present, motor prosthetics have the largest revenue share in the global neuroprosthetics markets and shall retain its lead throughout the forecast period. Growing adoption of motor prosthetics in treatment of incontinence and other patients with neuromuscular diseases mainly contribute to the dominance of this segment. Moreover, increasing prevalence of paraplegia, movement disorders and Parkinson’s disease is the key driver supporting the growth of this segment. Auditory and visual prosthetics segment will progress at a rapid growth rate during the forecast period. Growing demand for auditory neuroprosthetics due to high prevalence of hearing loss that cannot be treated with amplifiers is attributed to the demand for auditory prosthetics in the global market. Patients with functional auditory nerve mainly benefit from auditory neuroprosthetics. The first product introduced in this segment was the cochlear implant, which substitutes the middle ear with sound transduction into electrical stimulation to the auditory nerve. Since residual hearing is lost with insertion of this device, cochlear implant is most useful in patients with profound deafness. The success of auditory neuroprosthetics is further strengthened with better treatment outcomes as many patients with cochlear implants develop ability to conveniently distinguish between music and speech. Technological evolution has led to introduction of new implants that are smaller and less damaging, suitable for patients with residual low-frequency hearing, but absolute deafness to middle- to high-frequency sounds.  

"Spinal Cord Stimulation Spearheads the Global Market"

Spinal cord stimulation is the largest revenue generating modality in the global neuroprosthetics market. The World Health Organization estimated that each year around 500,000 individuals suffer from spinal cord injury. Spinal cord injuries lead to several detrimental effects in the physiological and motor functions. Diminishing the quality of life. In majority of the spinal cord injury cases, some nerve fibers remain in contact with the brainstem to the spinal cord, which allows application of spinal cord stimulation possible. Advanced in brain science, neurosurgery, robotics and neuroengineering have created avenues for therapeutic solutions. Over the past two decades, the field of spinal cord stimulation interventions exploiting the development of neuromodulation for spinal cord injuries have phenomenally evolved.

"Proven Benefits and Efficacy of DBS in Parkinson’s Disease to Remain the Mainstay for Market Growth"

Based on the application areas, the global neuroprosthetics market is categorized into motor neuron disorders, physiological disorders, and cognitive disorders. Among these, motor neuron disorders occupy the largest revenue share in the base year 2017. Neuroprosthetics are gaining wide usage in treatment of Parkinson’s disease, essential tremors, spinal cord injuries, following the success of deep brain and spinal cord stimulation. Motor neuron diseases have a dominant position in the overall neuroprosthetics market due to its proven efficacy in treatment of epilepsy, tremors and Parkinson’s disease. Therefore, growing prevalence of these segments is a key driving factor to the growth of motor neuron disorders segment. Furthermore, cognitive disorders segment will undergo fastest market progress during the forecast period. Rising incidence of obsessive compulsive disorders, Alzheimer’s disease and depression is the key driver for the rapid growth of this market. Convenient availability of advanced neurological implants further stabilizes the market growth.

"Significantly Large Potential Patient Pool Supporting Swift Growth of Asia Pacific Market"

North America is the current leader in the global neuroprosthetics market in terms of revenue generation. Dominance of the region is attributed to favorable government and reimbursement policies, large prevalence of neurological disorders and conditions, and presence of developed healthcare infrastructure. High government initiatives towards adoption of technologically advanced treatment solutions pertaining to motor diseases, and hearing loss also supports the growth of this market. Additionally, Asia Pacific is estimated to be the fastest progressing regional market for neuroprosthetics market. Factors such as potentially large patient pool, rapidly developing healthcare infrastructure along with increasing healthcare expenditure are attributed to the growth of Asia Pacific market. The healthcare system in this region is intensely focusing on reducing the cost of treatment and increasing awareness levels in patients. Growing investment by industry players through establishing new manufacturing units in the region and increasing proliferation of medical tourism are other prime factors facilitating the growth of this region.

The profiles of such players are also studied in this report based on parameters namely, business overview, product portfolio, financial information, and key developments. The prime players operating in the global neuroprosthetics market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, LivaNova, PLC, MED-EL, NeuroPace, Inc., Medtronic Plc, NDI Medical LLC, Nervo Corp., Retina Implant AG, Second Sight Medical Products, Inc., Sonova Holding AG, Cyberonics, Inc., St. Jude Medical, Inc. and BrainGate Company.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Neuroprosthetics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Neuroprosthetics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Neuroprosthetics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Neuroprosthetics market?
• Which is the largest regional market for Neuroprosthetics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Neuroprosthetics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Neuroprosthetics market worldwide?