Global Neuroprosthetics Market Trends & Industry Forecast by 2016 – 2023
The global Neuroprosthetics market is segmented on the basis of applications, technology, types and geography.Mechanism of action (MOA) of neuroprosthetics differs as per underlying technologies. Hence on the basis of technology neuroprosthetics market is divided into vagus nerve stimulation (VNS), spinal cord stimulation (SCS), deep brain stimulation (DBS) and sacral nerve stimulation (SCS). Sacral cord stimulation (SCS) is the fastest growing technology segment of neuroprosthetics. Several types of neuroprosthetics have been developed on the basis of application areas. Motor neuroprosthetics help in treatment of motor neuron disorders such as parkinson’s disease, epilepsy, cochlear implants or auditory neuroprosthetics. Retinal implants or visual neuroprosthetics; and cognitive neuroprosthetics help in treatment of alzheimer’s disease, and severe depression and are the fastest growing neuroprosthetics segment, due to increase in growth attribute of improving ‘quality-of-life’ of visually impaired patients. Furthermore, applications such as overactive bladder syndrome, parkinson’s disease and epilepsy are expected to contribute largely to the growth of the overall global neuroprosthetics market.
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Neuroprosthetics, also known as brain implants or neural implants, have added significant momentum in the past few years due to the massive potential to substitute any injured motor, sensory or cognitive functions. Neuroprosthetic devices improve or replace the function of the central nervous system when implanted in the human body and thus stimulate the function of an organ or organ system that has failed due to disease or injury. It is a brain-computer interface device used to detect and translate neural activity into command sequences for prostheses.
The primary function of neuroprosthetics is to restore the functionality in patients suffering from loss of motor control such as amyotrophic lateral sclerosis, multiple sclerosis, spinal cord injury, and stroke. These devices are important to enhance the ‘quality-of-life’ of the affected patient population. Neuroprosthetics, as therapeutic modalities, are emerging as a promising opportunity in cases where all usual treatments fail to deliver results to cure the disease condition.
Geographically, the global neuroprosthetics market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America dominates the neuroprosthetics market due to growth in aging population, and increase in incidence of neurological disorders. Asia Pacific region is expected to display a high growth rate in the forecast period in the global neuroprosthetics market. India and China are the fastest growing markets in the Asia-Pacific region due to increasing awareness about the disease, large pool of patients, improving healthcare infrastructure, and expanding government funding in the region.
Rising prevalence of neurological diseases like traumatic stroke and Parkinson’s disease, brain injury, increase in ageing population, growing awareness about health care, rise in health care expenditure, rapid development of technology, and growing number of initiatives by various government associations and governments are some of the major factors driving growth of the global neuroprosthetics market. Factors such as reimbursement issues, high cost of procedures and adverse effects, however, are known to inhibit the growth of the global neuroprosthetics market. Modern self-charging neural implants that reduce the need for high cost surgery and increased risk to substitute the discharge battery and controlling machinery would help to develop opportunities for the growth of the global neuroprosthetics market.
Some of the key global participants present in the neuroprosthetics market include Cochlear Ltd., Boston Scientific Corporation, Cyberonics, Inc., Medtronic plc, NDI Medical LLC, NeuroPace, Inc., St. Jude Medical, Inc., Nervo Corp., Retina Implant AG, Biomet, Inc., and Sonova .
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