Global Neuroprosthetics market data 2024, Forecast To 2033
6 Feb, 2024
The neuroprosthetics market has experienced rapid growth, escalating from $9.16 billion in 2023 to $10.52 billion in 2024, with a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period is attributed to factors such as an aging population, government initiatives, increased research and development activities, regulatory approvals, and substantial investment and funding. Foreseeing sustained rapid growth in the next few years, the market is projected to reach $18.09 billion in 2028, reflecting a CAGR of 14.5%. The expected growth is linked to the expansion of personalized medicine, the prevalence of chronic diseases, the proliferation of telemedicine services, global healthcare expenditure, and a focus on neurorehabilitation. Major trends in the forecast period include the development of brain-computer interfaces (BCIs), the integration of artificial intelligence (AI) and machine learning, advancements in non-invasive neuroprosthetics, the pursuit of sensory restoration, and the emergence of biohybrid neuroprosthetics.
Global Neuroprosthetics Market Key Driver
The neuroprosthetics market is anticipated to grow with the rising patient population suffering from neurological disorders and nerve injuries. Neurological disorders, including epilepsy, affect a significant global population. The World Health Organization reported 50 million people with epilepsy in 2022. Neuroprosthetics play a vital role in restoring lost motor and sensory functions, contributing to market growth in 2023, 2024, and 2028.
Get A Free Sample Of The Global Neuroprosthetics Market ReportGlobal Neuroprosthetics Market Segments
The global neuroprosthetics market covered in this report is segmented –
1) By Type: Motor Neuroprosthetics, Auditory Neuroprosthetics/ Cochlear implants, Visual Neuroprosthetics/ Retinal implants, Cognitive Neuroprosthetics
2) By Technique: Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Transcranial Magnetic Stimulation
3) By Application: Motor Neuron Disorders, Physiological Disorders, Cognitive Disorders
By Geography: The regions covered in the Neuroprosthetics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the neuroprosthetics market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the neuroprosthetics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Neuroprosthetics Industry Players
Abbott Laboratories, Biomet Inc., Boston Scientific Corp., Cochlear Ltd., Demant AS, LivaNova plc, MED-EL GmbH, NDI Medical LLC, Neuropace Inc., Nevro Corp., Oticon US Inc., Retina Implant AG, Second Sight Medical Products Inc., Sonova Holding AG, St. Jude Medical Inc., Aleva Neurotherapeutics SA, Axonics Modulation Technologies Inc., Bionic Vision Technologies Pty Ltd., Blackrock Microsystems LLC, Cognixion, Cyberonics Inc., Intheon, Medtronic plc, MicroPort Scientific Corporation, NeuroKinetics Inc., NeuroMetrix Inc., Neuropath BV, Pixium Vision SA, SPR Therapeutics Inc., Synapse Biomedical Inc., Synchron Inc., Wise Srl
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Neuroprosthetics Market Overview
Neuroprosthetics is the study of neuroprostheses and brain-machine interfaces. Neuroprosthetic devices substitute the cognitive or sensory functions that have been impaired due to nervous system disorders. They encompass various artificial devices or systems that can enhance the output or input of a neural system. The major purpose of neuroprosthetics is to allow brain-injured patients to participate in day-to-day life and improve their quality of life.
Neuroprosthetics Global Market Report 2023 provides data on the global neuroprosthetics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The neuroprosthetics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.