How Has the Neuroprosthetics Market Size Evolved in Recent Years?
The neuroprosthetics market has seen considerable growth due to a variety of factors.
• The size of the neuroprosthetics market has seen extensive growth in the past few years. It is projected to expand from $10.27 billion in 2024 to $11.72 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 14.2%.
Factors such as an aging population, government initiatives, research and development activities, regulatory approvals, as well as investments and funding have contributed to the observed growth during the historic period.
What are the Market Size and Expected Growth Rates for the Neuroprosthetics Market?
The neuroprosthetics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of neuroprosthetics is set to experience significant expansion in the coming years, with a projected value of $20.61 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 15.2%.
Various factors are contributing to this projected growth during the forecast period, including personalized medicine, the prevalence of chronic diseases, telemedicine services, worldwide healthcare expenditures, and neurorehabilitation. Key trends anticipated during this period are the use of brain-computer interfaces (BCIs), artificial intelligence (AI), machine learning, non-invasive neuroprosthetics, sensory restoration, and biohybrid neuroprosthetics.
Which Drivers Are Accelerating Growth In The Neuroprosthetics Market?
The neuroprosthetics market is expected to experience growth due to the increasing number of patients with neurological disorders and nerve injuries. Neurological disorders encompass conditions that negatively impact the brain, nerves, and spinal cord in the human body. Nerve injuries, on the other hand, are harm caused to nerves from pressure, cuts, or stretching during an unforeseen accident or event. Neuroprosthetics are crucial in helping patients cope with these disorders and injuries by restoring their lost motor and sensory functions. For instance, the World Health Organization (WHO), a Switzerland-based United Nations health agency, reported in 2022 that globally, epilepsy affected 50 million individuals, with approximately 80% residing in lower and middle-income nations. Consequently, the rise in patients experiencing neurological disorders and nerve injuries is catalyzing the growth of the neuroprosthetics market.
What Are The Core Segments Of The Global Neuroprosthetics Market?
The 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
Subsegments:
1) By Motor Neuroprosthetics: Functional Electrical Stimulation (FES) Systems, Brain-Machine Interfaces (BMIs), Prosthetic Limbs With Neural Control, Exoskeletons For Rehabilitation
2) By Auditory Neuroprosthetics Or Cochlear Implants: Cochlear Implants (Single and Multi-Channel), Auditory Brainstem Implants (ABI), Bone-Anchored Hearing Aids (BAHA)
3) By Visual Neuroprosthetics Or Retinal Implants: Retinal Prostheses, Optogenetic Implants, Visual Cortical Implants
4) By Cognitive Neuroprosthetics: Deep Brain Stimulation (DBS) Devices, Cognitive Enhancement Implants, Neurostimulation Devices For Cognitive Disorders
Pre-Book The Neuroprosthetics Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Trends Are Reshaping The Neuroprosthetics Market Size?
The neuroprosthetics market is being transformed by technological progress. This refers to the development and application of new knowledge that enhances technology, resulting in improved products for consumers. For example, in October 2022, Axoft, an American nanotechnology firm, introduced a brain-machine interface (BMI) technology. This innovative product includes soft, flexible implants made from bioinspired materials that resemble brain tissue, which increases long-term durability and decreases the chances of developing scars or infections. This unique design permits ultra-high bandwidth and accurate measurements at the single-neuron level. It significantly elevates the treatment possibilities for neurological diseases like epilepsy and Parkinson's, while also reducing the need for repeated replacements.
Who Are the Key Players in the Neuroprosthetics Market?
Major companies operating in the neuroprosthetics market include:
• 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
What are the Regional Insights into the Neuroprosthetics Market?
North America was the largest region in the neuroprosthetics market in 2024. Asia-Pacific is 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.
