LONDON--(BUSINESS WIRE)--The global neuroprosthetics market is expected to grow at a CAGR of more than 7% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global neuroprosthetics market for 2017-2021. The market is further categorized into two application segments, including neuromodulation devices and cognitive devices, of which the neuromodulation devices segment accounted for 69% of the market share in 2016.
“The global neuroprosthetics market is expected to grow steadily during the forecast period due to increasing prevalence of neurological diseases, spinal cord injuries, and growing awareness about rehabilitative therapy. The increasing research studies and technological advancements are expected to fuel the market,” says Neha Noopur, a lead orthopedics and medical devices research expert from Technavio.
Technavio’s research analysts segment the global neuroprosthetics market into the following regions:
- Americas
- EMEA
- APAC
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Neuroprosthetics market in Americas
In 2016, the Americas had the largest market share of the global neuroprosthetics market. The market is expected to continue its growth at a steady pace during the forecast period due to the high incidences of neurological disease. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2013, approximately five million people suffered from Alzheimer's disease in the US. Furthermore, about 1% of population aged 60 years and above and 4% population aged 80 years and above have been diagnosed with Parkinson's disorder in the US.
In the US, the implementation of government insurance plans such as Medicaid and Medicare have resulted in significant reduction in out-of-pocket expenses for the US citizens. For instance, the average co-pay of about USD 50 for the treatment of neurological diseases under insurance coverage in the US and Canada are driving demand for neuroprosthetics.
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Neuroprosthetics market in EMEA
In EMEA organizations like European Federation of Neurological Associations are establishing a strong partnership and alliance with stakeholders in clinical, scientific, and political fields to work in neurology, termed as Partnership in Progress. These initiatives enable the efforts to increase awareness among various stakeholders regarding the growing disease burden as well as the technological advances for rapid muscular and pain relief.
“The demand for neuroprosthetics is high in European countries due to the high prevalence of neurological disorders, which require stimulation devices to re-activate muscular strength and address issues with body movement. The market in EMEA has shown a significant growth in the use of neuroprosthetics which is expected to grow further during the forecast period,” says Neha.
Neuroprosthetics market in APAC
The neuroprosthetics market in APAC is expected to grow at the fastest pace during the forecast period. The rising disposable income and increasing access to advanced healthcare facilities due to several M&As among prominent players have significantly impacted the growth of the neuroprosthetics market in APAC. The growing economies and expanding population are leading to rising demand for good healthcare infrastructure in this region.
Almost half of the world's population resides in Asia, hence the demand for such medical devices will increase in this region due to increasing numbers of neurological diseases such as MS, Parkinson's disease, stroke, SCI, and Alzheimer's disease. The leading players are expanding their foothold in emerging economies. The increasing expansion due to M&A and partnerships with the regional players will significantly increase the market share of APAC region in future.
The top vendors in the global neuroprosthetics market as highlighted in this market research analysis are:
- Abbott (St. Jude Medical)
- Boston Scientific
- Cochlear
- Medtronic
- Sonova
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