DUBLIN--(BUSINESS WIRE)--The "Neuroprosthetics Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
- Abbott Laboratories
- Boston Scientific Corporation
- Cochlear Limited
- LivaNova PLC
- 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.
- BrainGate Company
Key questions answered in this report
- What is the current and forecast market size of the global neuroprosthetics market?
- At what CAGR will the global neuroprosthetics market progress through the forecast period 2021 to 2029?
- What is the market status of the motor prosthetics segment on the global front?
- Which are the particular factors that are determining the overall market trends?
- Will the dominance of spinal cord stimulation solutions be challenged by other modalities?
- How will sacral nerve stimulation segment fare during the forecast period?
- How the prevalence of degenerative disorders such as Parkinson's disease determining the progress of neuroprosthetics market for motor neuron diseases?
- What are the key strategies adopted by the market players and new market entrants?
- What is the roadmap followed in Asia Pacific market to achieve global dominance?
Key Topics Covered:
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Global Neuroprosthetics Market: Dynamics and Future Outlook
3.5. Attractive Investment Proposition, by Geography, 2020
3.6. Competitive Analysis: Global Neuroprosthetics Market, by Key Players, 2020
Chapter 4. Global Neuroprosthetics Market, by Type, 2019 - 2029 (US$ Bn)
4.2. Motor Prosthetics
4.3. Auditory Prosthetics
4.4. Cognitive Prosthetics
4.5. Visual Prosthetics
Chapter 5. Global Neuroprosthetics Market, by Modality, 2019 - 2029 (US$ Bn)
5.2. Deep Brain Stimulation (DBS)
5.3. Vagus Nerve Stimulation (VNS)
5.4. Spinal Cord Stimulation (SCS)
5.5. Sacral Nerve Stimulation (SNS)
Chapter 6. Global Neuroprosthetics Market, by Application, 2019 - 2029 (US$ Bn)
6.2. Motor Neuron Disorders
6.3. Physiological Disorders
6.4. Cognitive Disorders
Chapter 7. Global Neuroprosthetics Market, by Geography, 2019 - 2029 (US$ Bn)
7.1. North America Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.2. Europe Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.3. Asia Pacific Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.4. Latin America Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
7.5. Middle East & Africa Neuroprosthetics Market, 2019 - 2029 (US$ Bn)
Chapter 8. Company Profiles
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