Neuroprosthetics Global Market Report 2024

Neuroprosthetics involves the examination of neuroprostheses and brain-machine interfaces. These devices serve as substitutes for cognitive or sensory functions impaired by disorders of the nervous system. Neuroprosthetic systems consist of a range of artificial devices or systems designed to enhance the output or input of a neural system. The primary objective of neuroprosthetics is to enable individuals with brain injuries to actively engage in daily life, thereby enhancing their overall quality of life.

The key categories of neuroprosthetics include motor neuroprosthetics, auditory neuroprosthetics (including cochlear implants), visual neuroprosthetics (such as retinal implants), and cognitive neuroprosthetics. Motor neuroprosthetics (MN) function as orthoses, involving the electrical stimulation of specific brain areas to facilitate the activities and engagement of individuals who have experienced a stroke in their natural environment. Various techniques, including spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation, are applied to address diverse disorders such as motor neuron disorders, physiological disorders, and cognitive disorders.

The neuroprosthetics market research report is one of a series of new reports that provides neuroprosthetics market statistics, including neuroprosthetics industry global market size, regional shares, competitors with a neuroprosthetics market share, detailed neuroprosthetics market segments, market trends and opportunities, and any further data you may need to thrive in the neuroprosthetics industry. This neuroprosthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neuroprosthetics market size has grown rapidly in recent years. It will grow from $9.16 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed in the historical period can be credited to several factors, including an aging population, government initiatives, increased investment in research and development, regulatory approvals, and substantial investment and funding.

The neuroprosthetics market size is expected to see rapid growth in the next few years. It will grow to $18.09 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The anticipated growth in the forecast period is linked to various factors, including the rise of personalized medicine, the increasing prevalence of chronic diseases, the expanding use of telemedicine services, global healthcare expenditure, and the focus on neurorehabilitation. Notable trends expected in this forecast period encompass the development of brain-computer interfaces (BCIs), the integration of artificial intelligence (AI) and machine learning, the advancement of non-invasive neuroprosthetics, efforts toward sensory restoration, and the emergence of biohybrid neuroprosthetics.

The growth of the neuroprosthetics market is anticipated to be propelled by the increasing patient population suffering from neurological disorders and nerve injuries. Neurological disorders affect the brain, nerves, and spinal cord, while nerve injuries result from accidents or unpredictable events, causing damage to nerves through pressure, cuts, or stretching. Neuroprosthetics play a vital role in assisting patients with such disorders and injuries by restoring lost motor and sensory functions. According to the World Health Organization (WHO), 50 million people globally suffered from epilepsy in 2022, with nearly 80% residing in low and middle-income countries. Thus, the rising patient population with neurological disorders and nerve injuries is a key driver of the neuroprosthetics market.

The growth of the neuroprosthetics market is expected to be driven by the increasing prevalence of hearing loss. Hearing loss, or hearing impairment, refers to the partial or total inability to hear sounds in one or both ears. Neuroprosthetics are utilized in hearing loss cases to improve hearing, enhance speech perception, and provide auditory rehabilitation. An article by the World Health Organization estimates that over 430 million people, more than 5% of the global population, will require rehabilitation for hearing loss by 2023, with the number expected to exceed 700 million by 2050. Hence, the increasing prevalence of hearing loss is anticipated to fuel the growth of the neuroprosthetics market.

Technological advancements are playing a significant role in shaping the neuroprosthetics market. The University of California San Francisco Parnassus Campus (UCSF) achieved a notable breakthrough in July 2021 with the development of the Speech Neuroprosthesis. This innovation allows paralysis patients to directly translate signals from their brain to the vocal tract, displaying as text on a screen. The technology, known as Brain-Computer Interface Restoration of Arm and Voice, employs human vocabulary and advanced computer algorithms to recognize brain activity.

Major companies in the neuroprosthetics market are focusing on developing innovative products, such as brain-machine interfaces (BMIs), to meet the growing demand. A brain-machine interface (BMI) is a device facilitating direct communication between the brain and a machine for control purposes. Axoft, a nanotechnology company, launched a BMI in October 2022 to enhance the treatment of neurological disorders. BMI technology involves stages such as acquiring neuronal signals, signal preprocessing, extracting relevant features, and generating control signals.

In February 2021, Flow Neuroscience, a Swedish developer of brain stimulation devices, acquired Halo Neuroscience, a US-based brain stimulator developer, to offer more personalized solutions for brain disorders. This acquisition enhances Flow Neuroscience's capabilities in neuroprosthetics development.

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

North America was the largest region in the neuroprosthetics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neuroprosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the neuroprosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The neuroprosthetics market includes revenues earned by entities by peripheral nerve, brain-computer interface, electro stimulation, neurostimulation, cochlear implant, stimulation, femoral nerve and carbon nanotube. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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