Neuroprosthetics Market Size, Share & Trends Analysis Report By Type (Motor Prosthetics, Cochlear Implants, Cognitive Prosthetics, Retinal Implants), By Technology, By Application, By Region, And Segment Forecasts, 2024 - 2030

Neuroprosthetics Market Growth & Trends

Neuroprosthetics Market Report Highlights

• The motor prosthetic devices segment dominated in terms of revenue share and accounted for over 42.8.0% of the market in 2023, followed by visual cochlear implants. Whereas, retinal neuroprosthetics were identified as one of the fastest growing market segment owing to the rising penetration and the increasing R&D efforts pertaining to product innovation.
• The Spinal Cord Stimulation (SCS) segment held the largest share at over 49.2% owing to the analgesic property of the SCS therapy used in the treatment of ischemic pain, failed back surgery syndrome, and complex refractory pain syndrome. Furthermore, it finds applications in intraspinal and epidural microstimulation for inducing leg movements. In addition, technological advancements in this segment is expected to further boost market growth in the near future. The sacral Nerve Stimulation (SNS) is expected to be the fastest growing segment over the forecast period due to its applications in chronic intractable pelvic ache and neurogenic bladder.
• In the applications segment, motor neuron disorders held the largest segment due to the rising incidences of Parkinson’s disease and epilepsy. For instance, as per the report published by Parkinson’s disease Foundation in 2012, approximately 60,000 Americans were diagnosed with Parkinson’s disease each year and the number is expected to grow further over the forecast period thereby fueling this segment’s growth.
• In 2023, North America dominated the overall neuroprosthetics market at over 42.5% owing to the large presence of neural implants manufacturers, higher R&D investments, and the availability of funds from both government and private institutes. For instance, the Defense Advanced Research Project Agency (DARPA) and National Institute of Neurological Disorders and Stroke (NIH)in collaboration with the federal agencies are instrumental in providing funds to support R&D initiatives for the further development of neural implants.
• Asia Pacific is anticipated to be the fastest growing segment due to the introduction of multinational healthcare establishments promoting safe and effective medical procedures along with the rising awareness levels amongst consumers
• Strategic collaborations and mergers & acquisitions are expected to keep the industry rivalry level high over the forecast period

Why should you buy this report?

• Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
• Competitive Landscape: Explore the market presence of key players worldwide.
• Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
• Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.

This report addresses:

• Market intelligence to enable effective decision-making
• Market estimates and forecasts from 2018 to 2030
• Growth opportunities and trend analyses
• Segment and regional revenue forecasts for market assessment
• Competition strategy and market share analysis
• Product innovation listing for you to stay ahead of the curve
• COVID-19's impact and how to sustain in these fast-evolving markets