The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Neuroprosthetics Global Market Report 2024, the neuroprosthetics market is expected to show promising growth in the forecast period.

1. Introduction

The neuroprosthetics market has experienced rapid growth in recent years, demonstrating its pivotal role in addressing neurological disorders and nerve injuries. In 2023, the market size reached $9.16 billion, poised to surge to $10.52 billion in 2024 with an impressive CAGR of 14.9%. Looking forward, the forecast indicates even more substantial growth, with the market expected to reach $18.09 billion in 2028, boasting a CAGR of 14.5%. This expansion is attributed to factors such as personalized medicine, chronic disease prevalence, telemedicine services, global healthcare expenditure, and neurorehabilitation.

2. The Driving Force: Surging Neurological Disorder Cases
3. Neurological Disorders and Nerve Injuries

• Neurological disorders impact the brain and nerves, causing a myriad of health issues.
• Nerve injuries result from accidents, leading to damage that neuroprosthetics aim to address.

1. Global Impact

• WHO reports 50 million people globally suffering from epilepsy in 2022.
• Neuroprosthetics play a crucial role in restoring motor and sensory functions for these patients.

1. Market Players

• Major companies in the neuroprosthetics market include Abbott Laboratories, Boston Scientific Corp., Cochlear Ltd., LivaNova PLC, and Medtronic PLC.

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3. Innovative Brain-Machine Interfaces Revolutionize Neuroprosthetics
4. Brain-Machine Interfaces (BMIs)

• Companies are developing cutting-edge brain-machine interfaces to meet the growing demand.
• BMIs enable direct communication between the brain and machines.

1. Technological Advancements

• Axoft’s launch of a BMI in October 2022 to treat neurological disorders.
• BMI technology involves acquiring neuronal signals, preprocessing, feature extraction, and control signal generation.

4. Strategic Expansion: Flow Neuroscience Acquires Halo Neuroscience
5. Personalized Solutions

• Flow Neuroscience, a Sweden-based company, acquires Halo Neuroscience in February 2021.
• Aims to provide more personalized solutions for brain disorders.

1. Halo Neuroscience’s Expertise

• Halo Neuroscience, a US-based developer of brain stimulators, specializes in enhancing muscle memory and designing neuroprosthetics.

5. Market Segmentation and Regional Insights

• Segmentation:
  1. By Type: Motor Neuroprosthetics, Auditory Neuroprosthetics, Visual Neuroprosthetics, 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
• Regional Insights:
  • North America led the neuroprosthetics market in 2023.
  • Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.

6. Conclusion

As the neuroprosthetics market continues to evolve, driven by technological advancements and a growing need for personalized solutions, it is transforming the landscape of healthcare. The surge in neurological disorders and nerve injuries necessitates innovative approaches, and companies are rising to the occasion with brain-machine interfaces and strategic acquisitions. Stakeholders in the neuroprosthetics sector need to stay attuned to these developments, ensuring they contribute to the ongoing revolution in restoring functionality for individuals facing neurological challenges.

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