The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s Neuroprosthetics Global Market Report 2023, the global neuroprosthetics market size grew from $8.09 billion in 2022 to $9.24 billion in 2023 at a compound annual growth rate (CAGR) of 14.3%. The neuroprosthetics market size is expected to grow to $16.03 billion in 2027 at a CAGR of 14.7%.

North America held the largest neuroprosthetics market share, and Asia-Pacific was the fastest-growing region in 2022.

Neuroprosthetics Market Driver
The rising patient population suffering from neurological disorders and nerve injuries is expected to propel the growth of the neuroprosthetics market. Neurological disorders are referred to as disorders that affect the brain and the nerves present in the human body and the spinal cord. Nerve injuries are the damages caused to nerves due to pressure, cuts, or stretching during an accident or any unpredicted event. Neuroprosthetics help patients with such disorders and injuries to restore their lost motor and sensory functions. For instance, according to the world Health Oganization (WHO), a Switzerland-based health agency of the united nations, in 2022, 50 million people globally were suffering from epilepsy, nearly 80% of them were living in low and middle-income countries.  Therefore, the growing patient population suffering from neurological disorders and nerve injuries is driving the growth of the neuroprosthetics market.

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Key Neuroprosthetics Market Segments
1) By Type: Motor Neuroprosthetics, Auditory Neuroprosthetics/ Cochlear implants, Visual Neuroprosthetics/ Retinal implants, 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

Neuroprosthetics Market Prominent Players
Major players in the neuroprosthetics market are Medtronic plc, Cochlear Ltd., Abbott Laboratories, Boston Scientific, LivaNova PLC., Second Sight Medical Products Inc., MED-EL, Retina Implant AG, Sonova, Neuropace, NDI Medical LLC, Demant AS, Oticon, St. Jude Medical Inc. and Biomet Inc.

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Prominent Neuroprosthetics Market Trend
Technological advancements are shaping the neuroprosthetics market. Technological advancement is defined as a discovery of knowledge that advances technology to provide an enhanced product to the customers. For instance, in July 2021, the University of California San Francisco Parnassus Campus (UCSF), a US-based academic medical center, developed Speech Neuroprosthesis. The new achievement was developed by researchers of UCSF, which enabled paralysis patients to directly translate the signals from their brain to the vocal tract, which appear as text on the screen. The technology used is Brain-Computer Interface Restoration of Arm and Voice which uses human vocabulary with advanced computer algorithms that are used to recognize brain activity.

The Neuroprosthetics Global Market Report 2023 provides comprehensive insights on the neuroprosthetics market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the neuroprosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Neurosurgery Devices And Equipment Global Market Report 2023
Neurostimulation Devices Global Market Report 2023
Neurology Devices Global Market Report 2023

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