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The neuroprosthetics market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 14%, as per The Business Research Company’s market report!

Read More On The Neuroprosthetics Market Report 2022 – https://www.thebusinessresearchcompany.com/report/neuroprosthetics-global-market-report

The Neuroprosthetics Market Size In 2022 And Forecast

The global neuroprosthetics market is expected to grow from $7.1 billion in 2021 to $8.04 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The global neuroprosthetics market size is expected to grow to $13.77 billion in 2026 at a CAGR of 14.4%.

The neuroprosthetics market consists of sales of neuroprosthetics solutions by entities (organizations, sole traders, and partnerships) that are defined as the study of neuroprostheses and brain-machine interfaces.

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Rise In Patient Population Suffering From Neurological Disorders And Nerve Injuries Is Driving The Growth Of The Neuroprosthetics Market

For instance, according to the Global Burden of Disease Study 2019, a study conducted by the Indian Council of Medical Research and other public health institutions, the contribution of non-communicable neurological disorders to total disability-adjusted life-years in India increased to 8.2% and the contribution of injury-related neurological disorders increased to 0.6%. Therefore, the growing patient population suffering from neurological disorders and nerve injuries is driving the growth of the neuroprosthetics market.

Competitive Landscape And The Regional Analysis Of The Neuroprosthetics Market

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, Biomet Inc.

Additionally, as per TBRC’s research – North America was the largest region in the neuroprosthetics market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Neuroprosthetics Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that 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, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the neuroprosthetics market.

Technological Advancement – A Key Trend In The Neuroprosthetics Market

Technological advancement is defined as the discovery of knowledge that advances technology to provide an enhanced product to customers.

Neuroprosthetics Market Segmentation By The Business Research Company

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

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