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

The Business Research Company’s neuroprosthetics market report forecasts the neuroprosthetics market size to grow to $16.03 Billion by 2027, with a CAGR (compound annual growth rate) of more than 14%.

Learn More On The Neuroprosthetics Market Report 2023 – https://www.thebusinessresearchcompany.com/report/neuroprosthetics-global-market-report

Neuroprosthetics Market Size Forecast
The global neuroprosthetics market is expected to grow from $8.09 billion in 2022 to $9.24 billion in 2023 at a compound annual growth rate (CAGR) of 14.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. 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.

Key Neuroprosthetics Market Driver ­– Rise In The Patient Population Suffering From Neurological Disorders And Nerve Injuries
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 Trend – Technological Advancement
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.

Neuroprosthetics Market Segment
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 Major Players and Strategies
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.

In February 2021, Flow Neuroscience, a Sweden-based developer of a brain stimulation device, acquired Halo Neuroscience, for an undisclosed amount. With this acquisition, Flow Neuroscience aims at providing more personalized solutions related to brain disorders. Halo Neuroscience is a US-based developer of brain stimulators that develops muscle memory faster and develops and designs neuroprosthetics.

The Neuroprosthetics Global Market Report 2023 covers regional data on neuroprosthetics market size, neuroprosthetics market trends and drivers, opportunities, strategies, and neuroprosthetics market 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.

Neuroprosthetics is the study of neuroprostheses and brain-machine interfaces. Neuroprosthetic devices substitute the cognitive or sensory functions that have been impaired due to nervous system disorders. They encompass various artificial devices or systems that can enhance the output or input of a neural system. The major purpose of neuroprosthetics is to allow brain-injured patients to participate in day-to-day life and improve their quality of life.

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

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