Future Outlook of the Neuroprosthetics Market: Growth, Trends, and Emerging Opportunities Explored
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What key factors are powering the surge in the neuroprosthetics market right now?
Significant expansion has been noted in the neuroprosthetics market size recently. This market is expected to surge from $10.27 billion in 2024 to $11.72 billion in 2025, witnessing a compound annual growth rate (CAGR) of 14.2%. Factors such as the aging population, government initiatives, research & development activities, regulatory approvals, investment and funding contributed to the growth observed in the historic period.
How fast Is the neuroprosthetics market expected to grow, and what’s its future value?
The market size of neuroprosthetics is predicted to experience a significant increase in the coming years, expected to escalate to $20.61 billion in 2029 with a compound annual growth rate (CAGR) of 15.2%. The projected growth during the forecast period can be credited to individualized medicine, the prevalence of chronic diseases, the advent of telemedicine services, global expenditure on healthcare, and neurorehabilitation. Key trends anticipated in the forecast period are the brain-computer interfaces (bcis), the rise of artificial intelligence (AI) and machine learning, non-invasive neuroprosthetics, restoration of sensory functions, and biohybrid neuroprosthetics.
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What are the leading drivers of growth in the neuroprosthetics market?
The increase in the number of patients with neurological disorders and nerve injuries is anticipated to fuel the expansion of the neuroprosthetics market. Neurological disorders, which are conditions that impact the brain, the body’s nerves, and the spinal cord, along with nerve injuries caused by incidents such as cuts, pressure, or stretching during an accident or unforeseen event, can be assisted with neuroprosthetics. These devices aid patients in regaining the sensory and motor functions they have lost. To illustrate, the World Health Organization (WHO), a Switzerland-based United Nations health agency, reported that in 2022, epilepsy affected 50 million individuals worldwide, with approximately 80% residing in low to middle-income countries. Hence, the burgeoning population of patients affected by neurological disorders and nerve injuries is propelling the neuroprosthetics market’s growth.
What are the key segments defining the neuroprosthetics market?
The neuroprosthetics market covered in this report is segmented –
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
Subsegments:
1) By Motor Neuroprosthetics: Functional Electrical Stimulation (FES) Systems, Brain-Machine Interfaces (BMIs), Prosthetic Limbs With Neural Control, Exoskeletons For Rehabilitation
2) By Auditory Neuroprosthetics Or Cochlear Implants: Cochlear Implants (Single and Multi-Channel), Auditory Brainstem Implants (ABI), Bone-Anchored Hearing Aids (BAHA)
3) By Visual Neuroprosthetics Or Retinal Implants: Retinal Prostheses, Optogenetic Implants, Visual Cortical Implants
4) By Cognitive Neuroprosthetics: Deep Brain Stimulation (DBS) Devices, Cognitive Enhancement Implants, Neurostimulation Devices For Cognitive Disorders
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Who are the key players steering the development of the neuroprosthetics market?
Major companies operating in the neuroprosthetics market include Abbott Laboratories, Biomet Inc., Boston Scientific Corp., Cochlear Ltd., Demant AS, LivaNova plc, MED-EL GmbH, NDI Medical LLC, Neuropace Inc., Nevro Corp., Oticon US Inc., Retina Implant AG, Second Sight Medical Products Inc., Sonova Holding AG, St. Jude Medical Inc., Aleva Neurotherapeutics SA, Axonics Modulation Technologies Inc., Bionic Vision Technologies Pty Ltd., Blackrock Microsystems LLC, Cognixion, Cyberonics Inc., Intheon, Medtronic plc, MicroPort Scientific Corporation, NeuroKinetics Inc., NeuroMetrix Inc., Neuropath BV, Pixium Vision SA, SPR Therapeutics Inc., Synapse Biomedical Inc., Synchron Inc., Wise Srl
What emerging trends are influencing the growth of the neuroprosthetics market?
The sphere of neuroprosthetics is being redefined due to advancements in technology. Technological progression pertains to the growth of knowledge that propels technology to deliver a superior product to the consumers. As an illustration, Axoft, a nanotechnology firm based in the US, unveiled brain-machine interface (BMI) technology in October 2022. It possesses soft and flexible implants crafted from bioinspired materials that resemble brain tissue, promising long-lasting stability and minimizing the chances of scarring or infection. The ground-breaking structure permits ultra-high bandwidth and reliable measurements at the single-neuron caliber, tremendously improving the treatment prospects for neurological diseases such as epilepsy and Parkinson’s disease while reducing the need for regular replacements.
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Which regions are most influential in expanding the neuroprosthetics market?
North America was the largest region in the neuroprosthetics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuroprosthetics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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