The latest market report published by Credence Research, Inc. “Neuroprosthetics Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global neuroprosthetics market was valued at US$ 5.55 Bn in 2017 and expected to reach US$ 15.81 Bn by 2026, expanding at a CAGR of 12.3% from 2018 to 2026.Browse the full report at [URL]https://www.credenceresearch.com/report/neuroprosthetics-market[/URL]
Market Insights
Neuroprosthetics involve merger of engineering, biotechnology and neurology applications for treatment and management of several neurological conditions, facilitating restoration of lost movements. Technological advancements have led to development of personalized neuroprosthetics and rehabilitation for neural impairments. Spinal, cochlear and retinal implants are the most prominent examples of technological progress in this field. Additionally, increasing prevalence of neurological disorders occurring both from age or trauma is another key factor supporting the growth of this market.
Conversely, such devices are costly and therefore can be afforded only by patients with high disposable incomes. Implantation of these devices also require significant amount of skill. This has led to greater adoption of neuroprosthetics concentrated in developed markets. Whereas middle- and low-income countries still struggle with the adoption of neuroprosthetics. Awareness also plays a critical role in determining the demand for these therapeutic solutions. Therefore, in emerging markets, improvement in knowledge of neuroprosthetics and government initiatives for improving healthcare conditions are imperative to open market penetration opportunities.
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The growth of neuroprosthetics market in developed regions is mainly attributed to increasing burden of chronic neurological diseases. Therefore as the overall life expectancy and the prevalence of neurological conditions continue to increase, the neuroprosthetics market will be set to attain stability. In the developed regions, U.S., Canada, France, Germany, U.K., the Netherlands and Italy are estimated to be the largest markets, with the U.S. taking the lead.
Globally, disorders and injuries to the brain and spinal cord possess a considerable financial and social burden. In Europe alone, brain disorders are responsible for 35% of the overall disease burden. Persistently growing aging population, and the corresponding growth in financial costs for conventional treatment and management of such conditions has been a key factor for the advent of neuroprosthetics. Spinal cord stimulation is the most widely employed modality in neuroprosthetics. Analgesic property of spinal cord stimulation has established it as the most sought treatment for chronic pain. The modality also finds effective application in the treatment of limb movements. On the other hand, sacral nerve stimulation is estimated to be the fastest progressing segment due to its established efficacy in treating chronic pelvic pain and neurogenic bladder.