Global Neuroprosthetics Market is anticipated to rise at a value CAGR of 12.9% over 2019-2028. According to a study published by Insure Insights on the Global Neuroprosthetics Market. Neuroprosthetics are those devices that enhance the input or output of a neural system. They are also referred to brain–computer interface; it connects the brain to a computer rather than a device meant to replace missing biological functionality. The improved demand for cost-effective and technologically advanced implants have driven market growth.

Top Driver: The high incidences of neurological disorders has proved to be a boon to the market

The high incidences rates of people suffering from neurological disorders and nerve injury, increase in the cases of amputations due to the surging number of accidents & injuries, along with the rise hearing loss and prevalence of diabetes have attributed to the growth of the market. Favorable reimbursement and growth of the geriatric population, have further fostered the market growth.

Spinal Cord Stimulation has dominated growth in the Global Neuroprosthetics Market

Based on the Technology Spinal Cord Stimulation segment,  has held the highest market growth. As they provide high accuracy in the results, Furthermore the advent of technologically advanced devices with improved applications, has further boosted the segmental growth as they help in the treatment of the disorders like impaired motor, sensory, and autonomic functions. The high incidence of people suffering from back surgery syndrome, ischemia, and chronic pain have uplifted the segment.

 In terms of the Type, Motor prosthetics segment held the most significant growth in the market; it is attributed to the increase in the adoption of bladder control implants and brain-computer interface for paraplegic and lateral sclerosis patients. Based on the End User, Motor neuron disorders segment have held to most remarkable growth owing to the growth in the incidences of Parkinson’s and epilepsy coupled disorders worldwide.

The rise in the incidences of Neurological incidences in North America has proved to be a Lucrative for the regional market

The increase in the prevalence of vision and hearing loss, rising prevalence of neurological disorders, and the strong presence of industry players like                Medtronic plc, Abbott Laboratories, Boston Scientific have primarily driven the regional market.  Favorable reimbursement scenarios for the development of technologically advanced Neuroprosthetics and advanced healthcare infrastructure have further uplifted the market. The rise in medical tourism has further fostered regional growth. The Asia Pacific market is expected to grow at a higher rate owing to the advancement in the healthcare facilities, rise in the patient pool, and medical tourism.

Product launches, Innovations, Strategic Collaborations, Mergers, and Acquisition, are the major strategies of the competitors

The Players of the Global Neuroprosthetics Market is fragmented.   The key competitors of the Global NeuroprostheticsMarket are Boston Scientific Corporation, Cochlear Ltd, Medtronic, NDI Medical, NeuroPace, Inc., Nevro Corp, Retina Implant AG, Abbott, Neuro Device Group S.A, and  LivaNova PLC.

Boston Scientific Corporation: Boston Scientific Corporation, is one of the key competitors of the Global Neuroprosthetics Market. In October 2019, Boston Scientific had announced that it had received a CE mark for its approval of the Vercise Neural Navigator 3 directional deep brain stimulation (DBS) programming software. As Vercise Directional System, designed to treat the symptoms of Parkinson’s Disease (PD), Essential Tremor, and Primary and Secondary Dystonia by delivering precisely targeted electrical stimulation in the brain to provide optimal symptom relief; with the use of “DBS programming, time-intensive as a clinician works through trial and error to identify the right stimulation settings.

Cochlear Ltd:  Cochlear Ltd is a popular competitor in the Global Neuroprosthetics Market. In May 2017, Cochlear Ltd had announced the acquisition of Sycle LLC, an audiology practice management software This acquisition was made by Cochlear to expand its product portfolio. The deal of acquisition was made for USD 78 million.

Scope of the Report

By Technology

• Deep Brain Stimulation
• Spinal Cord Stimulation
• Others

By Type

• Motor Prosthetics
• Auditory Prosthetics/Cochlear Implants
• Cognitive Prosthetics

By End User

• Motor Neuron Disorders
• Cognitive Disorders
• Physiological Disorders

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.