Neuroprosthetics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Neuroprosthetics Market by Type (Motor Prosthetics, Cognitive Prosthetics, Auditory Prosthetics/Cochlear Implants, and Visual Prosthetics/Retinal Implants), Procedure (Invasive and Non-Invasive), Technology (Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, Transcranial Magnetic Stimulation, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing the growing prevalence of neurological disorders and increasing R&D activities and collaborations to develop advanced devices.

The neuroprosthetics market was valued at USD 7.14 billion in 2023, growing at a CAGR of 12.75% during the forecast period from 2024 to 2030, to reach USD 14.64 billion by 2030. The demand for neuroprosthetics is primarily attributed to the growing prevalence of neurological disorders and nerve injuries and the rising number of patients suffering from hearing and vision loss. Increasing R&D activities and collaborations to develop advanced devices among key players are the key factors that are responsible in contributing to the positive growth of the neuroprosthetics market during the forecast period from 2024 to 2030.

Neuroprosthetics Market Dynamics:

The increasing prevalence of neurological disorders and nerve injuries is poised to drive significant growth in the neuroprosthetics market. According to data released by the World Health Organization (WHO) in April 2024, approximately 15.4 million people worldwide were living with spinal cord injuries in 2021. Similarly, the United Spinal Association reported in 2022 that around 17,700 individuals are diagnosed with spinal cord injuries annually in the United States. Neuroprosthetic devices, which restore motor function by stimulating muscles or nerves, have become crucial for individuals affected by such injuries. As the incidence of neurological conditions, especially spinal cord injuries, rises, so does the demand for neuroprosthetic solutions, accelerating market expansion.

The growing occurrence of motor neuron disorders, including amyotrophic lateral sclerosis (ALS) and spinal muscular atrophy, as well as cognitive disorders such as Alzheimer's and Parkinson's disease, is expected to further boost market growth. WHO estimates from 2023 show that approximately 55 million people worldwide were living with dementia, with nearly 10 million new cases being reported annually. Alzheimer's disease, the most common form of dementia, accounts for 60-70% of these cases. As the number of patients with motor neuron disorders continues to rise, the need for neuroprosthetics is projected to surge, driving substantial advancements in the market over the forecast period.

Furthermore, the demand for neuroprosthetics extends to sensory impairments, such as hearing and vision loss. WHO data from March 2023 indicates that over 190 million people in Europe were affected by hearing loss, a number expected to exceed 230 million by 2050. Cochlear implants, a leading type of neuroprosthetic device, play a key role in restoring hearing for individuals with severe sensorineural hearing loss by bypassing damaged parts of the inner ear and directly stimulating the auditory nerve. As hearing and vision impairments become more prevalent, the neuroprosthetics market is expected to experience robust growth.

Source: World Health Organization, 2023

In addition to rising patient numbers, increasing research and development initiatives are expected to fuel further market expansion. For example, in April 2021, Rice University and Houston Methodist launched the Center for Translational Neural Prosthetics, focusing on restoring brain functions lost due to disease or injury.

However, certain challenges, such as the high cost of these devices and the lack of proper training in underdeveloped regions, may constrain market growth. Addressing these barriers will be key to unlocking the full potential of neuroprosthetic technologies.

Neuroprosthetics Market Segment Analysis:

Neuroprosthetics Market by Type (Motor Prosthetics, Cognitive Prosthetics, Auditory Prosthetics/Cochlear Implants, and Visual Prosthetics/Retinal Implants), Procedure (Invasive and Non-Invasive), Technology (Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, Transcranial Magnetic Stimulation, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

The spinal cord stimulation (SCS) segment is expected to hold a prominent position in the neuroprosthetics market during the forecast period, driven by the rising prevalence of chronic pain conditions, including complex regional pain syndrome (CRPS) and spinal cord injuries. With an increasing number of patients affected by failed back syndrome and CRPS, demand for SCS technology is set to grow significantly. Research has consistently demonstrated that SCS is an effective treatment for managing patients with CRPS. According to 2023 data from the National Organization for Rare Disorders, approximately 200,000 individuals in the United States are affected by CRPS annually. As the prevalence of both CRPS and spinal cord injuries continues to rise, the demand for SCS devices is increasing, thereby contributing to substantial market growth.

Recent regulatory approvals for SCS technology are further expected to propel the neuroprosthetics market. For example, in April 2024, Medtronic received approval from the U.S. Food and Drug Administration (FDA) for its Inceptiv(TM) closed-loop rechargeable spinal cord stimulator, designed to treat chronic pain. This advanced device features a closed-loop system that senses biological signals along the spinal cord, ensuring consistent delivery of physician-prescribed stimulation for improved patient outcomes. Such technological advancements from key industry players are anticipated to drive continued growth in the market.

North America is expected to dominate the overall neuroprosthetics market:

North America is projected to dominate the global neuroprosthetics market during the forecast period, primarily driven by the rising prevalence of hearing loss and neurological disorders such as Alzheimer's disease, Parkinson's disease, and depression. Additionally, increasing healthcare awareness and ongoing technological advancements from leading industry players are significantly boosting market growth in this region.

A key factor driving market expansion in North America is the growing incidence of neurological disorders. According to a report from the Centers for Disease Control and Prevention (CDC) in September 2023, approximately 6.7 million individuals aged 65 and older in the United States were living with Alzheimer's disease, with that number expected to rise to 13.9 million by 2060. The escalating prevalence of such conditions is fueling demand for neuroprosthetic devices, thereby propelling market growth.

The growing burden of hearing loss is also contributing to the region's market expansion. CDC data from November 2023 revealed that in 2021, there were 6,520 reported cases of permanent hearing loss in the United States. This rising incidence is further driving the adoption of neuroprosthetic solutions, such as cochlear implants, to address sensory impairments.

Technological innovation by key players is another factor supporting North America's market dominance. For example, in November 2022, U.S.-based brain-computer interface company Blackrock Neurotech introduced Neuralace(TM), a next-generation neural interface. This advanced device, designed with diverse materials and patterns, connects with large areas of the brain's surface, enabling complex functions without the need for external assistive technologies. Neuralace offers groundbreaking solutions for vision and memory restoration, performance prediction, and the treatment of mental health disorders, underscoring the role of innovation in driving market growth.

Meanwhile, the Asia-Pacific region holds significant growth potential for the neuroprosthetics market. This expansion can be attributed to improving healthcare infrastructure, rising disposable incomes, and increasing incidences of hearing loss. According to a 2021 report from the World Health Organization (WHO), around 80% of people with disabling hearing loss reside in low- and middle-income countries, with over 25% of individuals aged 60 and older affected. As the region's economies develop and healthcare systems improve, the demand for neuroprosthetic devices is expected to rise, fueling further market growth in Asia-Pacific.

Neuroprosthetics Market Key Players:

Some of the key market players operating in the neuroprosthetics market include Medtronic, Boston Scientific Corporation, Abbott Laboratories, NeuroPace, Inc., Cochlear Ltd., Sonova, NeuroSigma, Inc., Blackrock Neurotech, Synchron, LivaNova, Inc., MED-EL Medical Electronics, BrainGate, NEVRO CORP., Terumo Corporation, Penumbra, Inc., BrainCo, Inc., Axoft Inc., Demant A/S, Synapse Biomedical Inc., Cognixion, Inc., and others.

Recent Developmental Activities in the Neuroprosthetics Market:

• In February 2024, Boston Scientific Corporation announced that the U.S. Food and Drug Administration (FDA) approved the WaveWriter(TM) SCS Systems for the treatment of chronic low back and leg pain. This system assists physicians in delivering individualized care for a broad range of lower back pain issues, allowing for tailored treatment strategies to address diverse patient needs.
• In January 2024, Abbott Laboratories announced that it granted FDA approval to market the Liberta RC(TM) DBS system. Liberta is the smallest rechargeable deep brain stimulation (DBS) device equipped with remote programming capabilities, designed to treat individuals with movement disorders such as Parkinson's disease and essential tremor.
• In March 2021, Second Sight Medical Products, a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, received the US Food and Drug Administration (FDA) approval for the Argus 2s Retinal Prosthesis System.
• In January 2021, Boston Scientific Corporation received FDA approval for its fourth-generation Vercise Genus Deep Brain Stimulation (DBS) System used to treat symptoms in patients with advanced Parkinson's disease.

Key Takeaways from the Neuroprosthetics Market Report Study

• Market size analysis for current Neuroprosthetics Market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the Neuroprosthetics market.
• Various opportunities available for the other competitors in the Neuroprosthetics Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Neuroprosthetics market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Neuroprosthetics market growth in the coming future?

Target Audience who can be benefited from this Neuroprosthetics Market Report Study

• Neuroprosthetics product providers
• Research organizations and consulting companies
• Neuroprosthetics related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Neuroprosthetics
• Various end-users who want to know more about the Neuroprosthetics Market and the latest technological developments in the Neuroprosthetics Market.

Frequently Asked Questions for the Neuroprosthetics Market:

1. What are Neuroprosthetics?

• A neuroprosthetic is a kind of device that can ameliorate the input or output of a neural system. Neuroprosthetics encompass a variety of artificial devices or systems that can be used to enhance the motor, sensory, cognitive, visual, auditory, and communicative deficits that arise from acquired brain injuries.

2. What is the market for Neuroprosthetics?

• The Neuroprosthetics Market was valued at USD 7.14 billion in 2023, growing at a CAGR of 12.75% during the forecast period from 2024 to 2030 to reach USD 14.64 billion by 2030.

3. What are the drivers for the Neuroprosthetics market?

• The neuroprosthetics market is slated to witness prosperity owing to factors such as the growing prevalence of neurological disorders and nerve injuries and the rising number of patients suffering from hearing and vision loss. Increasing R&D activities and collaborations to develop advanced devices among key players are the key factors that are responsible for contributing to the positive growth of the neuroprosthetics market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the Neuroprosthetics market?

• Some of the key market players operating in the neuroprosthetics market include Medtronic, Boston Scientific Corporation, Abbott Laboratories, NeuroPace, Inc., Cochlear Ltd., Sonova, NeuroSigma, Inc., Blackrock Neurotech, Synchron, LivaNova, Inc., MED-EL Medical Electronics, BrainGate, NEVRO CORP., Terumo Corporation, Penumbra, Inc., BrainCo, Inc., Axoft Inc., Demant A/S, Synapse Biomedical Inc., Cognixion, Inc., and others.

5. Which region has the highest share in the Neuroprosthetics market?

• North America is expected to dominate the overall neuroprosthetics market during the forecast period from 2024 to 2030. This dominance can be attributed to the rising prevalence of hearing loss and neurological disorders such as Alzheimer's disease, Parkinson's disease, and depression. Additionally, increasing healthcare awareness and technological innovations spearheaded by leading industry players are significantly contributing to market growth in North America.