Global Neuroprosthetics Market Size, Share, Growth Analysis, By Application, By Technique, By Type - Industry Forecast 2023-2030

Neuroprosthetics Market size was valued at USD 21.5 billion in 2021 and is poised to grow from USD 24.03 billion in 2022 to USD 54.17 billion by 2030, growing at a CAGR of 11.8% in the forecast period (2023-2030).

The global neuroprosthetics market is experiencing steady growth due to advancements in medical technology. Neuroprosthetics are devices designed to restore or improve neural functions, benefiting individuals with disabilities or neurological disorders. The market is driven by increasing research and development activities, rising prevalence of neurological disorders, and growing demand for effective treatment options. Technological innovations and expanding healthcare infrastructure are expected to further propel market growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of Neuroprosthetics and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global neuroprosthetics market is segmented on the basis of application, technique, type, and region. By application, the market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. By technique, the market is categorized into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and others. By type, the market is bifurcated into output neural prosthetics and input neural prosthetics. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Driver

The global neuroprosthetics market is anticipated to experience significant growth during the forecast period, primarily driven by the high prevalence of neurological disorders and nerve-related injuries. These conditions are expected to be the key factors contributing to the market's expansion. To illustrate, neurological diseases alone have caused over 533,000 fatalities, with approximately 213,000 reported among males and around 320,000 among females. Neuroprosthetics devices offer numerous advantages for treating such diseases, making them an effective solution. Additionally, individuals suffering from hearing impairments can benefit from these devices, including cochlear implants and auditory brainstem implants (ABIs). Consequently, the growing demand for neuroprosthetics worldwide, which aids in the diagnosis and management of various disorders, is expected to drive the market's growth in the forthcoming years.

Restrain

The rising acceptance of alternative treatment approaches such as stem cell therapy presents significant prospects for addressing different neurological conditions. However, this trend is expected to impede the growth of the market in the foreseeable future. Stem cell therapy provides advantageous treatment options for neurological disorders like Parkinson's and Alzheimer's, offering cost-effective alternatives and simplified medication protocols that appeal to patients. As a result, this factor is likely to limit the worldwide expansion of the neuroprosthetics market during the projected period.

Trend

The increasing prevalence of hearing loss and advancements in technology have led to a rise in the popularity of neural prosthetics. These devices, which offer the ability to perceive sound to individuals who are deaf or hard of hearing, are becoming more appealing due to their user-friendly nature and affordable implementation costs. These factors present promising opportunities for the growth of neural prosthetics in the coming years. Additionally, our research indicates that cochlear implantation not only aids in diagnosing hearing loss but also shows potential as a therapeutic tool for rehabilitating tinnitus patients. As a result, the neuroprosthetics market is projected to experience significant expansion in the foreseeable future.