The Neuroprosthetics Market size was valued at USD 11.71 billion in 2023 and is expected to reach at USD 30.26 billion by 2031 and grow at a CAGR of 12.6% over the forecast period of 2024-2031.
Neuroprosthetics is something which can be defined as devices which are placed inside patient’s brain or on the patient’s scalp, neuroprosthetics devices functions in such a manner that it can send a message to the person who is suffering from loss of vision or with hearing disability. Cochlear implants is one of the example in which the device is placed exactly behind the ear and the message is transferred effortlessly, the rise in the neurological patients due to several reasons some of the basic include accidents, genetic problem and some neurological displacement. The technological advancement in the healthcare industry is the opportunity for the neuroprosthetics device market to grow. The rise in the neurological disorders is also the driving factor for the neuroprosthetics market. The major problem with the Neuroprosthetics device market is the lack of awareness in the emerging countries regarding the devices available which may be considered as the biggest challenge neuroprosthetics market may face in the future.
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Covid 19 had a negative effect on to neuroprosthetics devices due to the lockdown rules imposed by the government it was very hard for the patients to have access to the hospitals also it was hard for the industry in terms of production level due to the disruption of the supply chain management. Access to hospitals was very hard for the patients suffering from neurological disorders as the whole healthcare industry was busy treating covid 19 patients also problems like lack of staff availability of slots caused a problem.
Drivers
Rise in the number of the neurological disorders all around the globe.
Neurological conditions including Alzheimer's, Parkinson's, and stroke are more prevalent as people age. The prevalence of these illnesses is predicted to rise as the world's population continues to age. Neurological illnesses are now more accurately identified and diagnosed thanks to improvements in medical technology and public knowledge. The apparent increase in instances recorded is thought to be due to more precise diagnoses.
Restrain
Availability of other treatment options which can substitute the neuroprosthetics devices.
High cost of the neuroprosthetics devices.
The price of neuroprosthetics is high for a variety of reasons. First of all, complex and advanced technologies are utilised in the development and manufacturing processes for these gadgets. Specialised materials, cutting-edge electronics, and exact engineering processes are needed for the design and manufacture of neuroprosthetic devices, which adds to the overall cost.
Opportunities
The advanced technology in the healthcare industry.
Rise in the awareness of the neuroprosthetics devices.
Significant technological breakthroughs have raised the sophistication, usefulness, and accessibility of neuroprosthetics devices. The potential of neuroprosthetics has been enhanced thanks to better electrode designs, miniaturization, and wireless communication, attracting attention and raising awareness. In the realm of neuroprosthetics, ongoing research and development have led to ground-breaking discoveries and success stories. Public awareness has increased as a result of high-profile examples and demonstrations of people employing neuroprosthetics to regain lost functions.
Challenges
Lack of awareness among the patient in the emerging countries regarding neuroprosthetics devices.
Impact of Russia Ukraine war had a negative effect on the healthcare industry which included problems caused by the disruptions of supply chain management. Which further contributed towards the supply of raw materials by the Russia and Ukraine also by the countries around those nations, Russia Ukraine war had a negative impact on the healthcare industry due to the loss of the infrastructure facilities also the OEMs which caused disruptions in the production and the supply of the raw materials.
Impact of the ongoing recession
The recession will bring economic barriers worldwide, but according to our expert this recession will have a limited impact on the employability, but it has been said that a recession changes the buying pattern of people, in healthcare industry it was noted during the previous recession people think twice before visiting the hospital due to the high expenses of the hospitals ,when we consider the neuroprosthetics market the devices are costly so there are chances people might go for other alternative options which are inexpensive.
By Type
Output neural prosthetics
Input neural prosthetics
By Technique
Spinal Cord Stimulation
Sacral nerve Stimulation
Transcranial Magnetic Stimulation
By Application
Motor neurons disorders
Physiological disorders
Cognitive disorders
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North America is said to be the dominating region for the neuroprosthetics market compared to the other region because of the rise in the awareness of the neuroprosthetics devices. Also, the technological advancement and the funding which is been provided by the government are the driving factor for the neuroprosthetics market.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Medtronic plc, Cochlear Ltd, Boston Scientific, Abbott laboratories, LivaNova, Retina implant Ag, Sonova, Neuropace, Second Sight medical products, Nevro, MED-EL and other players
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.71 Bn |
| Market Size by 2031 | US$ 30.26 Bn |
| CAGR | CAGR of 12.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Output neural prosthetics, Input neural prosthetics) • By Technique (Spinal Cord Stimulation, Deep Brain stimulation, Vagus Nerve stimulation, Sacral nerve Stimulation, Transcranial Magnetic Stimulation) • By Application (Motor neurons disorders, Physiological disorders, Cognitive disorders) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Medtronic plc, Cochlear Ltd, Boston Scientific, Abbott laboratories, LivaNova, Retina implant Ag, Sonova, Neuropace, Second Sight medical products, Nevro, MED-EL and others. |
| Key Drivers | • Rise in the number of the neurological disorders all around the globe. |
| Market Opportunities | • The advanced technology in the healthcare industry • Rise in the awareness of the neuroprosthetics devices. |
Ans: The Neuroprosthetics Market size was valued at USD 10.40 billion in 2022 and is expected to reach at USD 26.12 billion by 2030, and grow at a CAGR of 12.2% over the forecast period of 2023-2030.
Ans: High cost of the neuroprosthetics devices.
Ans: North America will dominate this market followed by APAC also showing good growth for the Neuroprosthetics Market.
Ans : Covid 19 had a negative effect on to neuroprosthetics devices due to the lockdown rules imposed by the government
Ans: The advanced technology in the healthcare industry
Rise in the awareness of the neuroprosthetics devices.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Neuroprosthetics Market Segmentation, by Type
8.1 Output neural prosthetics
8.2 Input neural prosthetics
9. Neuroprosthetics Market Segmentation, by Technique
9.1 Spinal Cord Stimulation
9.2 Deep Brain stimulation
9.3 Vagus Nerve stimulation
9.4 Sacral nerve Stimulation
9.5 Transcranial Magnetic Stimulation
10 Neuroprosthetics Market Segmentation, by Application
10.1 Motor neurons disorders
10.2 Physiological disorders
10.3 Cognitive disorders
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Neuroprosthetics Market by country
11.2.2North America Neuroprosthetics Market by Type
11.2.3 North America Neuroprosthetics Market by Technique
11.2.4 North America Neuroprosthetics Market by Application
11.2.5 USA
11.2.5.1 USA Neuroprosthetics Market by Type
11.2.5.3 USA Neuroprosthetics Market by Technique
11.2.5.4 USA Neuroprosthetics Market by Application
11.2.6 Canada
11.2.6.1 Canada Neuroprosthetics Market by Type
11.2.6.3 Canada Neuroprosthetics Market by Technique
11.2.6.4 Canada Neuroprosthetics Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Neuroprosthetics Market by Type
11.2.7.3 Mexico Neuroprosthetics Market by Technique
11.2.7.4 Mexico Neuroprosthetics Market by Application
11.3 Europe
11.3.1 Europe Neuroprosthetics Market by country
1.3.3.2 Europe Neuroprosthetics Market by Type
11.3.3 Europe Neuroprosthetics Market by Technique
11.3.4 Europe Neuroprosthetics Market by Application
11.3.5 Germany
11.3.5.1 Germany Neuroprosthetics Market by Type
11.3.5.2 Germany Neuroprosthetics Market by Technique
11.3.5.3 Germany Neuroprosthetics Market by Application
11.3.6 UK
11.3.6.1 UK Neuroprosthetics Market by Type
11.3.6.2 UK Neuroprosthetics Market by Technique
11.3.6.3 UK Neuroprosthetics Market by Application
11.3.7 France
11.3.7.1 France Neuroprosthetics Market by Type
11.3.7.2 France Neuroprosthetics Market by Technique
11.3.7.3 France Neuroprosthetics Market by Application
11.3.8 Italy
11.3.8.1 Italy Neuroprosthetics Market by Type
11.3.8.2 Italy Neuroprosthetics Market by Technique
11.3.8.3 Italy Neuroprosthetics Market by Application
11.3.9 Spain
11.3.9.1 Spain Neuroprosthetics Market by Type
11.3.9.2 Spain Neuroprosthetics Market by Technique
11.3.9.3 Spain Neuroprosthetics Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Neuroprosthetics Market by Type
11.3.10.2 Netherlands Neuroprosthetics Market by Technique
11.3.10.3 Netherlands Neuroprosthetics Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Neuroprosthetics Market by Type
11.3.11.2 Rest of Europe Neuroprosthetics Market by Technique
11.3.11.3 Rest of Europe Neuroprosthetics Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Neuroprosthetics Market by country
11.4.2 Asia Pacific Neuroprosthetics Market by Type
11.4.3 Asia Pacific Neuroprosthetics Market by Technique
11.4.4 Asia Pacific Neuroprosthetics Market by Application
11.4.5 Japan
11.4.5.1 Japan Neuroprosthetics Market by Type
11.4.5.2 Japan Neuroprosthetics Market by Technique
11.4.5.3 Japan Neuroprosthetics Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Neuroprosthetics Market by Type
11.4.6.2 South Korea Neuroprosthetics Market by Technique
11.4.6.3 South Korea Neuroprosthetics Market by Application
11.4.7 China
11.4.7.1 China Neuroprosthetics Market by Type
11.4.7.2 China Neuroprosthetics Market by Technique
11.4.7.3 China Neuroprosthetics Market by Application
11.4.8 India
11.4.8.1 India Neuroprosthetics Market by Type
11.4.8.2 India Neuroprosthetics Market by Technique
11.4.8.3 India Neuroprosthetics Market by Application
11.4.9 Australia
11.4.9.1 Australia Neuroprosthetics Market by Type
11.4.9.2 Australia Neuroprosthetics Market by Technique
11.4.9.3 Australia Neuroprosthetics Market by Application
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Neuroprosthetics Market by Type
11.4.10.2 APAC Neuroprosthetics Market by Technique
11.4.10.3 APAC Neuroprosthetics Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Neuroprosthetics Market by country
11.5.2 The Middle East & Africa Neuroprosthetics Market by Type
11.5.3 The Middle East & Africa Neuroprosthetics Market by Technique
11.5.4 The Middle East & Africa Neuroprosthetics Market by Application
11.5.6 Israel
11.5.6.1 Israel Neuroprosthetics Market by Type
11.5.6.2 Israel Neuroprosthetics Market by Technique
11.5.6.3 Israel Neuroprosthetics Market by Application
11.5.6 UAE
11.5.6.1 UAE Neuroprosthetics Market by Type
11.5.6.2 UAE Neuroprosthetics Market by Technique
11.5.6.3 UAE Neuroprosthetics Market by Application
11.5.7 South Africa
11.5.7.1 South Africa Neuroprosthetics Market by Type
11.5.7.2 South Africa Neuroprosthetics Market by Technique
11.5.7.3 South Africa Neuroprosthetics Market by Application
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Neuroprosthetics Market by Type
11.5.8.2 Rest of Middle East & Asia Neuroprosthetics Market Phase
11.5.8.3 Rest of Middle East & Asia Neuroprosthetics Market by Application
11.6 Latin America
11.6.1 Latin America Neuroprosthetics Market by country
11.6.2 Latin America Neuroprosthetics Market by Type
11.6.3 Latin America Neuroprosthetics Market by Technique
11.6.4 Latin America Neuroprosthetics Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Neuroprosthetics Market by Type
11.6.5.2 Brazil Neuroprosthetics Market by Technique
11.6.2.3 Brazil Neuroprosthetics Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Neuroprosthetics Market by Type
11.6.6.2 Argentina Neuroprosthetics Market by Technique
11.6.6.3 Argentina Neuroprosthetics Market by Application
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Neuroprosthetics Market by Type
11.6.7.2 Rest of Latin America Neuroprosthetics Market by Technique
11.6.7.3 Rest of Latin America Neuroprosthetics Market by Application
12. Company Profile
12.1 Medtronic plc
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Cochlear Ltd
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Boston Scientific
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Abbott laboratories
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 LivaNova,
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Retina implant Ag,
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Sonova,
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Neuropace
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Second Sight medical products
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Nevro,
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 MED-EL
12.11.1 Market Overview
12.11.2 Financials
12.11.3 Product/Services/Offerings
12.11.4 SWOT Analysis
12.11.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14 Used Cases & Best Practices
15. Conclusion
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