The global neuroprosthetics market is expected to reach USD 10.48 Billion by 2022 from USD 5.84 Billion in 2017, at a CAGR of 12.4%.
Increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries are the major driving factors for this market.
Neuroprostheses uses electrodes to interface with the central or peripheral nervous system to restore lost motor or sensory capabilities. These devices can receive neural signals from the external environment & brain, and convert the signals to restore functions such as loss of hearing and vision. They have applications in cognitive disorders, ophthalmic disorders, motor disorders, and auditory disorders.
The neuroprosthetics market is segmented on the basis of type, technique, and application. The physiological disorders market is subsegmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. The auditory processing disorders segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to increasing number of people suffering from hearing loss.
Availability of alternative treatment, dearth of trained professionals, and high cost of neuroprosthetics devices are the major factors restraining the growth of the neuroprosthetics market. According to estimates from the American Academy of Neurology, there were 16,366 neurologists in the US in 2012, and this figure is estimated to reach 18,060 by 2025; however, the demand for neurologists in the country is projected to increase from 18,180 in 2012 to 21,440 by 2025.
As a result, there will be a shortfall of about 3,400 neurologists (or a 19% drop in the total number of neurologists) in the country by 2025. Availability of stem cell therapy and drug therapy alternative treatment option for several neurological disorders limits the demand for neuroprosthetic devices and implants among the targeted population.
Medtronic (US), Boston Scientific (US), Abbott (US), Second Sight (US), and Cochlear (Australia) are the top players in this market. These companies have a broad product portfolio with comprehensive features and have a strong geographical presence.
Increasing Number of Patients Suffering From Neurological Disorders and Nerve Injury
Increasing Incidence of Hearing Loss
Increasing Cases of Amputation Due to the Rising Number of Accidents & Injuries
Increasing Prevalence of Diabetes
Availability of Alternative Treatment Options
High Cost of Neuroprosthetics and Unfavorable Reimbursement Scenario