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 contributing to the growth of this market.
Growth of Neuroprosthetics Market
The global neuroprosthetics market was valued at $5.28 Billion in 2016 and expected to grow at a CAGR of 12.4%, to reach $10.48 Billion in 2022.
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.
Based on output neural prosthetics, the neuroprosthetics market is subsegmented into motor disorders and cognitive disorders. In 2017, the motor disorders segment accounted for the largest share of the market. This is because of increasing incidence of Parkinson’s disease and epilepsy.
By region, the neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The market is dominated by North America, followed by Europe, however, the APAC region is expected to witness the highest growth rate during the forecast period.
The presence of emerging economies like China and India; large population; increasing funding and support for the launches of new products, and increasing neurological disorders in the region are some of the key factors driving the high growth of this regional segment.
Treatment & Therapy
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.