According to the new market research “Neuroprosthetics Market by Type (Output (Cognitive, Motor Prosthetics), Input (Cochlear, Retinal Implant)), Techniques (Deep Brain, Vagus Nerve, Spinal Cord stimulation), Application (Epilepsy, Paralysis, Alzheimer’s Disease) – Global Forecast to 2022″ published by MarketsandMarkets™.
The 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% from 2017 to 2022. 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 major factors that are driving the growth of this market.
The major factors driving the growth of this market can be attributed to the growth in funding and infrastructure development, advancements in medical power supply products, and rising trend of home healthcare. The high growth in developing countries across Asia and Latin America are expected to provide significant growth opportunities for players operating in the medical power supply market in the coming years.
Based on current type, the medical power supply market is segmented into AC-DC power supply and DC-DC power supply. In 2016, the AC-DC power supply accounted for the largest share of the market. The advantages of AC-DC over DC-DC power supply, such as low energy consumption, low risk of current leakage, and greater efficiency are supporting the growth of the AC-DC power supply market.
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Asia Pacific offers lucrative growth opportunities
By region, the global neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America holds the largest share of the market in 2017, Asia Pacific is expected to register the highest CAGR during the forecast period. The presence of emerging economies like China and India; increasing funding and support for launches of new product; and increasing neurological disorder in the region are some major factors driving the high growth of this regional segment.
major players operating in the neuroprosthetics market are Boston Scientific (US), LivaNova (UK), Medtronic (US), Abbott (US), Cochlear (Australia), and Second sight (US).
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