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 projected to reach USD 10.48 billion by 2022 from USD 5.84 billion in 2017, at a CAGR of 12.4%. The major factors driving the growth of this market are the increasing number of patients suffering from neurological disorders and nerve injury, growing incidence of hearing loss, increasing cases of amputations due to the rising number of accidents & injuries, and increasing prevalence of diabetes.
By technique, the spinal cord stimulation segment of the neuroprosthetics market is expected to hold the largest share during the forecast period.
By technique, the neuroprosthetics market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. In 2017, the spinal cord stimulation segment is expected to account for the largest share of the market. The large share of this segment can be primarily attributed to the increasing number of people suffering from back surgery syndrome, ischemia, and chronic pain across the globe.
By application, the motor neuron disorders segment is expected to account for the largest share of the neuroprosthetics market during the forecast period.
Based on application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. In 2017, the motor neuron disorders segment is expected to account for the largest share of the neuroprosthetics market. Increasing incidence of neurological disorders such as Parkinson’s disease and epilepsy is expected to drive the growth of this segment.
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North America is expected to command the largest share of the market during the forecast period.
Based on region, the neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America is expected to command the largest share of the neuroprosthetics market. The large share of this market can primarily be attributed to the high incidence of vision and hearing loss, rising prevalence of neurological disorders, and the strong presence of industry players in this region.