The neuroprosthetics market growth is slated to surpass a valuation of USD 10.48 billion by 2023. This neuroprosthetics market size would be achieved by following a 12.4% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) predicted some strong factors that can take the global market forward. These factors are the rising cases of neuron-related diseases, such as Epilepsy, Parkinson’s, and visual prosthetics among many, inclusion of top-rated technologies, infrastructural upgradation, and financial support to boost research and development related projects.
The global neuroprosthetics market has been studied based on segmentation that includes technology, applications, type, and end users. The segments and data gathered from there are expected to boost market analysis and help in forming better strategies to increase profit margin.
By type, the global report on the neuroprosthetics market has been segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment includes cognitive prosthetics and motor prosthetics. The input segment can be studied based on cochlear implant and visual prosthetic.
By techniques, the report on the neuroprosthetics market has been segmented into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and spinal cord stimulation.
By application, the report on the neuroprosthetics market can be segmented into physiological disorders, motor neuron disorders, and cognitive disorders. Motor neuron disorders include Parkinson’s disease and Epilepsy disorder. Physiological disorders comprise ophthalmic disorders, cardiovascular disorders, auditory processing disorders, and urology disorders. Cognitive disorders comprise paralysis, Alzheimer’s disease, and severe depression.
By end-users, the report discussing changes in the neuroprosthetics market has been segmented into diagnostic centers, hospitals and clinics, research centers, and others.
The American market would gain better from the global neuroprosthetics market. The region will benefit from North America’s market status, where the US and Canada would boost their infrastructure to facilitate better integration of the process. This is getting support from both private and public bodies. Europe officials are also expected to extend their support to research companies to encourage better developments.
Cochlear (Australia), Medtronic (US), Abbott (US), Livanova (UK), Boston Scientific (US), Med-El (UK), Second Sight (US), Sonova (UK), Retina Implant (US), Nevro (California), Neuropace (US), and others are some of the major companies impacting the global market for neuroprosthetics. A closer study of various strategic moves made by these companies will reveal neuroprosthetics market trends. MRFR is trying to do that by recording the latest initiatives taken by these companies. Their moves often span across mergers, tie-ups, branding, product launches, innovation, acquisition, funding for R & D, and others.