(Health-NewsWire.Net, February 23, 2021 ) The report "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", 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.
Browse 84 market data Tables and 31 Figures spread through 118 Pages and in-depth TOC on "Neuroprosthetics Market - Global Forecast to 2022"
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By input neural prosthetics, the cochlear implants segment is expected to dominate the market in 2017
On the basis of input neural prosthetics is subsegmented into cochlear implants and bionic eye/retinal implants. The cochlear implants segment accounted for the largest share of this market segment. This growth can be attributed to the increasing number of people suffering from hearing loss which drives this segment.
By technique, the spinal cord stimulation segment is expected to dominate the market in 2017
In the technique, the neuroprosthetics market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. The spinal cord stimulation segment holds the largest share in the market. The growth is primarily attributed to the increasing number of people suffering from back surgery syndrome, ischemia, and chronic pain across the globe.
Driver: Increasing prevalence of diabetes
People suffering from diabetes may develop several foot problems, which cause damage to blood vessels and nerves. Diabetes can also damage the blood vessels in the retina, which can cause vision impairments or blindness. As a result, the increasing incidence of diabetes is expected to support the growth of the retinal/bionic eye implants market. The top five countries with the highest diabetic population in 2013 (age group of 20–79 years) were China, India, the US, Brazil, and the Russian Federation.
Dysvascular disorder- and diabetes-related amputations are expected to drive the demand for artificial limb replacements in the near future. The prevalence of diabetes has significant regional variation. Since its burden is higher in the Asia Pacific region, this factor is expected to have a more substantial effect on the market in countries in Southeast Asia and the Indian subcontinent.
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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.
Some of the 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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