The Global Neuroprosthetics Market provides artificial devices to replace or enhance neurological functions or damaged neurons. Neuroprosthetics include vagus nerve stimulation devices, deep brain stimulation devices, sacral nerve stimulation devices and cochlear implants.
The Global Neuroprosthetics Market is estimated to be valued at US$ 12.66 BN in 2024 and is expected to exhibit a CAGR of 10 % over the forecast period between 2024 to 2030.
Key players operating in the neuroprosthetics market are Second Sight, Med-El, Retina Implant, Sonova Holding AG, NeuroPace Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC. Second Sight, Medtronic and Cochlear are some of the major players offering a wide range of neuroprosthetic devices. Cochlear dominates the global market for cochlear implants.
The growing demand for neuroprosthetics is driven by the rising geriatric population and increasing incidence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy and hearing loss. Neurological disorders are becoming a major cause of disabilities and healthcare burden worldwide. According to WHO, 60 million people suffer from epilepsy and there are more than 50 million people with dementia globally. The rising cases of neurological conditions is anticipated to boost the demand for neuroprosthetic devices for treatment and management of such disorders in the coming years.
Globally, North America accounted for the largest share in the neuroprosthetics owing to growing awareness and adoption of technologically advanced neuroprosthetic devices. However, Asia Pacific region is expected to exhibit fastest growth over the forecast period due to increasing healthcare expenditure, rising awareness and growing geriatric population. Growing population and unmet medical needs in emerging economies of China and India are expected to drive future growth of the market in Asia Pacific.
The primary market driver for the growth of the global Neuroprosthetics Market is the growing incidence of neurological disorders. There has been a steady increase in the number of people suffering from neurodegenerative diseases, especially among the geriatric population due to increasing life expectancy and aging population globally. Neurological conditions such as Alzheimer's, Parkinson's and epilepsy are becoming more prevalent. Neuroprosthetics offer effective treatment options for managing symptoms and improving quality of life of patients suffering from such disorders. Increasing awareness about such technological advancements and growing demand for effective therapeutic solutions are expected to propel the demand for neuroprosthetic devices over the forecast period.
Current Geopolitical Situation Impact on Global Neuroprosthetics Market Growth
The global neuroprosthetics market is witnessing strong growth over the past few years. However, the ongoing geopolitical uncertainties and conflicts across various regions are posing challenges. The rising geo-political tensions between major countries like US, China and Russia have disrupted the global supply chains. This has negatively impacted the materials procurement for neuroprosthetics manufacturing. Additionally, restrictions on trade and commerce in conflict-ridden areas have constrained the market penetration. For instance, the political instability and internal conflicts in Middle East & African countries are restricting the adoption of advanced neuroprosthetics solutions in these regions. Similarly, territorial disputes and sanctions between countries are hindering the cross-border collaborations and innovations.
Going forward, manufacturers must diversify their supplier networks and look for alternative sourcing options. Strategic partnerships and contract manufacturing model can help mitigate supply chain risks. Companies also need to focus on developing low-cost solutions to enhance access in underserved regions. Support from international organizations can aid technology transfers. Overall, geopolitical stability and peaceful resolution of conflicts will be critical for the sustained growth of the global neuroprosthetics industry.
Regions of Market Concentration and Fastest Growth
North America dominates the global neuroprosthetics market currently, accounting for over 40% of the total value. This is attributed to the availability of advanced healthcare infrastructure and rising investments in neuroscience research in the US and Canada. Also, favorable reimbursement policies are driving the adoption of high-end neuroprosthetic devices.
Asia Pacific is projected to be the fastest growing regional market during the forecast period. This is mainly due to the growing geriatric population, increasing healthcare spending, and improving economic conditions in major countries like China and India. In addition, favorable government initiatives for developing low-cost medical solutions are providing impetus to neuroprosthetics manufacturers targeting emerging Asian markets.
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