REPORT HIGHLIGHT
The neuroprosthetics market is estimated to represent a global market of USD 4,763 million by 2019 with growth rate of 4.5%.
Neuroprosthetic is a medical device, designed to supplement the input or output of a nervous system. These devices are linked to the central nervous system and translate electrical neural activity from the brain into control signals in order to control artificial limbs or to enable to restore lost sensory function. Neuroprosthetics are featured to enhance motor, sensory, and cognitive ability of an organism. Many research studies suggest that neuroprosthetics significantly improve the quality of life of patients suffering from motor disorders such as amputation and paralysis.
Market Dynamics
Continuous rising prevalence of neurological diseases, such as epilepsy, Parkinson’s disease, tremor, and dystonia, is considered to be a high-impact rendering driver for the neuroprosthetics market. According to the WHO, neurological diseases constitutes 6.3% of the global chronic disease burden and are one of the key causes of mortality globally, to result in 13.2% deaths in developed countries as well as 16.8% in low- and middle-income countries. Furthermore, Technological advancements in neuroprosthetics are anticipated to create growth opportunities for this market. For instance, in September 2019, MED-EL announced the launch of RONDO 2, a cochlear implant audio processor that can be charged wirelessly thereby improving the use of these implants among patients. Other notable advancements include the emergence of robot-assisted implantation, a microelectrode, multi-target stimulation, and integrated implantable pulse generators. However, high cost associated with neuroprosthetics is the critical restraining factor for the overall industry growth.
Types Takeaway
In terms of types, the market is divided into Cochlear Implants, Motor Prosthetics, Cognitive Prosthetics, and Retinal Implants. Motor Prosthetics is accounted for the 43.25%, the largest share of the total market in 2019. These prosthetics are also known as Brain Machine Interface (BMI), which help in restoring motor functions in patients with neurological disorders. Rising number of research activities with respect to the neural motor prosthesis is anticipated to offer strong growth of this segment. Based on technology, the market is broadly bifurcated into Vagus Nerve Stimulation, Spinal Cord Stimulation, Deep Brain Simulation, and Sacral Nerve Stimulation. Technologies such as DBS and SNS are growing rapidly and are expected to capture the significant share of the global market over the future period.
COVID-19 Impact and Recovery Analysis
The novel COVID-19 has put the world on a standstill, affecting major operations, leading to an industrial catastrophe. However, this market is positively affected due to this outbreak. This report presented by AnalystView Market Insights contains a thorough analysis of the pre and post COVID-19 market scenarios. The report includes all the recent development and changes recorded during the COVID-19 outbreak and comprehends the analysis of top performer segments and marginal growth segment in blood culture test sector.
Regional Takeaway
Regionally, North America recorded the largest share of the total market due to the rising research and development activities. Europe followed North America, backed by the increasing incidences of neurological disorders and rise in product demand. Developing regions such as the Asia Pacific and Latin America is considered to grow with the highest growth rate over the future period owing to the favorable government initiatives coupled with the rising awareness level.
Key Vendor Takeaway
Key players such as Cochlear Limited, St. Jude Medical, Inc., Medtronic, Inc., Nervo Corporation and MED-EL are profiled under the report scope. Product approvals, strategic collaborations, and new product launches are some of the sustainable strategies adopted by the companies operating in this market. Medtronic notched significant revenue share of the global market in 2016 owing to the extensive product line and strong strategies to expand in the market. For instance, in November 2019, Medtronic’s Intellis (TM) platform received the CE Mark for both spinal cord stimulation and peripheral nerve stimulation in the management of chronic pain thereby expanding its product portfolio.
The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19 impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.