June 21, 2024
Global Neuroprosthetics Market

The Burgeoning Global Neuroprosthetics Market is driven by Adoption of Brain-Computer Interface Technology

The Global Neuroprosthetics Market provides artificial implants that aid in replacing or enhancing neurological functions and processes including vision, hearing, cognition and motor control. Neuroprosthetics devices are implantable technologies that facilitate the interaction between the nervous system and assistive technology to restore lost neurological functions. These innovative devices utilize the brain’s existing signals to provide restored sensory feedback enabling activities like seeing, hearing or moving prosthetic limbs.

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 2024 To 2031.

Key Takeaways

Key players operating in the Global Neuroprosthetics 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 is a leading provider of visual prosthetics to restore functional vision to blind patients.

The growing incidence of Global Neuroprosthetics Market Demand disorders along with increasing awareness about neuroprosthetics devices is fueling the demand in the market. Neurological disorders including hearing loss, epilepsy, motor neuron disorders and vision impairment affect millions globally. Neuroprosthetics provide hope to restore functions impaired due to these disorders.

With advancements in brain-computer interface technology, the global neuroprosthetics market is witnessing expansion into new geographies. Companies are focusing on emerging Asian and Latin American countries to tap unmet demand. Favorable regulations and reimbursement policies in these regions are supporting the growth of neuroprosthetics.

Market key trends

One of the major trends in the global neuroprosthetics market is the adoption of brain-computer interface (BCI) technology. BCIs facilitate direct communication between the brain and an external device, restoring motor and sensory functions without involving nerves and muscles. Revolutionary BCI systems like Elon Musk’s Neuralink are exploring ways to restore vision, cure brain disorders and enhance human abilities like memory and intelligence using neural implants. These advancements are transforming the field of neuroprosthetics.

Porter’s Analysis

Threat of new entrants: Low research and development costs and regulatory barriers make it difficult for new companies to enter the neuroprosthetics market.

Bargaining power of buyers: Individual patients have little ability to negotiate prices and demand lower prices in the neuroprosthetics industry due to health issues.

Bargaining power of suppliers: A few major companies dominate the supply of key device components and technologies in the neuroprosthetics market giving them significant influence over prices.

Threat of new substitutes: Neuroprosthetic devices have few close substitutes for the medical conditions they treat, limiting potential substitution in the market.

Competitive rivalry: Established companies compete aggressively on technology innovations, product quality, and customer service to gain market share in the neuroprosthetics industry.

North America is estimated to account for the largest share of the global neuroprosthetics market in terms of value during the forecast period. Factors such as the rise in neurological diseases, growing geriatric population, increasing investment in research and development activities for neuroprosthetic solutions, and high healthcare expenditure are driving the growth of the North American neuroprosthetics market.

Asia Pacific is projected to witness the fastest growth in the neuroprosthetics market during 2024-2031. Rapidly improving healthcare infrastructure, increasing healthcare expenditure, growing incidences of neurological disorders, rising awareness about neuroprosthetic devices, and increasing focus of prominent players on emerging Asian countries are expected to boost the adoption of neuroprosthetics in the region.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.