Nov 08, 2019- Million
Insights Market Research has published a new report titled ‘Neuroprosthetics
Market – Global Industry Analysis, Size, Share, Growth, and Forecast,
2018–2026.’ Neuroprosthetics market report helps analyze trends and
significant developments in the industry.
The market for neuroprosthetics in 2015 was estimated at USD
4.2 billion globally. This can be attributed to high prevalence rate of
disorders such as severe depression, Alzheimer’s, muscle/neuromuscular junction
disorder, ophthalmic, auditory, epilepsy, and Parkinson’s which will drive the
growth.
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The largest market share of around 50.0% was held by spinal
cord stimulation segment in 2015. The dominant share can be attributed to high
penetration of these devices with technological upgradations. These
upgradations facilitate usage in various applications, to treat impaired
autonomic, sensory, and motor functions.
Advent of technologically advanced products, that includes
surgical implantable devices, featuring images, MRI, movable and automated
probes, and local field potentials is predicted to provide attractive growth
opportunities. Moreover, the frequent development of next-generation
technologies by manufacturers, to enhance treatment interventions for
restoration of impaired neurological functions, makes sacral nerve stimulators
as fastest growing segment.
Type Insights
The largest market share was held by motor prosthetics
followed by the cochlear prosthetics segment in 2015. The dominant share held
by motor prosthetic can be attributed to increased adoption, preference for
implantable devices in bladder control and brain computer interface for
treatment of lateral sclerosis & paraplegic patients.
A rapid growth is seen by the auditory segment owing to the
increase in usage of mid brain AMI’s and brain stem implants ABI’s by patients
with impaired hearings. Cochlear implants can be used for stimulation therapy and
signal processing systems, which is expected to broaden the treatment scope in
the future for neural disorders.
Application Insights
Traumatic brain injuries, spinal cord injuries, Parkinson’s
disease, and Alzheimer’s can be treated with the use of neuroprosthetics. The
neuroprosthetic devices can be broadly classified into cognitive &
physiological disorders, and motor neuron abnormalities based on application.
The largest application segment was found to be motor neuron disorders in 2015
owing to the increasing adoption in epilepsy and Parkinson’s along with high
prevalence of the aforementioned thereby leading to a widened consumer base.
The fastest growing segment is anticipated to be cognitive
disorders as a consequence of rising prevalence of severe depression and
Alzheimer’s. Introduction of various technologically advanced stimulation
devices which can stimulate motor controls and calculate limb trajectory to be
used in paralysis treatment, is expected to further drive the market during the
forecast period.
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Various companies which offer solutions for a wide range of
neurological disorders are BrainGate, Sonova, MED-EL, Nervo Corp., Retina
Implant AG, St. Jude Medical Inc., and Boston Scientific Corporation. The
prominent players include NeuroPace Inc, NDI Medical LLC, Medtronic Inc.,
Cyberonics Inc., and Cochlear Limited.
The oligopolistic nature of the market and companies help in
providing technologically advanced and effective solutions including,
stimulators, smart hearing devices, wireless mini microphones and advanced
therapy for neurological diseases. Geographic expansion and strategic
collaborations are some of the few sustainable strategies that are adopted by
these players. This is predicted to keep the industry’s competitive rivalry at
the highest level and drive the market throughout the forecast period.
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