Neuroprostheses uses electrodes to interface with the central or peripheral nervous system to restore lost motor or sensory capabilities. These devices can receive neural signals from the external environment & brain, and convert the signals to restore functions such as loss of hearing and vision. They have applications in cognitive disorders, ophthalmic disorders, motor disorders, and auditory disorders.

Expected Revenue Gains:

The neuroprosthetics market is projected to reach USD 10.48 billion by 2022 from USD 5.84 billion in 2017, at a CAGR of 12.4%. The major factors driving the growth of this market are the increasing number of patients suffering from neurological disorders and nerve injury, growing incidence of hearing loss, increasing cases of amputations due to the rising number of accidents & injuries, and increasing prevalence of diabetes.

Globally, the neuroprosthetics market is witnessing high growth due to factors such as 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.

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Global Leading Companies:

Over the last few decades, key players operating in this market are focusing on product launches to help companies increase its share in the market. For instance, Abbott Laboratories (US) received FDA approval for infinity DBS System. Second Sight (US) received Canada approval for Argus II retinal prosthesis system (Bionic Eye).

Based on type, the neuroprosthetics market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing neurological disorders.

By application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders segment is expected to register the highest growth rate during the forecast period. Rising neurological disorders such as Parkinson’s disease and epilepsy is the driving factors for this segment.

Growth Opportunities in Different Geographies:

Companies have great opportunity in the emerging market, like expanded target application and new indication; increase in neurological disorders and the large patient population in countries like India, China, and Japan are the major factors that will support market growth during the forecast period. Increasing cases of neurological disorders drive the market in this country. According to the WHO, most individuals with dementia live in developing countries; this figure was 60% in 2001 and is estimated to reach 71% by 2040. According to an article published in the Chinese Journal of Traumatology (2015), around 3-4 million traumatic brain injuries (TBI) cases are found annually in China.

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