The Global Neuroprosthetics Market is a rapidly growing industry. Neuroprosthetics, also known as neuronal prosthetics, are artificial devices that are implanted or connected to the central or peripheral nervous system to replace a missing or impaired sensory or motor function. Neuroprosthetics can be either signal-reading devices that record and transmit biological information, or stimulating devices that deliver electrical or chemical stimulation to produce sensory experiences or initiate movements. Key products in this market include deep brain stimulation devices, cochlear implants, retinal implants, spinal cord stimulators, and others.
The Global Neuroprosthetics Market Share is estimated to be valued at US$ 12.66 BN in 2024 and is expected to exhibit a CAGR of 10.9% over the forecast period 2024 to 2031. Neuroprosthetics have helped improve the lives of millions of people suffering from neurological disorders by restoring or enhancing sensory and motor functions. Factors such as the rising prevalence of neurological diseases such as Parkinson's disease, epilepsy, depression, and hearing and vision impairments are driving more patients to opt for neuroprosthetic treatments.
Key Takeaways
Key players operating in the Global 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 market leaders in retinal implants, deep brain stimulation, and cochlear implants, respectively.
The demand for neuroprosthetic devices is growing rapidly due to the rising number of patients with neurological disorders. According to WHO estimates, over 1 billion people worldwide currently suffer from neurological disorders in some form. Neuroprosthetic implants have the potential to treat conditions affecting millions.
Neuroprosthetic companies are also expanding globally to address the unmet needs in developing countries. For example, Cochlear has partnered with governments in China, India, and several Latin American and African countries to facilitate cochlear implants for hearing loss patients. This is expected to significantly boost the industry's growth prospects over the coming decade.
Market key trends
Direct brain-machine interfaces are emerging as a key trend in the Global Neuroprosthetics Market. These interfaces involve direct connections between engineered devices and the brain using electrodes, spurring new hope for treating paralyzing neurological conditions. Companies like Neuralink are developing ultrafine flexible electrode “threads” that can access individual neurons through minimally invasive surgery. This could enable paralyzed limbs to be controlled directly through thought, restore vision or even enhance human intelligence.
Porter’s Analysis
Threat of new entrants: Entry barriers like R&D costs and regulatory approvals are high in this market. Bargaining power of buyers: Individual buyers have low bargaining power due to undifferentiated nature of products but group purchasers have moderate power. Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to specialist components and expertise required. Threat of new substitutes: Threat is moderate as new materials and technologies emerge continuously. Competitive rivalry: Competition is high among the key players to gain higher market share through product innovations and expanded geographical presence.
Geographical Regions
North America holds the major share of the global neuroprosthetics market, particularly the United States. The region contributes to over 40% of the total market value owing to supporting regulatory environment, higher adoption and awareness levels. Developed European markets like Germany, France and United Kingdom collectively make up the second largest regional market. Asia Pacific region exhibits fastest growth led by untapped opportunities in large economies like China and India combined with improving affordability and access to care.
The Asia Pacific region is expected to witness the fastest growth over the forecast period in the global neuroprosthetics market due to rapidly increasing patient pool, rising medical tourism, and improving healthcare expenditure in countries such as India, China and other developing Asian countries.
