According to the current analysis of Reports and Data, the global Neuroprosthetics market was valued at USD 9.60 Billion in 2021 and is expected to reach USD 27.05 Billion by the year 2030, at a CAGR of 12.1%. The study covers Neuroprosthetics, neuroscience, and biomedical engineering discipline, concerned with developing neural prostheses. Neural prostheses are the assistive devices that can restore functions lost because of neural damage by substituting motor, sensory, or cognitive modality. Growing healthcare awareness all over the globe, rising prevalence of chronic diseases, rise in the number of patients with nerve injuries and neurological diseases, an increasing number of road mishaps and accidents elevating the number of amputation cases, and rising hearing loss incidences, are some of the key factors propelling Neuroprosthetics market growth in the industry.
However, non-favorable reimbursement scenarios, high cost of neuroprosthetics, lack of skilled professionals, and availability of advanced alternative treatment options are the major hindrance for Neuroprosthetics market growth during 2019-2026. The Neuroprosthetics market is much fragmented, and major players are adopting various techniques to grow their range of product offerings. For instance, In June, Medtronic, a medical device company, announced a new outcomes-based agreement with Aetna, one of the largest healthcare company in the States. The agreement focuses on patients who rely on multiple daily insulin injections for type 1 and type 2 diabetes. The agreement is a dedication for the smooth transition of Aetna members multiple daily injections to a Medtronic insulin pump.
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Market Overview:
The global Neuroprosthetics market has significantly grown over the recent past and is expected to register rapid growth over the forecast period. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Neuroprosthetics market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
Competitive Outlook of the Global Neuroprosthetics Market
The globla Neuroprosthetics market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Neuroprosthetics market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Boston Scientific Corporation, Medtronic, Inc., Neuropace, Cochlear Limited, Abbott, Sonova, NeuroPace, Inc., Cyberonics, Inc., and Nervo Corp.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Neuroprosthetics Market Segmentation:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Output Neural Prosthetics
- Input Neural Prosthetics
Technique Outlook (Revenue, USD Billion; 2019-2030)
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Vagus Nerve Stimulation
- Sacral Nerve Stimulation
- Transcranial Magnetic Stimulation
Application Outlook (Revenue, USD Billion; 2019-2030)
- Motor Neuron Disorders
- Physiological Disorders
- Cognitive Disorders
Geographic Segment Covered in the Report:
The Neuroprosthetics report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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