(I-BusinessNews.Com, July 23, 2021 ) 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.
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By input neural prosthetics, the cochlear implants segment is expected to dominate the market in 2017
On the basis of input neural prosthetics is subsegmented into cochlear implants and bionic eye/retinal implants. The cochlear implants segment accounted for the largest share of this market segment. This growth can be attributed to the increasing number of people suffering from hearing loss which drives this segment.
By technique, the spinal cord stimulation segment is expected to dominate the market in 2017
In the technique, the neuroprosthetics market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. The spinal cord stimulation segment holds the largest share in the market. The growth is primarily attributed to the increasing number of people suffering from back surgery syndrome, ischemia, and chronic pain across the globe.
Asia Pacific offers lucrative growth opportunities
By region, the global neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America holds the largest share of the market in 2017, Asia Pacific is expected to register the highest CAGR during the forecast period. The presence of emerging economies like China and India; increasing funding and support for launches of new product; and increasing neurological disorder in the region are some major factors driving the high growth of this regional segment.
Some of the major players operating in the neuroprosthetics market are Boston Scientific (US), LivaNova (UK), Medtronic (US), Abbott (US), Cochlear (Australia), and Second sight (US).
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