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Technavio’s market study identifies the rising prevalence of neurological disorders to be one of the primary growth factors for the neuroprosthetics market. Neurological disorders are affecting a large number of individuals in regions such as the US, Canada, Germany, China, and India. Individuals suffering from neurological disorders demand neuroprosthetics as these devices aid to restore the neural stability and functionality in individuals suffering from loss of motor control.
Neurological disorders such as MS, SCI, amyotrophic lateral sclerosis, and stroke affect the spinal cord and brain and cause medical conditions and loss of motor control. this will subsequently drive the need for neuroprosthetics, fueling market growth. Our market research analysts estimate that this market will grow steadily at a CAGR of about 7% by 2021.
Neuroprosthetics market trends
Medical professionals are becoming increasingly aware of the benefits of neuroprosthetic devices. It has been identified that neuroprosthetics devices are effective in regaining and increasing muscle strength and continence, providing pain relief, and restoring body movement including limbs and arms. Clinical trials are being conducted regarding the use of neuroprosthetics devices such as deep brain stimulators and nerve stimulators that use electric current to stimulate the paralyzed muscle that is damaged or disabled. The increasing focus on research is identified to be one of the key trends contributing to the growth of the neuroprosthetics market.
The neuroprosthetics market is highly fragmented due to the presence of several international, regional, and local vendors who manufacture neuromodulation and cognitive devices. Key vendors are significantly investing in R&D to upgrade their device technology and are focusing on M&A to increase their geographical presence. To attain a competitive advantage among the competitors, vendors in the neural prosthesis market are focusing on launching innovative products with differentiated features.
Neuromodulation devices are effective in treating movement disorders and unmanageable chronic pain. These devices provide direct stimulation to the nervous system using electrical signal and have high potential applications in replacing impaired neural function.
Individuals suffering from neurological disorders approach hospitals since these institutions provide specialized services for treatment, diagnosis, and surgical interventions. Factors such as the availability of skilled professionals with knowledge and expertise in providing adequate treatment influence and the increasing incidence of neurological disorders, contribute to the growth of the neuroprosthetics market in this end-user segment.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by end-users
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
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