Global Neuroprosthetics Market 2017-2021

Overview of the global neuroprosthetics market

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.

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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.

Neuroprosthetics market forecast: Competitive landscape and key vendors

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.

The leading vendors in the neuroprosthetics market

• Abbott (St. Jude Medical)
• Boston Scientific
• Cochlear
• Medtronic
• Sonova

Neuroprosthetics market segmentation by application

• Neuromodulation devices
• Cognitive devices

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.

Neuroprosthetics market segmentation by end-user

• Hospitals
• Ambulatory Surgical Centers (ASCs)

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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Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global neuroprosthetics market?
• What are the key market trends impacting the growth of the global neuroprosthetics market?
• What are the challenges to market growth?
• Who are the key vendors in the global neuroprosthetics market?
• What are the market opportunities and threats faced by the vendors in the global neuroprosthetics market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global neuroprosthetics market?

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