Neuroprosthetics Market - Key Players & Their Growth Strategies - Exclusive Report by MarketsandMarkets™

The global neuroprosthetics market is expected to reach USD 10.48 Billion by 2022 from USD 5.84 Billion in 2017, at a CAGR of 12.4%, according to a new report by MarketsandMarkets™. Neuroprosthetic devices are used to develop or supplant the central nervous system’s function, when embedded in the human body, in order to stimulate organ function that was previously incomplete due to a disease or injury.

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Globally, the neuroprosthetics market is witnessing high growth due to factors such as increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries.

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North America is expected to command the largest share of the market during the forecast period.

Based on region, the neuroprosthetics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America is expected to command the largest share of the neuroprosthetics market. The large share of this market can primarily be attributed to the high incidence of vision and hearing loss, rising prevalence of neurological disorders, and the strong presence of industry players in this region.

Leading Companies:

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).

Companies have great opportunity in the emerging market, like expanded target application and new indication; increase in neurological disorders and the large patient population in countries like India, China, and Japan are the major factors that will support market growth during the forecast period. Increasing cases of neurological disorders drive the market in this country. According to the WHO, most individuals with dementia live in developing countries; this figure was 60% in 2001 and is estimated to reach 71% by 2040. According to an article published in the Chinese Journal of Traumatology (2015), around 3-4 million traumatic brain injuries (TBI) cases are found annually in China.

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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting

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