Report Scope & Overview:
Neuroprosthetics Market size was valued at USD 10.40 billion in 2022 and is expected to reach at USD 26.12 billion by 2030, and grow at a CAGR of 12.2% over the forecast period of 2023-2030.
Neuroprosthetics is something which can be defined as devices which are placed inside patient’s brain or on the patient’s scalp, neuroprosthetics devices functions in such a manner that it can send a message to the person who is suffering from loss of vision or with hearing disability. Cochlear implants is one of the example in which the device is placed exactly behind the ear and the message is transferred effortlessly, the rise in the neurological patients due to several reasons some of the basic include accidents, genetic problem and some neurological displacement. The technological advancement in the healthcare industry is the opportunity for the neuroprosthetics device market to grow. The rise in the neurological disorders is also the driving factor for the neuroprosthetics market. The major problem with the Neuroprosthetics device market is the lack of awareness in the emerging countries regarding the devices available which may be considered as the biggest challenge neuroprosthetics market may face in the future.
Impact of covid 19
Covid 19 had a negative effect on to neuroprosthetics devices due to the lockdown rules imposed by the government it was very hard for the patients to have access to the hospitals also it was hard for the industry in terms of production level due to the disruption of the supply chain management. Access to hospitals was very hard for the patients suffering from neurological disorders as the whole healthcare industry was busy treating covid 19 patients also problems like lack of staff availability of slots caused a problem.
Rise in the number of the neurological disorders all around the globe.
Neurological conditions including Alzheimer's, Parkinson's, and stroke are more prevalent as people age. The prevalence of these illnesses is predicted to rise as the world's population continues to age. Neurological illnesses are now more accurately identified and diagnosed thanks to improvements in medical technology and public knowledge. The apparent increase in instances recorded is thought to be due to more precise diagnoses.
Availability of other treatment options which can substitute the neuroprosthetics devices.
High cost of the neuroprosthetics devices.
The price of neuroprosthetics is high for a variety of reasons. First of all, complex and advanced technologies are utilised in the development and manufacturing processes for these gadgets. Specialised materials, cutting-edge electronics, and exact engineering processes are needed for the design and manufacture of neuroprosthetic devices, which adds to the overall cost.
The advanced technology in the healthcare industry
Rise in the awareness of the neuroprosthetics devices.
Significant technological breakthroughs have raised the sophistication, usefulness, and accessibility of neuroprosthetics devices. The potential of neuroprosthetics has been enhanced thanks to better electrode designs, miniaturization, and wireless communication, attracting attention and raising awareness. In the realm of neuroprosthetics, ongoing research and development have led to ground-breaking discoveries and success stories. Public awareness has increased as a result of high-profile examples and demonstrations of people employing neuroprosthetics to regain lost functions.
Lack of awareness among the patient in the emerging countries regarding neuroprosthetics devices.
Impact of Russia Ukraine War
Impact of Russia Ukraine war had a negative effect on the healthcare industry which included problems caused by the disruptions of supply chain management. Which further contributed towards the supply of raw materials by the Russia and Ukraine also by the countries around those nations, Russia Ukraine war had a negative impact on the healthcare industry due to the loss of the infrastructure facilities also the OEMs which caused disruptions in the production and the supply of the raw materials.
Impact of the ongoing recession
The recession will bring economic barriers worldwide, but according to our expert this recession will have a limited impact on the employability, but it has been said that a recession changes the buying pattern of people, in healthcare industry it was noted during the previous recession people think twice before visiting the hospital due to the high expenses of the hospitals ,when we consider the neuroprosthetics market the devices are costly so there are chances people might go for other alternative options which are inexpensive.
Output neural prosthetics
Input neural prosthetics
Spinal Cord Stimulation
Deep Brain stimulation
Vagus Nerve stimulation
Sacral nerve Stimulation
Transcranial Magnetic Stimulation
Motor neurons disorders
North America is said to be the dominating region for the neuroprosthetics market compared to the other region because of the rise in the awareness of the neuroprosthetics devices. Also, the technological advancement and the funding which is been provided by the government are the driving factor for the neuroprosthetics market.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Medtronic plc, Cochlear Ltd, Boston Scientific, Abbott laboratories, LivaNova, Retina implant Ag, Sonova, Neuropace, Second Sight medical products, Nevro, MED-EL and others.
|Market Size in 2022||US$ 10.40 Bn|
|Market Size by 2030||US$ 26.12 Bn|
|CAGR||CAGR of 12.2% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (Output neural prosthetics, Input neural prosthetics)
• By Technique (Spinal Cord Stimulation, Deep Brain stimulation, Vagus Nerve stimulation, Sacral nerve Stimulation, Transcranial Magnetic Stimulation)
• By Application (Motor neurons disorders, Physiological disorders, Cognitive disorders)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Medtronic plc, Cochlear Ltd, Boston Scientific, Abbott laboratories, LivaNova, Retina implant Ag, Sonova, Neuropace, Second Sight medical products, Nevro, MED-EL and others.|
|Key Drivers||• Rise in the number of the neurological disorders all around the globe.|
|Market Opportunities||• The advanced technology in the healthcare industry
• Rise in the awareness of the neuroprosthetics devices.
Ans: The Neuroprosthetics Market size was valued at USD 10.40 billion in 2022 and is expected to reach at USD 26.12 billion by 2030, and grow at a CAGR of 12.2% over the forecast period of 2023-2030.
Ans: High cost of the neuroprosthetics devices.
Ans: North America will dominate this market followed by APAC also showing good growth for the Neuroprosthetics Market.
Ans : Covid 19 had a negative effect on to neuroprosthetics devices due to the lockdown rules imposed by the government
Ans: The advanced technology in the healthcare industry
Rise in the awareness of the neuroprosthetics devices.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Neuroprosthetics Market Segmentation, by Type
8.1 Output neural prosthetics
8.2 Input neural prosthetics
9. Neuroprosthetics Market Segmentation, by Technique
9.1 Spinal Cord Stimulation
9.2 Deep Brain stimulation
9.3 Vagus Nerve stimulation
9.4 Sacral nerve Stimulation
9.5 Transcranial Magnetic Stimulation
10 Neuroprosthetics Market Segmentation, by Application
10.1 Motor neurons disorders
10.2 Physiological disorders
10.3 Cognitive disorders
11. Regional Analysis
11.2 North America
11.2.1 North America Neuroprosthetics Market by country
11.2.2North America Neuroprosthetics Market by Type
11.2.3 North America Neuroprosthetics Market by Technique
11.2.4 North America Neuroprosthetics Market by Application
126.96.36.199 USA Neuroprosthetics Market by Type
188.8.131.52 USA Neuroprosthetics Market by Technique
184.108.40.206 USA Neuroprosthetics Market by Application
220.127.116.11 Canada Neuroprosthetics Market by Type
18.104.22.168 Canada Neuroprosthetics Market by Technique
22.214.171.124 Canada Neuroprosthetics Market by Application
126.96.36.199 Mexico Neuroprosthetics Market by Type
188.8.131.52 Mexico Neuroprosthetics Market by Technique
184.108.40.206 Mexico Neuroprosthetics Market by Application
11.3.1 Europe Neuroprosthetics Market by country
220.127.116.11 Europe Neuroprosthetics Market by Type
11.3.3 Europe Neuroprosthetics Market by Technique
11.3.4 Europe Neuroprosthetics Market by Application
18.104.22.168 Germany Neuroprosthetics Market by Type
22.214.171.124 Germany Neuroprosthetics Market by Technique
126.96.36.199 Germany Neuroprosthetics Market by Application
188.8.131.52 UK Neuroprosthetics Market by Type
184.108.40.206 UK Neuroprosthetics Market by Technique
220.127.116.11 UK Neuroprosthetics Market by Application
18.104.22.168 France Neuroprosthetics Market by Type
22.214.171.124 France Neuroprosthetics Market by Technique
126.96.36.199 France Neuroprosthetics Market by Application
188.8.131.52 Italy Neuroprosthetics Market by Type
184.108.40.206 Italy Neuroprosthetics Market by Technique
220.127.116.11 Italy Neuroprosthetics Market by Application
18.104.22.168 Spain Neuroprosthetics Market by Type
22.214.171.124 Spain Neuroprosthetics Market by Technique
126.96.36.199 Spain Neuroprosthetics Market by Application
11.3.10 The Netherlands
188.8.131.52 Netherlands Neuroprosthetics Market by Type
184.108.40.206 Netherlands Neuroprosthetics Market by Technique
220.127.116.11 Netherlands Neuroprosthetics Market by Application
11.3.11 Rest of Europe
18.104.22.168 Rest of Europe Neuroprosthetics Market by Type
22.214.171.124 Rest of Europe Neuroprosthetics Market by Technique
126.96.36.199 Rest of Europe Neuroprosthetics Market by Application
11.4.1 Asia Pacific Neuroprosthetics Market by country
11.4.2 Asia Pacific Neuroprosthetics Market by Type
11.4.3 Asia Pacific Neuroprosthetics Market by Technique
11.4.4 Asia Pacific Neuroprosthetics Market by Application
188.8.131.52 Japan Neuroprosthetics Market by Type
184.108.40.206 Japan Neuroprosthetics Market by Technique
220.127.116.11 Japan Neuroprosthetics Market by Application
11.4.6 South Korea
18.104.22.168 South Korea Neuroprosthetics Market by Type
22.214.171.124 South Korea Neuroprosthetics Market by Technique
126.96.36.199 South Korea Neuroprosthetics Market by Application
188.8.131.52 China Neuroprosthetics Market by Type
184.108.40.206 China Neuroprosthetics Market by Technique
220.127.116.11 China Neuroprosthetics Market by Application
18.104.22.168 India Neuroprosthetics Market by Type
22.214.171.124 India Neuroprosthetics Market by Technique
126.96.36.199 India Neuroprosthetics Market by Application
188.8.131.52 Australia Neuroprosthetics Market by Type
184.108.40.206 Australia Neuroprosthetics Market by Technique
220.127.116.11 Australia Neuroprosthetics Market by Application
11.4.10 Rest of Asia-Pacific
18.104.22.168 APAC Neuroprosthetics Market by Type
22.214.171.124 APAC Neuroprosthetics Market by Technique
126.96.36.199 APAC Neuroprosthetics Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Neuroprosthetics Market by country
11.5.2 The Middle East & Africa Neuroprosthetics Market by Type
11.5.3 The Middle East & Africa Neuroprosthetics Market by Technique
11.5.4 The Middle East & Africa Neuroprosthetics Market by Application
188.8.131.52 Israel Neuroprosthetics Market by Type
184.108.40.206 Israel Neuroprosthetics Market by Technique
220.127.116.11 Israel Neuroprosthetics Market by Application
18.104.22.168 UAE Neuroprosthetics Market by Type
22.214.171.124 UAE Neuroprosthetics Market by Technique
126.96.36.199 UAE Neuroprosthetics Market by Application
11.5.7 South Africa
188.8.131.52 South Africa Neuroprosthetics Market by Type
184.108.40.206 South Africa Neuroprosthetics Market by Technique
220.127.116.11 South Africa Neuroprosthetics Market by Application
11.5.8 Rest of Middle East & Africa
18.104.22.168 Rest of Middle East & Asia Neuroprosthetics Market by Type
22.214.171.124 Rest of Middle East & Asia Neuroprosthetics Market Phase
126.96.36.199 Rest of Middle East & Asia Neuroprosthetics Market by Application
11.6 Latin America
11.6.1 Latin America Neuroprosthetics Market by country
11.6.2 Latin America Neuroprosthetics Market by Type
11.6.3 Latin America Neuroprosthetics Market by Technique
11.6.4 Latin America Neuroprosthetics Market by Application
188.8.131.52 Brazil Neuroprosthetics Market by Type
184.108.40.206 Brazil Neuroprosthetics Market by Technique
220.127.116.11 Brazil Neuroprosthetics Market by Application
18.104.22.168 Argentina Neuroprosthetics Market by Type
22.214.171.124 Argentina Neuroprosthetics Market by Technique
126.96.36.199 Argentina Neuroprosthetics Market by Application
11.6.7 Rest of Latin America
188.8.131.52 Rest of Latin America Neuroprosthetics Market by Type
184.108.40.206 Rest of Latin America Neuroprosthetics Market by Technique
220.127.116.11 Rest of Latin America Neuroprosthetics Market by Application
12. Company Profile
12.1 Medtronic plc
12.1.1 Market Overview
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Cochlear Ltd
12.2.1 Market Overview
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Boston Scientific
12.3.1 Market Overview
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Abbott laboratories
12.4.1 Market Overview
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5.1 Market Overview
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Retina implant Ag,
12.6.1 Market Overview
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7.1 Market Overview
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8.1 Market Overview
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Second Sight medical products
12.9.1 Market Overview
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10.1 Market Overview
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11.1 Market Overview
12.11.4 SWOT Analysis
12.11.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14 Used Cases & Best Practices
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