Neuroprosthetics Market Size Overview, Growth Opportunities and Forecast to 2027

 Neuroprosthetics Market 2021

The Neuroprosthetics Market  growth is slated to surpass a valuation of USD 10.48 billion by 2023. This Neuroprosthetics Market Size would be achieved by following a 12.4% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) predicted some strong factors that can take the global market forward. These factors are the rising cases of neuron-related diseases, such as Epilepsy, Parkinson’s, and visual prosthetics among many, inclusion of top-rated technologies, infrastructural upgradation, and financial support to boost research and development related projects. 

However, there are chances that the market may find it difficult to grow in the coming years due to the high cost associated with the procedure and low awareness level among market players. 

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Major Key Players:

MRFR published the report on neuroprosthesis market with focus on market players such as Cochlear (Australia), Abbott (US), Neuropace (US), Medtronic (US), Boston Scientific (US), Sonova (UK), Livanova (UK), Med-El (UK), Retina Implant (US), Nevro (California), Second Sight (US), and others.

Segmentation

The global Neuroprosthetics Market has been studied based on segmentation that includes technology, applications, type, and end users. The segments and data gathered from there are expected to boost market analysis and help in forming better strategies to increase profit margin. 

By type, the global report on the Neuroprosthetics Market has been segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics segment includes cognitive prosthetics and motor prosthetics. The input segment can be studied on the basis of cochlear implant and visual prosthetic.

By techniques, the report on the Neuroprosthetics Market has been segmented into deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and spinal cord stimulation.

By application, the report on the Neuroprosthetics Market can be segmented into physiological disorders, motor neuron disorders, and cognitive disorders. Motor neuron disorders include Parkinson’s disease and Epilepsy disorder. Physiological disorders comprise ophthalmic disorders, cardiovascular disorders, auditory processing disorders, and urology disorders. Cognitive disorders comprise paralysis, Alzheimer’s disease, and severe depression. 

By end-users, the report discussing changes in the Neuroprosthetics Market Size has been segmented into diagnostic centers, hospitals and clinics, research centers, and others.

Regional Analysis:

MRFR regionally segments the Neuroprosthetics Market Size into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

North America’s market dominance can be attributed to researches regarding the prevalence of neural diseases such as Epilepsy and Parkinson’s disease. Patient number, diagnosed with Parkinson’s disease, is quite high and is triggering the inflation of the Neuroprosthetics Market Size in the region.

Europe stands second in terms of the value of the market. The region, with a robust healthcare sector, gets fund in research and development regarding neuroprosthetics from both governments and private investors.

The APAC market is expecting high growth during the forecast period owing to the vast patient pool present in the region. Cognitive disorders and other neurological problems are present in a considerable number to boost the market. The regional market is gaining momentum from the revamped healthcare sector and the strategic decisions of various market players of investing in the region. The number of patients suffering from Alzheimer is also quite high which is providing traction to the market. 

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About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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