The neuroprosthetics market is projected to reach USD 10.48 billion by 2022 from USD 5.84 billion in 2017, at a CAGR of 12.4%. The major factors driving the growth of this market are the increasing number of patients suffering from neurological disorders and nerve injury, growing incidence of hearing loss, increasing cases of amputations due to the rising number of accidents & injuries, and increasing prevalence of diabetes.
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By technique, the spinal cord stimulation segment of the neuroprosthetics market is expected to hold the largest share during the forecast period.
By technique, the neuroprosthetics market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation. In 2017, the spinal cord stimulation segment is expected to account for the largest share of the market. The large share of this segment can be primarily attributed to the increasing number of people suffering from back surgery syndrome, ischemia, and chronic pain across the globe.
By application, the motor neuron disorders segment is expected to account for the largest share of the neuroprosthetics market during the forecast period.
Based on application, the neuroprosthetics market is segmented into motor neuron disorders, physiological disorders, and cognitive disorders. In 2017, the motor neuron disorders segment is expected to account for the largest share of the neuroprosthetics market. Increasing incidence of neurological disorders such as Parkinson’s disease and epilepsy is expected to drive the growth of this segment.
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.
Key Market Players
Medtronic (US), Abbott (US), Cochlear (Australia), and Boston Scientific (US).
Recent Developments
In 2017, Medtronic (US) received FDA approval for the Intellis Platform Spinal Cord Stimulator (SCS).
In 2017, Abbott Laboratories (US) acquired St. Jude Medical (US) to strengthen its position in the neuroprosthetics market.
In 2017, Cochlear (Australia) signed an agreement with Otoconsult NV (Belgium) to develop artificial intelligence technology, which helps the company strengthen its cochlear implant portfolio.
In 2017 Retina Implant AG (Germany) underwent a merger with Okuvision (Germany) to strengthen its position in the neuroprosthetics market.
In 2016, Boston Scientific (US) acquired Cosman Medical (US) to add the spinal cord stimulator and deep brain stimulation systems to its product portfolio.
