Neuroprosthetics Market To Reach USD 15.8 Billion By 2026 | Reports And Data Print E-mail
By GLOBE NEWSWIRE   
Tuesday, 14 January 2020 05:01

New York, Jan. 14, 2020 (GLOBE NEWSWIRE)

New York, Jan. 14, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Neuroprosthetics market was valued at USD 6.1 Billion in 2018 and is expected to reach USD 15.8 Billion by the year 2026, at a CAGR of 12.4%. The study covers Neuroprosthetics, neuroscience, and biomedical engineering discipline, concerned with developing neural prostheses. Neural prostheses are the assistive devices that can restore functions lost because of neural damage by substituting motor, sensory, or cognitive modality. Growing healthcare awareness all over the globe, rising prevalence of chronic diseases, rise in the number of patients with nerve injuries and neurological diseases, an increasing number of road mishaps and accidents elevating the number of amputation cases, and rising hearing loss incidences, are some of the key factors propelling Neuroprosthetics market growth in the industry.

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However, non-favorable reimbursement scenarios, high cost of neuroprosthetics, lack of skilled professionals, and availability of advanced alternative treatment options are the major hindrance for Neuroprosthetics market growth during 2019-2026. The Neuroprosthetics market is much fragmented, and major players are adopting various techniques to grow their range of product offerings. For instance, In June, Medtronic, a medical device company, announced a new outcomes-based agreement with Aetna, one of the largest healthcare company in the States. The agreement focuses on patients who rely on multiple daily insulin injections for type 1 and type 2 diabetes. The agreement is a dedication for the smooth transition of Aetna members multiple daily injections to a Medtronic insulin pump.

Further key findings from the report suggest

  • Neuroprosthetics market is growing at a CAGR of 6 % in Asia Pacific followed by North America and Europe, with 12.2 % and 12.1 % CAGR, respectively. Rising prevalence of chronic diseases and growing healthcare awareness all over the globe is the prominent factor to accelerate the Neuroprosthetics market growth during forecast period across all regions
  • As of 2018, Auditory Prosthetics/Cochlear Implants is the dominating Neuroprosthetics which holds 36.7 % of the global market. Rising incidences of hearing loss is driving the growth of the market segment. European regional. Neuroprosthetics market is the major revenue generating source for this market segment, followed by North America and Asia-Pacific regions
  • Motor Prosthetics is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 12.8 %. However, associated side effects and high costs are major challenge for the Neuroprosthetics market growth of this market segment
  • Deep Brain stimulation technology type segment was valued at USD 1.06 billion in 2018 and is expected reach USD 2.7 billion by 2026, growing at a CAGR of 12.1 %
  • Asia Pacific is anticipated to account for the around 20 % of the global Neuroprosthetics market in 2018. Developing nations such China, and India are likely to witness significant Neuroprosthetics market growth owing it to increasing healthcare awareness and increasing cases of amputation due to road mishaps and accidents.
  • High cost of Neuroprosthetics and lack of favorable reimbursement scenarios and skilled professionals is likely to hinder the Neuroprosthetics market growth during the forecast period
  • Key participants include Second Site, Boston Scientific Corporation, Medtronic, Inc., Neuropace, Cochlear Limited, Abbott, Sonova, NeuroPace, Inc., Cyberonics, Inc., and Nervo Corp.

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/neuroprosthetics-market

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an in-depth analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Neuroprosthetics market on the basis of type, technology type, application, and region:                   

Type (Revenue, USD Million; 2016–2026)

  • Motor Prosthetics
  • Auditory Prosthetics/Cochlear Implants
  • Cognitive Prosthetics
  • Visual Prosthetics/Retinal Implants

Technology Type (Revenue, USD Million; 2016–2026)

  • Deep Brain stimulation
  • Vagus Nerve stimulation
  • Spinal Cord stimulation
  • Sacral Nerve Stimulation
  • Transcranial magnetic Stimulation

Application Type (Revenue, USD Million; 2016–2026)

  • Motor Neuron Disorders
  • Parkinson’s Disease
  • Epilepsy
  • Physiological Disorders
  • Auditory Processing Disorders
  • Ophthalmic Disorders
  • Cardiovascular Disorders
  • Kidney Diseases
  • Cognitive
  • Alzheimer’s Disease
  • Severe Depression

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Regional Outlook (Revenue in USD Million; 2016–2026)

  • North America
    • U.S.
  • Europe
    • France
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East and Africa

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