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(Health-NewsWire.Net, November 28, 2019 ) Market Overview
• Neuroprosthetics (neural prosthetics) is a branch related to neuroscience and biomedical engineering concerned with developing neural prostheses. These are series of devices that can substitute for the functions of a motor, sensory, or cognitive modality that may have been damaged because of an injury or a disease.
Market Dynamics
• The global neuroprosthetics market is growing due to several factors such as rising number of patients suffering from neurological disorders and nerve injuries, growing prevalence of diabetes, increasing incidence of hearing loss, and technological advancements in the devices.
• Neurological disorder is one the major causes of death and disability worldwide. In 2016, neurological disorders were the leading cause of disability-adjusted life years (DALYs) (276 million) and second leading cause of deaths (9.0 million). The number of deaths and DALYs from all neurological disorders combined increased (deaths by 39% and DALYs by 15%) whereas their age-standardized rates decreased (deaths by 28% and DALYs by 27%) between 1990 and 2016. The four largest contributors of neurological DALYs were stroke, migraine, Alzheimer's & other dementias, and meningitis. Hence, with rising number of cases of neurological disorders, the demand for neuroprosthetics is increasing.
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Market Segmentation
• By product type, neuroprosthetics market is segmented into output neural prosthetics and input neural prosthetics. The output neural prosthetics includes cognitive prosthetics and cochlear implants. The output neural prosthetics accounted for the largest market share in 2018. The input neural prosthetics includes bionic eye/retinal implants. The retinal implants are estimated to grow at the fastest growth rate during the forecast period, owing to the rising penetration and the increasing R&D efforts pertaining to product innovation.
• By technology, the market is segmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, transcranial magnetic stimulation, sacral nerve stimulation, and others. Among these, the spinal cord stimulation (SCS) segment held the largest share in 2018, due to the analgesic property of the SCS therapy used in the treatment of ischemic pain, failed back surgery syndrome, and complex refractory pain syndrome. SCSs are used in intraspinal and epidural microstimulation for inducing leg movements.
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Geographical Analysis
• North America is dominating the global neuroprosthetics market accounting for largest market share in 2018, owing increasing prevalence of neurological disorders and growing geriatric population. For instance, according to the Federal Interagency Forum on Aging-Related Statistics, 35.8% of persons aged 85 years and older have moderate or severe memory impairment in US. Annually, of the 1.2 million most frequently diagnosed adult-onset brain disorders, 51.3% and 21% are due to stroke and Alzheimer’s disease, respectively. More than 30 million Americans are exposed to dangerous levels of noise in the workplace, according to the Hearing Loss Association of America.
Competitive Landscape
• The neuroprosthetics market is competitive with few major players copetiting to gain market share. Some of the major players in the global neuroprosthetics market include: Boston Scientific, Medtronic, Abbott, Cochlear, LivaNova, Sonova, Retina Implant, Med-El, Neuropace, NDI Medical, among others.
• In October 2019, researchers at Ecole polytechnique fédérale de Lausanne (EPFL)’s Laboratory for Soft BioElectronic Interface (LSBI) developed a conformable, electrode implant to restore hearing in those with a dysfunctional inner ear. The implant will provide an alternative to current auditory brainstem implants (ABIs), neuroprosthetics that deliver electrical signals directly to the auditory brainstem.
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