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(Health-NewsWire.Net, March 24, 2020 ) Market Overview
• The Global Neuroprosthetics Market is expected to grow at a CAGR of 12.2% during the forecasting period (2019-2026).
• 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.
• In addition, increasing number of hearing loss cases is also driving the growth of the market. For instance, it is estimated that more than 44 million American adults aged 20 or older are expected to suffer from hearing loss by 2020. Owing to rising ageing population, the hearing loss number is estimated to reach 75 million by 2060. In the United States, the population with hearing disorders is expected to increase from about 15% of adults to 22%. Hence, high rates of hearing loss are leading to rise in demand for advanced devices. The manufacturers are continuously developing new technology of the external machinery and the design and positioning of the internal electrode to improve performance and provide more naturalistic sound.
• Also, new players are entering the market innovating new devices with support of government funding. For instance, in October 2019, SensArs Neuroprosthetics has received a 3 million EUR grant as part of the European Union’s Horizon Research and Innovation program. The startup will coordinate and use the funds to further develop and test its product, the neuroprosthetic system.
• However, high cost of the devices is hindering the growth of the market. Neuroprosthetics is an emerging treatment option for the hearing damage, which makes them very expensive especially in developing countries. Neuroprosthetics such as cochlear prosthesis, visual prosthesis, and hippocampal (or cognition) prostheses are generally very expensive and make it difficult for most of the patients to access.
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.
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.
• In addition, increasing R&D investments, growing funding from both government and private institutes, and large presence of neural implants manufacturers are driving to the growth of the market in this region. For instance, the Defense Advanced Research Project Agency (DARPA) and National Institute of Neurological Disorders and Stroke (NIH) in collaboration with the federal agencies are instrumental in providing funds to support R&D initiatives for the further development of neural implants.
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.
• The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the neuroprosthetics market globally. For instance,
• 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.
• In June 2019, RxFunction, Inc. has launched Walkasins®, a wearable lower limb sensory neuroprosthesis that helps improve balance and gait in patients who experience balance problems due to sensory peripheral neuropathy.
• In November 2017, the U.S. FDA has approved a remote feature for follow-up programming sessions for the Nucleus Cochlear Implant System through a telemedicine platform. The remote programming feature is indicated for patients who have had six months of experience with their cochlear implant sound processor and are comfortable with the programming process.
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