The global neuroprosthetics market was valued at USD 4.2 billion in 2015. The increasing incidence rate of diseases, such as Parkinson’s, epilepsy, auditory, ophthalmic, neuromuscular junction/muscles disorders, Alzheimer’s, and severe depression is the primary factor driving the growth of the neuroprosthetics market.
Moreover, the rising R&D investments for the development of new devices and products with innovative technologies to devise effective treatment plans for neurological diseases are expected to boost the growth of the Brain Computer Interface (BCI) devices and thereby the overall neuroprosthetics industry. The growing adoption of self-charging implants that use bioenergy is anticipated to fuel the demand for brain implants over the forecast period.
In addition, the increasing geriatric population prone to neurological diseases is a high impact rendering driver as the demand for neural implants is increasing over the forecast period.
North America Neuroprosthetics Market, By Type, 2014 - 2024 (USD Million)
Spinal Cord Stimulation (SCS) held the largest market share of the technology segment of over 50.0% in 2015. This dominance is attributed to the greater penetration coupled with the introduction of technologically advanced devices with improved applications that are used in disorders with impaired motor, sensory, and autonomic functions.
Due to the growing adoption of commercial technologies such as DBS (Deep Brain Stimulators) and VNS (Vagus Nerve Stimulators), the overall technology market segment is expected to experience significant growth. The introduction of technologically advanced devices, such as Local Field Potentials (LFPs), automated and movable probes, MRI, and images featuring surgical implants, is expected to present this market with future growth opportunities.
Also, manufacturers are constantly developing next-generation technologies to enhance therapeutic interventions used in treatments to restore impaired neurological functions, which makes SNS (Sacral Nerve Stimulators) as the fastest growing technology in the market.
Motor prosthetics held the largest market share in 2015, followed by cochlear prosthetics. The motor prosthetics segment held the largest share of the market owing to the rising adoption of bladder control implants and brain computer interface for paraplegic and lateral sclerosis patients, respectively The auditory segment witnessed a rapid growth in the neural prostheses (NPs) market due to its increasing use for patients with hearing impairments such as brain stem implants ABI’s and mid-brain AMI’s. Cochlear implants find its applications in signal processing and stimulation therapy systems, which provide scope for future treatments of neural disorders.
Neuroprosthetics finds wide applicability in the treatment of various neurological diseases, Alzheimer’s, Parkinson’s disease, spinal cord injuries, and traumatic brain injuries. Based on application the neuroprosthetic devices are classified into motor neuron disorders, physiological disorders, and cognitive disorders. In 2015, neuroprosthetic devices have found largest application in the motor neuron disorders owing to its rising adoption in Parkinson’s and epilepsy coupled with the rising prevalence of these aforementioned disorders, thereby widening the consumer base.
Whereas, cognitive disorders are anticipated to be the fastest growing segment owing to the rising incidences of Alzheimer’s disease and severe depression. The introduction of advanced implants capable of calculating limb trajectory and stimulating motor control for movements, used in the treatment of paralysis are further anticipated to augment the market growth over the forecast period.
North America held the largest revenue in 2015 and accounted for 50.0% of overall market share. The large share is attributed to the presence of factors, such as government &private funding and well-established healthcare facilities. In the European market, neuroprosthetics is expected to show an upward shift owing to the increasing government initiatives pertaining to the development of technologically advanced devices for individuals with a hearing impairment, which offer fast and speedy growth.
Asia pacific is expected to be the fastest growing region due to the presence of untapped opportunities in the emerging economies. The increasing focus towards overall cost reduction in the manufacturing of implants and the rising awareness levels amongst patients are the factors propelling the industry growth in this region. Furthermore, the rising investment by industry players in the form of new manufacturing facilities is predicted to present with a high growth potential for neural implants in the coming years.
Competitive Market Share Insights
Cochlear Limited, Cyberonics Inc., Medtronic Inc., NDI Medical LLC, and NeuroPace, Inc. are some key players in the neuroprosthetics market. Companies, such as Boston Scientific Corporation, St. Jude Medical, Inc., Retina Implant AG, Nervo Corp., MED-EL, Sonova, and BrainGate offer solutions for neurological disorders.
The market is oligopolistic in nature and the companies are instrumental in providing technologically advanced effective solutions such as wireless mini microphones, smart hearing devices, stimulators, and advanced therapy systems to neurological disorders. Strategic collaborations and geographic expansion are few sustainable strategies adopted by these players, which is expected to keep the industry rivalry at a high level, thereby propelling overall growth of the market over the forecast period.
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