Neuroprosthetics Market – Overview
The global neuroprosthetics market is estimated to rise at a healthy rate from 2021 to 2031 (forecast period). The increasing incidence of neurological disorders and nerve injuries, rising amputation cases as a result of the increasing number of injuries and accidents, increased effort toward research and development, and technological advancement are major factors likely to drive the global neuroprosthetics market. Moreover, the incidence of hearing loss among individuals over the age of 60 is expected to drive demand for cochlear implants, boosting the neuroprosthetics market. Furthermore, current breakthroughs in neuroimaging and neurotechnologies are contributing to the rapid increase in the use of neuroprosthetics to treat a broader spectrum of neurologic illnesses. As a result, the global neuroprosthetics market is expected to grow during the forecast period.
Neuroprosthetics Market – Competitive Landscape
Major players active in the global neuroprosthetics market are Abbott Laboratories (Abbott) (US), Medtronic plc (Medtronic) (US), Boston Scientific (US), Cochlear Ltd. (Cochlear) (Australia), LivaNova, PLC (LivaNova) (UK), Sonova (Switzerland), Second Sight Medical Products, Inc. (Second Sight) (US), NDIE Medical, LLC (Canada), MED-EL (Austria), Retina Implant AG (Germany), Neuropace (US), and Nevro (US).
To extend their global appeal, players in the market are pursuing inorganic strategies such as partnerships, investments, acquisitions, technological innovations, and R&D activities.
Neuroprosthetics Market – Trends and Opportunities
The COVID-19 pandemic had a substantial impact on the neuroprosthetics market. The COVID-19 outbreak was shown to have hampered hearing healthcare access with cochlear implants, as per a study published in F1000 research, 2020. The study discovered that the failure of speech processors and disconnect from an auditory method of communication had a significant impact on the behavioral alterations of children with cochlear implants. Moreover, sensorineural hearing loss was among the major consequences found in most viral infections, including COVID-19, according to research reported in Mayo Clinic Proceedings, 2020. The study uncovered immediate, severe hearing damage in a 60-year-old healthy man brought to the Intensive Care Unit after recovering from a SARS-CoV2 viral infection. Therefore, despite the fact that access to hearing healthcare was restricted throughout the lockdown period, the increasing prevalence of hearing problems among serious COVID-19 patients is anticipated to have a major influence on the neuroprosthetics market.
People who have hearing loss gain from early detection and the usage of hearing aids, cochlear implants, and other equipment. As per the World Health Organization, roughly 2.5 billion people worldwide are expected to develop hearing loss by 2050, with approximately 700 million requiring hearing rehabilitation by that time. As a result, one of the significant drivers for the growth of the neuroprosthetics market is the high prevalence of hearing loss among the worldwide population.
Moreover, the prevalence of diseases such as Parkinson’s, ophthalmology, auditory, epilepsy, neuromuscular junction/muscle disorders, and severe depression is expected to boost the neuroprosthetics market. Furthermore, the surge in the proportion of amputation cases due to a rise in the number of injuries and accidents, as well as the emergence of new devices and products with advanced technologies for the aim of obtaining effective treatment options for neurological diseases, are likely to propel the neuroprosthetics market growth.
Neuroprosthetics Market – Regional Landscape
The North America neuroprosthetics market is expected to grow during the forecast period. The existence of variables such as government and private support and well-established healthcare facilities is likely to boost the regional market.
The neuroprosthetics market in Europe is estimated to rise due to increased government initiatives linked to the development of technologically advanced devices for those with hearing problems.
The Asia Pacific neuroprosthetics market is anticipated to expand due to the abundance of new prospects in developing markets. The growing emphasis on overall cost reduction in implant manufacturing and increasing patient awareness levels are projected to drive market growth in this region. Moreover, increased industry investment in the form of new production facilities is expected to present neural implants with significant growth potential in the coming years.
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