Neuroprosthetics Companies | Forecast by 2033

22 Aug 2024

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Table of Content

1. Neuroprosthetics Market Companies, Trends and Recent Innovations 2. Market Overview 3. Market Trends 4. Neuroprosthetics Market Companies 5. Regional Insights 6. Neuroprosthetics Market Highlights 7. Neuroprosthetics Market News

Neuroprosthetics Market Companies, Trends and Recent Innovations

The global neuroprosthetics market was exhibited at USD 12.76 billion in 2023 and is anticipated to touch around USD 54.47 billion by 2033, poised to grow at a CAGR of 15.62% during the forecast period. The neuroprosthetics market is expanding due to advancements in brain-computer interface technology and increasing demand for enhanced prosthetic functionality.

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Market Overview

Neuroprosthetics represents an enormous amount of clinical novelty by means of direct electrical stimulation to the nervous system for functional performance. In this case, such devices reestablish lost motor, sensory, or cognitive functions due to disease or injury and even confer new capabilities. An ideal neuroprosthetic interface is expected to provide stable and long-term clinical benefits and at the same time provide a conduit for high-quality neural recording and stimulation. This has been a very broad field, from assistive technology to functional electrical stimulation, myoelectric prostheses, robotics, virtual reality gaming, and brain stimulation.

Other organizations have also made a major breakthrough in neuroprosthetics with respect to the reading of signals from the brain and their interpretation into meaningful commands for prosthetic devices. This wide-open doors to restore a very important lost functionality to the people suffering from spinal cord injuries, stroke, or neurodegenerative diseases.

Market Trends

• The neuroprosthetics market is growing at a transformational rate, with extremely broad technological developments, increasing demand for newer solutions, and expanding applications.
• With the rapid growth in BCI technology, changes in neuroprosthetics are taking a different turn. The interface can let the brain directly communicate with external devices, providing advanced prosthetic limb and communication-aid control.
• Improved signal processing and wireless technologies open new avenues for BCIs. Neuroprosthetic devices are already under the process of miniaturization. At the same time, the application of advanced and biocompatible materials is being introduced. It can hence be less intrusive and more comfortable.
• Development of flexible and durable materials goes on as a part of enhancing device life and user comfort. AI and machine learning algorithms are being used in neuroprosthetics devices to enhance their performance. These technologies improve the interpretation of the signals, adapt to the user's needs, and offer optimum functionality over some time.

Neuroprosthetics Market to Grow with Rising Prevalence of Disorders

The neurological disease ranges widely and invades the autonomic, peripheral, and central nervous sections of the body. Nontransmittable predicaments include headaches, non-headache cerebral pains, multiple sclerosis, Alzheimer's disease and other dementias, Parkinson's disease, epilepsy, and other neurological conditions.

The growing number of deaths and disability related to neurological disorders is now considered an emergent global public health problem. Among the key causes, diabetic neuropathy has become the fastest-growing neurological disease since 1990, and in 2021, the number of the global population estimated to have diabetic neuropathy was more than tripled to reach 206 million cases. Such increases are consistent with the growing prevalence of diabetes globally, thereby adding toward the growth of the neuroprosthetics sector across the globe.

Neuroprosthetics Market Companies

• Cochlear Limited
• Cyberonics Inc.
• Medtronic Inc.
• NDI Medical LLC
• NeuroPace, Inc.
• Boston Scientific Corporation
• Retina Implant AG
• Nervo Corp.
• MED-EL
• Sonova
• BrainGate

Recent Developments

Regional Insights

North America captured the largest market share in the global neuroprosthetics market in 2023. One of the biggest challenges to public health in North America is posed by diseases associated with these neurological disorders. The market growth drivers are neuroprosthetics and neurological treatments, especially in the phase of technological advancement with AI and robotics. Public health is pitted to fight the growing burden of neurophysiological disorders through an expansion in healthcare infrastructure, the subsiding of research and development, and the broadening of access on health care. The higher incidence of Alzheimer's and Parkinson's diseases exist with continuously developing diagnostic and treatment potentials. Moreover, various sections of the populations live with hearing loss that requires programs meant for support and intervention.

• According to the Parkinon's Foundation, it is estimated that 1 million people have been diagnosed with Parkinson's in the US.
• Reportedly, according to the National Institute on Deafness and Other Communication Disorders, in 2021, about 15% of American adults, 37.5 million, reported some trouble hearing with 18 years and older. One in three U.S. people between ages 65 and 74 suffers from this problem, and nearly half of those over age 75 have trouble hearing.

Asia Pacific, as projected, will be the fastest growing neuroprosthetics market during the forecast period. Rapid growth is powered by extended interests in medical services infrastructure, progressions in neuroprosthetic enhancements, and a rise in neurological issues. Such growing trends in neurological problems among people will thus support the market growth. The rapid increase in number and health burden of cases of Parkinson's disease in China does not slow down, partly due to the fact that if the present trend continues, by 2030 about half of the global Parkinson's population will be residing in China.

AI Integration & Technologies to Offer Opportunities to the Market

Some of the most recent developments include higher accuracy and speed of neural signal decoding, a higher signal-to-noise ratio, and wireless communication. These several advances enhance the control and functionality of neuroprosthetic devices, providing easier and more intuitive user interactions. Novel materials are under development to enhance the comfort and durability of neuroprosthetic devices. These include flexible, biocompatible materials reducing irritation to tissue and increasing device integration. In addition, new coating technologies further enhance the durability and performance of the implants. Neural stimulation technologies at present, like optogenetics and transcranial magnetic stimulation, help enhance the capabilities of neuroprosthetic devices. These methods have been used for improving the selectivity of neural circuits to provide better treatment outcomes.

Applications of AI and machine learning in neuroprosthetics are the making of constructs, which are more adaptive to the user's needs and preferences. Machine learning algorithms enhance the learning process and in predicting the user's intentions for more responsive and intuitive devices. AI algorithms develop a better and more accurate neural signal interpretation. Through the analysis of large data sets, AI systems identify patterns and adjust device performance in real-time, which allows for much more precise control of neuroprosthetic devices.

Neuroprosthetics Market Highlights

Neuroprosthetics Market News

• In 2019, the World Health Assembly adopted a resolution for Member States and the Intersectoral Global Action Plan on Epilepsy and Other Neurological Disorders 2022–2031, to finally do something about chronic neglect of neurological disorders. It charts a course for countries on the prevention, early identification, treatment, and rehabilitation of neurological disorders.
• In 2023, the World Federation of Neurology assumed that Neurological disorders are currently the second highest cause of death and the primary cause of disability globally. GBD studies, on the other hand, indicated that the burden of brain disease, measured in terms of the number of those with the disorder, is expected to rise two-fold by 2050.
• More than one person in three is affected by neurological disorders, which are presently the chief cause of illness and disability, according to the World Health Organization.
• In August 2023, BionicM, an innovative Japanese medical device startup, is pleased to announce that it has received U.S. Food and Drug Administration (FDA) 510(k) exemption registration for Bio Leg™, Its New Motor-Robotic Prosthetic Knee.
• In January 2023, Axonics, Inc., a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction, announced that the U.S. Food and Drug Administration has approved the company’s fourth-generation rechargeable sacral neuromodulation system.

Market Segmentation

By Type

• Motor Prosthetics
• Cochlear Implants
• Cognitive Prosthetics
• Retinal Implants

By Technology

• Deep Brain Stimulation (DBS)
• Vagus Nerve Stimulation (VNS)
• Spinal Cord Stimulation (SCS)
• Sacral Nerve Stimulation (SNS)

By Application

• Motor Neuron Disorders
  • Parkinson's Disease
  • Epilepsy
• Physiological Disorders
  • Auditory
  • Ophthalmic
  • Cardiac
  • Kidney
• Cognitive Disorders
  • Alzheimer's Disease
  • Severe Depression

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