Neuroprosthetics Market is Expected to Reach $14 Bn by 2020
Neuroprosthetics Market Research Report is a professional and in-depth study on the current state of the global industry. The report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Neuroprosthetics Market analysis is provided for the international market including development history, competitive landscape analysis, and major regions development status
Multitude of cognitive and physiological disorders have a debilitating impact on 'quality-of-life' of affected patient populace. A majority (~80%) of such patients are unamenable to any form of treatment as first line (drug) and second line (invasive surgeries) treatments fail. Neuroprosthetics devices or neural implants or brain implants offer an efficacious solution to the afore-mentioned type of patients. Neuroprosthetics deploy technologies such as Deep Brain Simulation (DBS), Vagus Nerve Stimulation (VNS), Spinal Cord Stimulation (SCS) and Sacral Nerve Stimulation (SNS) depending on the clinical condition to ameliorate the disease condition. Depending on the condition treated, product types of Neuroprosthetics include Motor Prosthetics, Auditory Prosthetics/ Cochlear Implants, Visual Prosthetics/ Retinal implants and Cognitive Prosthetics. Owing to various factors such as high base of affected patient population, the patient population amenable to Neuroprosthetics and scope of improvement in QALY, the Motor Neuroprosthetics market for treating Parkinson's disease garners the largest market share; Motor Neuroprosthetics for treating Overactive Bladder Syndrome and Motor Neuroprosthetics for treating Epilepsy are second and third largest segment respectively. Despite such benefits that are high-impact growth drivers for the market, high-cost of devices curtail the adoption rate by patients, thus restrain the market growth.
Key findings of the study:
Global market for Neuroprosthetics gaining traction with Visual Prosthetics/ Retinal implants and Motor Neuroprosthetics (for treating Parkinson's disease) being major growth arenas during the forecast period (2014 - 2020)
Within Neuroprosthetics devices market, Visual Prosthetics/ Retinal implants is the fastest growing segment
Within Neuroprosthetics devices, Motor Neuroprosthetics segment would garner the largest market share, owing to numerous applications such as Parkinson's disease, Neurocardiac disorders, Over Active Bladder syndrome and Epilepsy
North America would be the lucrative market, both in terms of market size and growth, (among all regional markets)
Neuroprosthetics manufacturing companies focus on developing variants of Neuroprosthetics devices such as self-charging neural implants that can be recharged with bioenergy; thus, eliminate the need for expensive and high-risk surgeries to replace the discharged batteries of implanted Neuroprosthetics. The companies also deploy expansion of applications as key strategy for garnering market share. Some of the key market players profiled in this report are Medtronic, Boston Scientific Corporation, St. Jude Medical, Cyberonics Inc., Retina Implant AG, MED-EL, Sonova Group (Advanced Bionics AG) and NDI Medical LLC.