Global Neuroprosthetics Market Share, Growth by Application, Driver, Trends
Factors such as increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries are contributing to the growth of this market.
The neuroprosthetics market was valued at USD 5.28 Billion in 2016 and expected to grow at a CAGR of 12.4% during the forecast period (2017–2022) to reach USD 10.48 Billion in 2022
+ Increasing Number of Patients Suffering From Neurological Disorders and Nerve Injury
+ Increasing Incidence of Hearing Loss
+ Increasing Cases of Amputation Due to the Rising Number of Accidents & Injuries
+ Increasing Prevalence of Diabetes
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Neuroprostheses uses electrodes to interface with the central or peripheral nervous system to restore lost motor or sensory capabilities. These devices can receive neural signals from the external environment & brain, and convert the signals to restore functions such as loss of hearing and vision. They have applications in cognitive disorders, ophthalmic disorders, motor disorders, and auditory disorders. The global neuroprosthetics market is expected to reach USD 10.48 Billion by 2022 from USD 5.84 Billion in 2017, at a CAGR of 12.4%. Increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries are the major driving factors for this market.
The neuroprosthetics market is segmented on the basis of type, technique, and application. The physiological disorders market is subsegmented into auditory processing disorders, ophthalmic disorders, cardiovascular disorders, and urology disorders. The auditory processing disorders segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to increasing number of people suffering from hearing loss.
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