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Latin America Neuroprosthetics Market Research Report - Segmented By Type, Technology, Application, End-user & Country (Brazil, Mexico, Argentina, Chile and rest of Latin America) - Industry Analysis, Size, Share, Trends & Growth Forecast (2022 to 2027)

Published: March, 2023
ID: 7747
Pages: 145
Formats: report pdf report excel report power bi report ppt

Latin America Neuroprosthetics Market Size (2022 to 2027)

The size of the Latin American neuroprosthetics market is estimated to grow USD 900 Million by 2025 from USD 500 Million in 2020, registering a CAGR of 8.93% from 2020 to 2025.

The number of patients is increasing year over year, as is awareness of neurological illnesses, healthcare infrastructure is improving, and government funding are expanding, all of which are propelling the growth rate of the Latin American neuroprosthetics market. It is a computer-assisted device whose primary goal is to restore functionality in individuals who have lost motor control due to spinal cord injury, sclerosis, stroke, or other causes. Furthermore, these devices are commonly utilized to treat brain disorders such as epilepsy, Parkinson's disease, visual prostheses, and other similar conditions.

Furthermore, factors such as an aging population, technological advancements, an increase in the number of initiatives taken by various governments and government associations, and an average increase in neurological diseases such as traumatic brain injury, stroke, and Parkinson's disease are further estimated to be driving the growth rate of the Latin America neuroprosthetics market.

The elimination of the necessity for high-risk and expensive surgery to replace a discharged battery and control machinery helps the Latin American neuroprosthetics market flourish. In addition, the vast untapped market for neural prostheses in underdeveloped economies opens up a plethora of opportunities.

However, low adoption of neuroprosthetics due to the device's expensive cost, reimbursement challenges, and side effects are a few of the key factors that are expected to hinder the market's growth during the forecast period. The procedure's high cost also limits the development of the neuroprosthetics market in the Latin American region. Aside from the obstacles, neural prosthetics offer many clinical potentials, with the industry predicted to rise year after year. However, with more advanced radiation, longer battery life, and increased data and power utilization, devices in the Latin American neuroprosthetics Market are growing smaller and smaller. These factors are predicted to restrain the Latin America Neuroprosthetics market during the forecast period.

This research report on the Latin American Neuroprosthetics Market has been segmented and sub-segmented into the following categories:

By Type: 

  • Motor Prosthetics
  • Auditory Prosthetics
  • Cognitive Prosthetics
  • Visual Prosthetics

By Technology: 

  • Deep Brain Stimulation
  • Vagus Nerve Stimulation
  • Spinal Cord Stimulation
  • Sacral Nerve Stimulation

By Application: 

  • Motor Neuron Disorders
  • Physiological Disorders
  • Cognitive Disorders

By End-user: 

  • Hospitals
  • Clinics

By Country: 

  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America

During the forecast period, the neuroprosthetics market in Latin America is predicted to rise steadily. The market is expected to be growing due to improved healthcare infrastructure and increased money and investments from the government. However, the market's growth is expected to be hampered by rigorous rules for product launch clearances. As a result, the industry in this region has focused chiefly on Mexico and Brazil, both of which are expected to have significant growth. The market for these prosthetics is also predicted to expand due to an increase in the number of infants born with hearing impairments and increased awareness and research in the field of neuroprosthetics.

Mexico is expected to dominate the Latin American neuroprosthetics market during the forecast period. The rising senior population and the rising frequency of neurological illnesses such as Alzheimer's disease, traumatic brain injury, and Parkinson's disease are likely to increase this region's market.

After Mexico, Brazil will likely hold a large share of the Latin American neuroprosthetics market. The growing senior population in the region and the rising prevalence of hearing loss are likely to enhance the demand for neural prostheses. In addition, the high concentration of global players and research activities and the increasing trend of product approvals in the Brazil area are expected to play a key role in the market's growth.

KEY MARKET PLAYERS:

Companies playing a vital role in the Latin American neuroprosthetics market profiled in this report are Cochlear Ltd., Boston Scientific Corporation, Cyberonics Inc., Medtronic plc, NDI Medical LLC, NeuroPace Inc., St. Jude Medical Inc., Nervo Corp., Retina Implant AG, Biomet Inc., and Sonova.

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