Neuroprosthetics market size was around USD 5.8 Billion in 2017.It is expected to grow at a CAGR of 12% to reach 10.22 Billion by 2022.
Neural prosthetics are a class of gadgets that can substitute an engine, tangible or cognitive modality that might be affected due to an injury or an ailment. These gadgets substitute the capacities performed by the ear drum and stapes while recreating the recurrence examination performed in the cochlea. The major purpose of neuroprosthetics is the recovery of a patient's engine capacities through the reclamation of the ones that are harmed.
Some of the key factors driving this market are rising elderly population, lower cost in comparison to conventional treatment methods, increasing cases of Epilepsy, and increasing awareness towards neural prosthetics.
With respect to type, the market is segmented into Motor Prosthetics, Auditory Prosthetics, Cognitive Prosthetics, and Visual Prosthetics. With respect to technology, the market is divided into Deep Brain Stimulation, Vagus Nerve Stimulation, Spinal Cord Stimulation, and Sacral Nerve Stimulation. By application, the market is categorised into Motor Neuron Disorders, Physiological disorders, and Cognitive disorders. By end user, the market is divided into hospitals and clinics.
By geography, the market is segmented into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa. North America holds the major market share owing to presence of major players and high investments in health care. Europe holds the second largest market share. Asia-pacific is expected to witness a major growth rate owing to the increasing population of countries like India and china.
Some of the major manufacturers of neuroprosthetics include 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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