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North America Neuroprosthetics Market Research Report - Segmented By Type, Technology, Application, End-user & Country (the U.S., Canada and Rest of North America) - Industry Analysis, Size, Share, Trends and Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 7744
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Neuroprosthetics Market Size (2023 to 2028)

The size of the North America Neuroprosthetics market size is valued at USD 2.53 Billion in 2023. It is expected to grow at a CAGR of 11.71% to reach 4.41 Billion by 2028. North America occupies around 45% of the global market share owing to the large presence of neural implants manufacturers, higher R&D investments, and the availability of funds from both government and private institutes.

Neuroprosthetics are medical devices designed to deliver a signal to the central nervous system and receive signals from the outside environment. These devices are used in neuronal diseases such as epilepsy, Parkinson's disease, visual aids, etc.

Factors responsible for the growth of this market are the increasing prevalence of neural diseases, active bladder syndrome, increasing incidence of hearing loss, increasing prevalence of diabetes, l increase in amputation cases due to increasing numbers of accidents and injuries, and chronic conditions, which include epilepsy. People with diabetes can develop a variety of foot problems, causing damage to blood vessels and nerves. Increased prevalence of neurological diseases such as head trauma, stroke, and Parkinson's disease, increase in geriatric population, increase in healthcare expenditure, increased awareness of medical care, rapid advancement in technology, and increase in the number of initiatives from various governments and government associations are some of the key factors driving the growth of the Neuroprosthetics market in North America.

Neuroprosthetics implants/devices are the most expensive products that consumers with high disposable income can afford. Besides, these devices require training and skills to be used. In developed countries, Neuroprosthetics treatments may be allowed due to the availability of more significant income groups and the knowledge of these therapies.

This research report on the North America 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: 

  • The United States
  • Canada
  • Rest of North America

In 2020, North America dominated the overall Neuroprosthetics market by over 46% due to the strong presence of neural implant manufacturers, increased R&D investment, and availability of funding from government and private institutions. For example, the Defense Advanced Research Projects Agency (DARPA) and the National Institute of Neurological Disorders and Stroke (NIH) collaborate with federal agencies to help fund R & D initiatives to develop neural implants further.

North America is estimated to dominate the global neuroprosthetics market due to the increasing prevalence of neuronal diseases such as epilepsy and Parkinson's disease. According to the Parkinson's Foundation, it has been estimated that in the United States, approximately one million people could be living with Parkinson's disease (PD) by 2020. It is also reported that about 75,000 Americans are diagnosed with Parkinson's disease every year. Such a high prevalence of Parkinson's disease in this region could support market growth during the forecast period.

Companies playing a dominant role in the North America 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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