Global Neuroprosthetics Market - Forecasts from 2024 to 2029

Global Neuroprosthetics Market - Forecasts from 2024 to 2029

The global neuroprosthetics market is evaluated at US$4.052 billion for the year 2022 and is projected to grow at a CAGR of 12.36% to reach the market size of US$9.124 billion by 2029.

Neuroprosthetics are devices implanted in patients with neural damage to compensate for and restore the normal functioning of the nerves, which consequently help in partially restoring normal bodily functions. The rising incidences of neurological disorders worldwide are one of the major factors anticipated to boost the global neuroprosthetics market growth during the forecast period. The market includes various types of devices, such as brain-machine interfaces, spinal cord stimulators, cochlear implants, deep brain stimulators, and retinal implants. Key players include established medical device companies and emerging startups.

Regulatory approvals from health authorities like the FDA and EMA ensure safety and efficacy. Technological challenges include developing devices for complex neural networks, ethical considerations, privacy issues, and societal acceptance. Furthermore, the growing number of diabetes patients, leading to nerve damage in many people, is also expected to lead to a surge in demand for neuroprosthetics in the coming years. Moreover, the number of people with disabling hearing loss has been increasing substantially over the years, and its projected rapid rise in the coming years is further anticipated to augment the global neuroprosthetics market growth during the assessment period.

Market Drivers:

Rising cases of neurological disorders are expected to increase the global neuroprosthetics market.

The number of people suffering from neurological disorders is on the rise worldwide and is one of the prominent reasons anticipated to drive the demand for neuroprosthetics during the forecast period. According to the World Health Organization, the number of deaths caused by neurological disorders has increased by nearly 39% in the last 30 years. It has also been stated that an increase in the number of patients with neurological disorders has been seen over the years, while the number of cases is further projected to grow in the coming years owing to a growing elderly population, a decrease in child mortality, and rise in the survival rate and life expectancy.

As per data from the Pan America Health Organization (PAHO), the years lived with disability (YLDs) per 100,000 population in Brazil increased from 784.06 years in 2010 to 813.74 years in 2019. In Mexico, it increased from 721.78 years in 2010 to 737.02 years in 2019. In the United States, the deaths from neurological disorders increased from 39.29 deaths per 100,000 population in 2010 to 47.39 deaths in 2019, witnessing an increase of more than 20%.

Furthermore, diseases such as Alzheimer's, dementia, and Parkinson’s disease are some of the neurological disorders spreading fast. For instance, according to PAHO, Canada has witnessed a surge in disability-adjusted life years (DALYs) per 100,000 population from 351.30 in 2010 to 415.70 in 2019, growing by more than 18%.
The growing prevalence of hearing loss would lead to a surge in neuroprosthetics demand.

As neuroprosthetics are used in severe hearing loss, the increasing prevalence of hearing loss worldwide is a significant factor expected to augment the global neuroprosthetics market growth in the coming years. According to data from the WHO, the absolute number of people with hearing loss in Brazil has increased from 10 million in 2008 to 13 million in 2018.

In China, the number of people with hearing loss increased from 74 million in 2008 to 96 million in 2018, while in India, this number increased from 76.5 million in 2008 to 100 million in 2018. WHO has projected that people with disabling hearing loss will increase from 430 million in 2020 to more than 700 million by 2050. This is expected to surge the demand for neuroprosthetics significantly.

Asia Pacific region is projected to have a major market share.

Geographically, the Asia Pacific region is anticipated to hold a significant market share owing to the rising cases of neurological disorders in the region. Furthermore, the presence of a quality healthcare system and its accessibility to patients make diagnosis and treatment stronger, which is another prominent reason for the large market size of neuroprosthetics in the region. The Asia Pacific region is anticipated to witness substantial growth due to the rising prevalence of hearing loss in the region.

Additionally, according to data from the WHO, the absolute number of people with disabling hearing loss in South Asia is projected to increase from 131 million in 2018 to 176 million in 2030 and further to 267 million in 2050. Furthermore, the rapidly growing cases of diabetes in the region are leading to damage to the nerves and blood vessels of a large number of patients, which is further projected to surge the demand for neuroprosthetics in the Asia Pacific region during the assessment period.

Key Developments:

January 2024- Rice University and Houston Methodist established the Center for Neural Systems Restoration (CNSR), a joint interdisciplinary center for neuroscience research and treatment innovation. The center aims to improve neurological care by bringing together scientists, clinicians, engineers, and surgeons to tackle medical challenges like stroke recovery and spinal cord injury. Key focus areas include brain function restoration, mild traumatic brain injury detection, mobility restoration, balance, and biofeedback training. The Houston Methodist facility included operating rooms, a laboratory for diagnosis and assessment, device fabrication and testing, and education and training opportunities.
March 2023- Cochlear, a global leader in implantable hearing solutions, become the first hearing implant manufacturer to receive ISO/IEC 27001 certification for information security management. This certification assesses data protection and demonstrates Cochlear's commitment to global best practices. The certification also signifies Cochlear's commitment to high standards in digital products, such as its Connected Care, which offers convenient care options through Smart Apps and software solutions, enhancing surgeons' confidence in device placement and optimizing postoperative clinical performance.
December 2022- The Saskatchewan Government, the Ministry of Health, and the Saskatchewan Health Authority (SHA) launched an expanded Cochlear Implant Program to assist individuals with severe hearing loss who need their external sound processor replaced. The program allows individuals to co-pay $840 per processor, with the Ministry of Health covering the remaining cost, typically $8,000 to $12,000. The program covers approximately 70 sound processors in the next few months and 50 devices per year thereafter. The program is expected to cost $446,000 in 2022-23, with an annual cost of $300,000.

Market Segmentation:

By Type
Output Neural Prosthetics
Input Neural Prosthetics
By Technique
Deep Brain Stimulation
Spinal Cord Stimulation
Sacral Nerve Stimulation
Transcranial Magnetic Stimulation
Vague Nerve Stimulation
By Application
Auditory Processing Disorders
Parkison’s Disease
Epilepsy
Ophthalmic Disease
Cardiovascular Disease
Paralysis
Alzheimer's Disease
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Others