Neuroprosthetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Neuroprosthetics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The neuroprosthetics market is expected to witness a CAGR of 8.0% over the forecast period.

The neuroprosthetics market is expected to be significantly impacted by the outbreak of the COVID-19 pandemic. According to the research article published in F1000 Research, 2020, the COVID-19 pandemic was found to have impacted hearing healthcare access with cochlear implants. The study revealed that the breakdown of speech processors and disconnection from an auditory mode of communication had drastically impacted behavioral changes among children with cochlear implants. Additionally, as per the research study published in Mayo Clinic Proceedings, 2020, sensorineural hearing loss was one of the major complications observed in most viral infections, including COVID-19. The study revealed an acute, profound hearing loss in a 60-year-old healthy man who was admitted to the Intensive Care Unit due to severe COVID-19 infection, post-recovery from SARS-CoV2 viral infection. Thus, owing to the aforementioned factors, though the access to hearing healthcare was limited during the lockdown period, the rising incidence of hearing loss among severe COVID-19 patients is expected to have a significant impact on the studied market.

People with hearing loss benefit from early identification; use of hearing aids, cochlear implants, and other devices. According to the World Health Organization, in 2021, approximately 2.5 billion population globally are estimated to experience hearing loss by 2050, and nearly 700 million are estimated to require hearing rehabilitation by 2050. Thus, the high burden of hearing loss among the global population is one of the major drivers for the growth of the neuroprosthetics market. The cochlear implant is one of the key neuroprosthetic devices that had provided immense benefits for people with deafness or severely hard-of-hearing. This device can also be used by patients who have experienced intense hearing loss caused by disease or injury, allowing them to hear sounds in their environment. Hence, with the increasing incidences of hearing loss, scientists are investing more in novel neuroprosthetics, which will drive the market over the forecast period. For instance, In March 2020, MED-El received the European Medical Device Regulation (MDR) certification. This certification has made MED-El one of the world’s first manufacturers to receive certification for medical devices of the highest risk class (Class III), Class III Implantable Custom-Made Devices, and Class I reusable surgical instruments. Thus, in view of the aforementioned factors, the neuroprosthetics market is expected to register healthy growth in the coming years.

Key Market TrendsThe Input Neural Prosthetics Segment is Expected to Show a Significant Growth Over the Forecast Period

The input neural prosthetics segment is expected to show better growth over the forecast period owing to the growing burden of hearing loss and advancements in technology for the development of novel devices. The input neural prosthetics include a cochlear Implant and bionic eye/retinal Implant. These are electronic devices that can help to provide a sense of sound to a person who is profoundly deaf or severely hard of hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin.

According to the research article titled "Epidemiology study on pediatric unilateral cochlear implantation in Gujarat, India: Disperancy among children based on the age of implantation, gender, region and type of implant device as per manufacturers" published in January 2020, in Western European countries, the prevalence of cochlear implantees was estimated to be 200 in one million individuals and 50-75 cochlear implantees per million in Eastern European countries. Additionally, as per the article titled " Effects of Cochlear Implantation on Tinnitus and Depression" publushed in June 2020, cochlear implantation was found to not only aid in restoring hearing loss but was also suggested as a depression rehabilitation tool for Tinnitus patients. The market for these prosthetics is expected to show better growth due to the higher number of children born with hearing defects, and the increasing awareness, along with growing research, in the field of neuroprosthetics. Additionally, the growing incidence of neurological disorders such as Alzheimer's Disease, Traumatic Brain Injury, Parkinson's Disease, and the rising geriatric population are also expected to boost the studied market. Thus, owing to the aforementioned factors, the input neural prosthetics segment is anticipated to witness healthy growth over the forecast period.

North America is Estimated to Hold the Largest Share in the Neuroprosthetics Market

The neuroprosthetics market is estimated to hold the largest share in the North American region due to the increasing number of patients suffering from neurological disorders and nerve injury. Additionally, the number of cases where children are born with hearing defects is increasing.

According to the Hearing Loss Association of America, 2020, nearly 48 million Americans had some degree of hearing loss, and an estimated 50 million Americans experience tinnitus, which is ringing in the ears, among which 90% have hearing loss. Additionally, nearly 2 to 3 out of every 1,000 children in the United States are born with a detectable level of hearing loss in one or both ears. According to the Centers for Disease Control and Prevention, 2020, nearly 16% of adults in the United States report hearing trouble, i.e., one out of five men and one out of eight women report they had at least some trouble hearing. The prevalence of hearing loss is twice as common as diabetes or cancer. The National Institute on Deafness and Other Communication Disorders 2021 stated that approximately one in three people in the United States between the ages of 65 and 74 have hearing loss, and nearly half of those older than 75 have difficulty hearing. Age is the strongest predictor of hearing loss among adults, with 91% of adults with hearing loss are aged 50 and older. Therefore, the increasing geriatric population and the growing burden of hearing loss in the region are expected to boost the market for neuroprosthetics. Also, the high concentration of global players and the research activities, with the increasing trend of product approvals in the North American region, is anticipated to play a vital role in the growth of the studied market. Hence, with the rising acceptance of neuroprosthetic technology, the market is expected to grow in the forecast period.

Competitive Landscape

The neuroprosthetics market is moderately competitive, with most of the global players dominating the market. The global players in the neuroprosthetics market are Abbott Laboratories, Boston Scientific Corporation, Cochlear Limited, Demant AS, LivaNova PLC, MED-EL, Medtronic PLC, Oticon, Retina Implant AG, and Sonova Holding AG.

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