Bharat Book Bureau Provides the Trending Market Research Report on “Global Neuroprosthetics Market Forecast to 2022” under Life Sciences category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Neuroprosthetics market projected to grow at a CAGR of 12.4%
The neuroprosthetics market was valued at USD 5.84 billion in 2017 and expected to grow at a CAGR of 12.4% to a USD 10.48 billion market by 2022. Factors driving this market include increasing number of neurological disorders, increasing incidence of hearing loss, increasing prevalence of diabetes, and increasing cases of amputation due to the rising number of accidents & injuries. Availability of alternative treatment, high cost of neuroprosthetics devices, and dearth of trained professionals are the major factors hampering the growth of the market.
Output neural prosthetics segment is accounted for the largest share in the market
The neuroprosthetics market is classified on the basis of type into input neural prosthetics and output neural prosthetics. The output neural prosthetics segment accounted for the largest share of this market segment. This growth can be attributed to the increasing neurological disorders.
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Motor neuron disorders segment is expected to register the highest CAGR during the forecast period
The neuroprosthetics market is classified on the basis of the application into motor neuron disorders, physiological disorders, and cognitive disorders. The motor neuron disorders segment is expected to register the highest growth rate during the forecast period. This growth can be attributed to the increasing neurological disorders such as Parkinson's disease and epilepsy.
North America is account for the largest regional segment in the market
Geographically, the neuroprosthetics market is dominated by North America, followed by Europe. The North American region is estimated to account for the largest share in 2017 and the trend is expected to continue during the forecast period. The growth in this market can be attributed to the presence of major key players in the region and rising geriatric population, increasing incidence of peripheral nerve injuries, availability of government funding, and technological advancements.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1 – 35%, Tier 2 – 22% and Tier 3 – 43%
- By Designation – C level – 15%, Director level – 32%, Others – 53%
- By Region – North America - 32%, Europe – 27%, Asia – 22%, RoW – 19%
Key players operating in the neuroprosthetics market include Medtronic (US), Boston Scientific (US), Abbott (US), LivaNova (UK), Secong Sight (US), and Cochlear (Australia).
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