Neuroprosthetics are implantable devices designed by combining neuroscience and biomedical engineering. These artificial implantable devices provide electrical stimulation that improves the functionality of a diseased nervous system. These devices either are implanted inside the body or can be worn externally. These are used either to replace a lost function of the body such as cognitive ability or to treat neurological conditions such as depression, chronic pain, epilepsy, or spinal cord injuries. Based on application, neuroprosthetics are segmented into cognitive devices and neuromodulation devices. Based on technology, neuroprosthetics are segmented into SCS system, DBS system, SNS system, VNS system, and others.
Technavio's analysts forecast the global neuroprosthetics market to grow at a CAGR of 7.08% over the period 2014-2019.
Covered in this report
The report covers the current scenario and the growth prospects of the global neuroprosthetics market for the period 2015-2019. To calculate the market size, we consider revenue generated from the sales of cochlear implants and neuromodulators.Based on application, the market is segmented into the following:
Technavio Announces the Publication of its Research Report – Global Neuroprosthetics Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Neuroprosthetics Marke: Boston Scientific, Medtronic, St. Jude Medical, Cochlear Ltd. and Sonova Holding.
Other Prominent Vendors in the market are: Aleva Neuroprosthetics, Atrotech, Autonomic Technologies, BrainGate, electroCore, Mainstay Medical, Med-EL, NeuroPace, Nevro, Soterix Medical, and Oticon Medical.
Commenting on the report, an analyst from Technavio’s team said: “Most neuroprosthetics manufacturers are US-based companies. These companies acquire overseas device manufacturers to expand their businesses and for tax exemptions. For instance, Medtronic acquired Covidien in January 2015 to reduce the cost of taxes generated on the former's revenue. Pfizer is expected to acquire UK-based AstraZeneca in part to gain entry into the UK. This deal can help Pfizer reduce its taxes by $1 billion annually.”
According to the report, individuals with chronic pain, epilepsy, Parkinson's disease, and depression prefer first-line treatment options such as meditation, physiotherapy, and drugs. However, people with these diseases may develop resistance to drugs, resulting in the ineffectiveness of first-line treatment options. In these cases, people opt for neuroprosthetic devices as a second-line treatment option. These devices have many advantages over first-line treatment options.
Further, the report states that the high cost of neuroprosthetics coupled with reimbursement restrictions impedes the accessibility of these devices.
Boston Scientific, Medtronic, St. Jude Medical, Cochlear Ltd.,Sonova Holding.,Aleva Neuroprosthetics, Atrotech, Autonomic Technologies, BrainGate, electroCore, Mainstay Medical, Med-EL, NeuroPace, Nevro, Soterix Medical, Oticon Medical.