Global Neuroprosthetics Market - Segmented by Type, Technique, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global neuroprosthetics market is expected to grow at a CAGR of 12.4% over the forecast period, 2018-2023. Neuroprosthetics is a branch of neuroscience and biomedical engineering concerned with developing neural prostheses. Neural prostheses are an array of devices that can substitute for the functions of a motor, sensory, or cognitive modality that may have been damaged because of an injury or a disease.
Increasing Incidence of Hearing Loss
It is expected that by 2020, more than 44 million American adults aged 20 or older are expected to suffer from hearing loss. Due to increasingly aging sections of the population, this number is projected to reach 73.5 million by 2060. The total population with hearing disorders in the United States will, therefore, increase from about 15% of adults to 22%. Research has also forecasted higher rates of hearing loss, partly due to the increasing exposure to loud sounds played through headphones and ear buds. Furthermore, other means of exposure to loud sounds in busy cities or around loud machinery may lead to a higher rate of hearing loss. Cochlear implant is the oldest form of neuroprosthetic, which was approved for use by the U.S. Food and Drug Administration (FDA) in 1984. This device proves to be beneficial 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. Scientists continue to work on the technology of the external machinery and the design and positioning of the internal electrode to improve performance and provide more naturalistic sound. This will help drive the market in the forecast years. Along with this, other factors, such as the increasing number of patients suffering from neurological disorders and nerve injury and increasing cases of amputation due to the rising number of accidents & injuries will further drive the market in the future.
High Cost of Neuroprosthetics and Unfavorable Reimbursement Scenario
Neuroprosthetics is a relatively new and constantly evolving treatment option for the treatment of hearing damage, making them a very expensive treatment option for most of the users. Neuroprosthetics such as cochlear prosthesis, visual prosthesis, and hippocampal (or cognition) prostheses are generally very expensive and make it difficult for most of the patients to access. This, along with other factors such as availability of alternative treatment options and lack of trained professionals, will lead to the slowdown of this market in the forecast period.
North America to Maintain Lead in the Market
The market is dominated by North America, followed by Europe. However, the APAC region is expected to witness the highest growth rate during the forecast period. The presence of emerging economies like China and India, large population, increasing funding and support for the launches of new products, and increasing neurological disorders in the region are some of the key factors driving the high growth of this regional segment.
Key Developments in the Market:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook