Neuroprosthetics Global Market Report 2022

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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- announces the release of the report 'Neuroprosthetics Global Market Report 2022' -
Jude Medical Inc and Biomet Inc.
The global neuroprosthetics market is expected to grow from $7.1 billion in 2021 to $8.04 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The neuroprosthetics market is expected to grow to $13.77 billion in 2026 at a CAGR of 14.4%.
The neuroprosthetics market consists of sales of neuroprosthetics solutions by entities (organizations, sole traders, and partnerships) that are defined as the study of neuroprostheses and brain-machine interfaces.Neuroprosthetic devices substitute the cognitive or sensory functions that have been impaired due to nervous system disorders.
They encompass various artificial devices or systems, which can enhance the output or input of a neural system. The major purpose of neuroprosthetics is to allow brain-injured patients to participate in day-to-day life and improve their quality of life.
The main types of neuroprosthetics are motor neuroprosthetics, auditory neuroprosthetics/ cochlear implants, visual neuroprosthetics/ retinal implants, and cognitive neuroprosthetics.As an orthosis, motor neuroprosthesis (MN) includes electrical stimulation of brain areas to promote the activities and involvement of persons who have had a stroke in their natural environment.
The various techniques used are spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and transcranial magnetic stimulation which are applied in various disorders such as motor neuron disorders, physiological disorders, and cognitive disorders.
North America was the largest region in the neuroprosthetics market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in neuroprosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The neuroprosthetics market research report is one of a series of new reports that provides neuroprosthetics market statistics, including neuroprosthetics industry global market size, regional shares, competitors with a neuroprosthetics market share, detailed neuroprosthetics market segments, market trends and opportunities, and any further data you may need to thrive in the neuroprosthetics industry. This neuroprosthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rising patient population suffering from neurological disorders and nerve injuries is expected to propel the growth of the neuroprosthetics market.Neurological disorders are referred to as disorders that affect the brain and the nerves present in the human body and the spinal cord.
Nerve injuries are the damages caused to nerves due to pressure, cuts, or stretching during an accident or any unpredicted event.Neuroprosthetics help patients with such disorders and injuries to restore their lost motor and sensory functions.
For instance, according to the Global Burden of Disease Study 2019, a study conducted by the Indian Council of Medical Research and other public health institutions, the contribution of non-communicable neurological disorders to total disability-adjusted life-years in India increased to 8.2% and the contribution of injury-related neurological disorders increased to 0.6%. Therefore, the growing patient population suffering from neurological disorders and nerve injuries is driving the growth of the neuroprosthetics market.
Technological advancements are shaping the neuroprosthetics market.Technological advancement is defined as a discovery of knowledge that advances technology to provide an enhanced product to the customers.
For instance, in July 2021, the University of California San Francisco Parnassus Campus (UCSF), a US-based academic medical center, developed Speech Neuroprosthesis.The new achievement was developed by researchers of UCSF, which enabled paralysis patients to directly translate the signals from their brain to the vocal tract, which appear as text on the screen.
The technology used is Brain-Computer Interface Restoration of Arm and Voice which uses human vocabulary with advanced computer algorithms that are used to recognize brain activity.
In February 2021, Flow Neuroscience, a Sweden-based developer of a brain stimulation device, acquired Halo Neuroscience, for an undisclosed amount.With this acquisition, Flow Neuroscience aims at providing more personalized solutions related to brain disorders.
Halo Neuroscience is a US-based developer of brain stimulators that develops muscle memory faster and develops and designs neuroprosthetics.
The countries covered in the neuroprosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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