The
global Neuroprosthetics Market is expected to reach USD
14.6 billion by 2024, according to a new report by Grand View Research, Inc.
The increasing prevalence of neurological disorders coupled with the demand for
cost-effective and technologically advanced implants is expected to drive the
demand for neuroprosthetics market in the coming years.
In
addition, the associated high costs and side effects of conventional
medications are responsible for the rising adoption rate of implants. For
instance, the increasing adoption of Vagus Nerve Stimulation (VNS) therapy
system over therapeutics such as antidepressants in the treatment of
Alzheimer's disease, brain aneurysm, and strokes is propelling the overall
market growth.
Moreover,
the rising geriatric population prone to epilepsy opting for neural
implantation over the conventional medication is exerting a positive effect on
the overall industry growth.
North America Neuroprosthetics Market, By Type, 2014 - 2024 (USD Million)
North America Neuroprosthetics Market, By Type, 2014 - 2024 (USD Million)
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Details of Report @ http://www.grandviewresearch.com/industry-analysis/neuroprosthetics-market
Further key findings from the study suggest:
- The motor
prosthetic devices segment dominated in terms of revenue share and
accounted for over 35.0% of the market in 2015, followed by visual
cochlear implants. Whereas, retinal neuroprosthetics were identified as
one of the fastest growing market segment owing to the rising penetration
and the increasing R&D efforts pertaining to product innovation.
- The Spinal
Cord Stimulation (SCS) segment held the largest share at over 55.0% owing
to the analgesic property of the SCS therapy used in the treatment of
ischemic pain, failed back surgery syndrome, and complex refractory pain
syndrome. Furthermore, it finds applications in intraspinal and epidural
microstimulation for inducing leg movements. In addition, technological
advancements in this segment is expected to further boost market growth in
the near future. The sacral Nerve Stimulation (SNS) is expected to be the
fastest growing segment over the forecast period due to its applications
in chronic intractable pelvic ache and neurogenic bladder.
- In the
applications segment, motor neuron disorders held the largest segment due
to the rising incidences of Parkinson’s disease and epilepsy. For
instance, as per the report published by Parkinson’s disease Foundation in
2012, approximately 60,000 Americans were diagnosed with Parkinson’s
disease each year and the number is expected to grow further over the
forecast period thereby fueling this segment’s growth.
- In 2015,
North America dominated the overall neuroprosthetics market at over 43.0%
owing to the large presence of neural implants manufacturers, higher
R&D investments, and the availability of funds from both government
and private institutes. For instance, the Defense Advanced Research
Project Agency (DARPA) and National Institute of Neurological Disorders
and Stroke (NIH)in collaboration with the federal agencies are instrumental
in providing funds to support R&D initiatives for the further
development of neural implants.
- Asia Pacific
is anticipated to be the fastest growing segment due to the introduction
of multinational healthcare establishments promoting safe and effective
medical procedures along with the rising awareness levels amongst
consumers
- Strategic
collaborations and mergers & acquisitions are expected to keep the
industry rivalry level high over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
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