Neuroprosthetics: Key market research findings
- Emerging technologies in neuroprosthetics
- Growing inclination towards hybrid neuroprosthetic devices and next-generation therapies
Technavio has added a new market research report on the global neuroprosthetics market, which is expected to grow at a CAGR of around 7% between 2015 and 2019. The recent increase in demand for neuroprosthetic devices coupled with the rising sales of Cochlear implants and SCS systems are diving this market’s growth. The Americas is the largest revenue contributor in the neuroprosthetics market and is expected to surpass US$ 4 billion by 2019. Much of this region’s growth is due to factors like technological advancements and the availability of reimbursement for few of the neuromodulators.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“Of late, the manufacturers are adopting advanced technologies to develop neuroprosthetics. These devices have improved applications and are increasingly being used to restore the functionality of impaired motor, sensory, and autonomic functions. Moreover, vendors are focusing on devices equipped with brain-computer interfaces. These devices allow individuals with paralysis to control computers, other electronic devices, and wheelchairs using brainwaves,” says Imran Mushtaq, Lead Analyst, Healthcare, Technavio Research.
The use of hybrid neuroprosthetic devices have gained momentum in this market. These devices are a combination of neuroprosthetics technologies and pharmacological and electrical neuromodulation therapies. These help in improving the recovery of motor functions in the brain, brainstem, and spinal cord. Also, manufactures are constantly developing next-generation technologies for therapeutic interventions for effective restoration of impaired neural function. These devices send electrical stimulation to motor nerves through sensory pathways, and help patients to move, extend, or flex their limbs.
The leading vendors in the global neuroprosthetics market include Boston Scientific, Medtronic, St. Jude Medical, Cochlear Ltd., and Sonova Holding. This market has immense growth opportunities for vendors, especially in the US and the European region. Many vendors are now trying to penetrate the APAC market by focusing on markets like Australia, China, and Japan, to expand their market shares.
A more detailed analysis is available in the Technavio report, Global Neuroprosthetics Market 2015-2019 – Industry Research Report.
We can customize reports by other regions and specific segments upon request.
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