New York, October 7, 2022 /PRNewswire/ — “Neuroprosthetic Market by Application (Neuromodulatory and Cognitive Devices) and Geography (North America, Asia, Europeand the Rest of the World (ROW) – Forecasts and Analysis 2022-2026 report has been added to Technavio’s offerings. US$4.59 billionRequest a free PDF sample report to get accurate CAGR and YOY growth rates
Regional analysis
North America It accounts for 41% of the market growth during the forecast period. This increase is due to factors such as the higher incidence of neurological disorders.United States and Canada is the leading country in the neuroprosthesis market. North AmericaMoreover, the market growth in this region is faster than that of other regions.
Key market dynamics
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Market driver: Increasing prevalence of neurological diseases is boosting the market growth. Neural prostheses are used when other treatments cannot cure a disease or condition. Neurological diseases such as MS affect the spinal cord and brain. MS is most common in countries such as: new zealand, Australia, Canada, France, Norway, Germany, and the United States. Such diseases have symptoms such as blurred vision and muscle weakness and tingling. Therefore, the adoption of neuroprosthetic techniques such as SCS, DBS, vagus nerve stimulation (VNS), and sacral stimulation is increasing in developed countries such as the United States. Canada,Australia.
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Market challenges: High cost of neuroprosthetic products We are challenging the growth of the neuroprosthesis market. Most insurance companies do not reimburse these devices. Prostheses are covered by health insurance, but the extent of coverage depends greatly on the level of amputation and the physical condition of the patient. Moreover, the initial cost of using neuroprostheses for treatment is high, especially for implantable devices. The cost of computer aided devices is US$20,000 To US$30,000In addition, the cost of neuroprostheses is up to US$100,000A typical prosthesis costs US$3,000 When US$30,000The manufacturing cost of a fully functional modular prosthesis is approximately US$500,000.
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market segmentation
Upon application, neuromodulator The segment will be the largest contributor to market growth during the forecast period. These devices use electrical signals to directly stimulate the nervous system. They are used to treat uncontrollable chronic pain and movement-related disorders.
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Report Segments and Regional Opportunities
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Scope of the neuroprosthesis market |
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report coverage |
detail |
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page number |
120 |
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base year |
2021 |
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Forecast period |
2022-2026 |
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Growth Momentum and CAGR |
Accelerate at a CAGR of 8.36% |
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Market growth 2022-2026 |
US$4.59 billion |
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market structure |
fragmented |
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YoY growth rate (%) |
9.88 |
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Regional analysis |
North America, Asia, Europe, and Rest of the World (ROW) |
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Execution of market contribution |
North America 41% |
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Main consumption country |
USA, Canada, Germany, China, Japan |
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competitive environment |
Scope of major companies, competitive strategies and consumer engagement |
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Company profiled |
Abbott Laboratories, Boston Scientific Corp., BrainGate, Cochlear Ltd., EMOTIV Inc., HI LLC dba. Kernel, MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, NeuroMetrix Inc., NeuroPace Inc., Nevro Corp., Pardromics Inc., SensArs, Sonova Holding AG, Soterix Medical Inc., Zynex Inc. |
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market dynamics |
Parent market analysis, market growth drivers and impediments, fast and slow growth segment analysis, impact of COVID-19 and future consumer dynamics, and market landscape analysis for the forecast period. |
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Customization range |
If the data you’re looking for isn’t in the report, contact an analyst to customize the segment. |
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main topic
1.executive summary
2 Market Outlook
3 Market size
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Situation
7 Geographical landscape
8 Factors, Challenges and Trends
9 Vendor Landscape
10 vendor analysis
11 Appendix
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