Yahoo Finance The Rising Prevalence Of Neurological Disorders Is Expected To Drive The Growth Of The Neuroprosthetics Market At A 14% Rate As Per The Business Research Company's Neuroprosthetics Global Market Report 2022
TBRC’s market research report covers neuroprosthetics market size, neuroprosthetics market forecasts, major neuroprosthetics companies and their market share, key strategies to undertake, and more.
LONDON, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the neuroprosthetics market, 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 damage 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.
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The global neuroprosthetics market size 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 global neuroprosthetics market growth is expected to reach $13.77 billion in 2026 at a CAGR of 14.4%.
Technological advancements are shaping the neuroprosthetics market. Technological advancement is defined as the discovery of knowledge that advances technology to provide an enhanced product to customers. For instance, in July 2021, the University of California San Francisco Parnassus Campus (UCSF), a US-based academic medical center, developed a Speech Neuroprosthesis. The new achievement was developed by researchers at 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.
Major players in the neuroprosthetics market are Medtronic plc, Cochlear Ltd, Abbott Laboratories, Boston Scientific, LivaNova Plc, Second Sight Medical Products Inc, MED-EL, Retina Implant AG, Sonova, Neuropace, NDI Medical LLC, Demant AS, Oticon, St. Jude Medical Inc, Biomet Inc.
The global neuroprosthetics market analysis is segmented by type into motor neuroprosthetics, auditory neuroprosthetics/ cochlear implants, visual neuroprosthetics/ retinal implants, cognitive neuroprosthetics; by technique into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, transcranial magnetic stimulation; by application into motor neuron disorders, physiological disorders, 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 global neuroprosthetics market during the forecast period. The regions covered in the global neuroprosthetics industry outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Neuroprosthetics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide neuroprosthetics market overviews, neuroprosthetics market analyze and forecast market size and growth for the whole market, neuroprosthetics market segments and geographies, neuroprosthetics market trends, neuroprosthetics market drivers, neuroprosthetics market restraints, neuroprosthetics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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