The Future of Neurorehabilitation Market is Driven by Neuroprosthetics
The global neuroprosthetics market constitutes medical devices that can be implanted or connected externally to the body to restore or augment normal neurological functions that are damaged or lost due to various conditions. Neuroprosthetics include retinal implants, cochlear implants, spinal cord stimulators, deep brain stimulators, and myoelectric prosthetics. The key advantages of neuroprosthetics are that they facilitate communication between nerves and muscles or organs that are not functioning normally. They help to regain mobility, improve motor skills, restore vision, overcome deafness and enable communication among patients suffering from neurological disorders or injuries. Neuroprosthetics translate neural signals into mechanical, chemical or digital signals that activate target tissue, organs or prostheses.
The global neuroprosthetics market is estimated to be valued at US$ 12.66 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the global neuroprosthetics market are Second Sight, Med-El, Retina Implant, Sonova Holding AG., NeuroPace, Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC. Key players like Medtronic and Boston Scientific have wide portfolios of Global Neuroprosthetics Market Demand devices and dominate the market.
The growing prevalence of neurological disorders like Parkinson's disease, epilepsy, obsessive disorders and hearing and vision impairments is driving the demand for neuroprosthetics. With rising geriatric population globally, cases of neurodegenerative diseases are increasing rapidly. Moreover, technological advancements in brain-machine interfaces, neural implants and tissue engineering have enabled development of novel and effective neuroprosthetic solutions.
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