Neuroprosthetics Market Size is Projected To Reach USD 11450 Million By 2027 At A CAGR of 9.9% - Valuates Reports

BANGALORE, India, Jan. 7, 2022 /PRNewswire/ -- Neuroprosthetics Market By Type - Output Neuroprosthetics, Input Neuroprosthetics, By Application - Hospital, Clinic, Other. Global Opportunity Analysis and Industry Forecast, 2021 - 2027. It is published in Valuates Reports under the  Medical Devices & Equipment Category.

The global Neuroprosthetics market size is projected to reach USD 11450 million by 2027, from USD 5731 million in 2020, at a CAGR of 9.9% during 2021-2027.

Major Factors Driving The Growth Of The Neuroprosthetics Market Are

The rising number of neurological illnesses, hearing loss, diabetes, and amputation cases due to the rising number of accidents and injuries are all driving the growth of the neuroprosthetics market.

Furthermore, the increased acceptance rate of neuroprosthetics implants is due to the high costs and negative effects of conventional drugs.

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TRENDS INFLUENCING THE GROWTH OF NEUROPROSTHETICS MARKET

One of the primary reasons for the growth of the neuroprosthetics market is the rising prevalence of hearing loss among the global population. The cochlear implant is one of the most important neuroprosthetic technologies that has helped people who are deaf or severely hard of hearing. Patients with severe hearing loss due to disease or accident can also benefit from this technology, which allows them to hear sounds in their surroundings.

Furthermore, contemporary breakthroughs in neurotechnologies and neuroimaging are contributing to the rapid growth in the use of Neuroprosthetics to treat a variety of neurologic illnesses. As a result, the global Neuroprosthetics market is expected to benefit from the expansion of device usage to various chronic indications and targeted applications.

The increasing prevalence of diabetes among the global population is another factor fueling the neuroprosthetics market. Diabetes patients may develop a variety of foot problems as a result of the blood vessel and nerve damage. Diabetes can harm the blood vessels in the retina, resulting in vision problems or blindness. As a result, the market for retinal/bionic eye implants is predicted to rise in response to the rising prevalence of diabetes.

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NEUROPROSTHETICS MARKET SHARE ANALYSIS

The North American region is estimated to account for the largest Neuroprosthetics market share during the forecast period. The high incidence of vision and hearing loss, rising prevalence of neurological illnesses, and the strong presence of industry players in this region are all factors in this market's size. However, due to the arrival of international healthcare establishments advocating safe and effective medical procedures, as well as increased consumer awareness levels, Asia Pacific is expected to be the fastest expanding segment.

Based on type, the Input Neural Prosthetics Segment is expected to be the most lucrative. Because of the rising prevalence of hearing loss and technological improvements allowing for the development of novel devices, the input neural prosthetics market is predicted to grow throughout the forecast period. The cochlear implant and a bionic eye/retinal implant are among the input neural prostheses.

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Neuroprosthetics Market By Company

• medtronic
• abbott
• cochlear
• boston scientific
• livanova
• second sight
• med-el
• retina implant
• sonova
• neuropace
• ndi medical
• nevro

Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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