Where is the Neuroprosthetics Market Headed in the Next Decade?
The neuroprosthetics market size is witnessing exponential growth. From $10.27 billion in 2024, it’s projected to grow to $11.72 billion in 2025 at a compound annual growth rate (CAGR) of 14.2%. This growth can be attributed to aging population, government initiatives, research and development, regulatory approvals, and funding.
The market is projected to grow to $20.61 billion by 2029 at a CAGR of 15.2%. This rapid growth can be credited to factors such as rise in personalized medicine, prevalence of chronic diseases, advancements in telemedicine services, and global healthcare expenditure. Major trends pushing the market are brain-computer interfaces (bcis), artificial intelligence, non-invasive neuroprosthetics, sensory restoration, and biohybrid neuroprosthetics.
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What is Driving Growth in the Neuroprosthetics Market?
The rising number of patients with neurological disorders and nerve injuries is set to propel the growth of this market. Disorders affecting the brain, nerves, and spinal cord along with nerve injuries can impair cognitive or sensory functions. Neuroprosthetics devices aid in the restoration of these lost functions. An example highlighting the scale of the issue is the World Health Organization’s (WHO) report that nearly 50 million people across the globe were suffering from epilepsy in 2022. An overwhelming majority — nearly 80% — of them reside in low and middle-income countries.
What are the Major Segments in the Neuroprosthetics Market?
The market report segments the neuroprosthetics market as follows:
1) By Type: Motor Neuroprosthetics, Auditory Neuroprosthetics/ Cochlear implants, Visual Neuroprosthetics/ Retinal implants, Cognitive Neuroprosthetics.
2) By Technique: Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Transcranial Magnetic Stimulation.
3) By Application: Motor Neuron Disorders, Physiological Disorders, Cognitive Disorders.
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Who are the Key Players in the Neuroprosthetics Market?
Major companies in this market include Abbott Laboratories, Biomet Inc., Boston Scientific Corp., Cochlear Ltd., Demant AS, LivaNova plc, MED-EL GmbH, NDI Medical LLC, Neuropace Inc., Nevro Corp., Oticon US Inc., Retina Implant AG, Second Sight Medical Products Inc., Sonova Holding AG, and St. Jude Medical Inc., among others.
What are the Emerging Trends in the Neuroprosthetics Market?
Technological advancements are determining the future of the neuroprosthetics market. For instance, Axoft, a US-based nanotechnology company, launched a brain-machine interface (BMI) technology in October 2022. This innovation features soft, flexible implants made from bio-inspired materials that mimic brain tissue, significantly reducing risks of scarring or infection and enhancing the treatment potential for neurological disorders such as epilepsy and Parkinson’s disease.
Which Region is the Largest in the Neuroprosthetics Market?
North America was the largest region in this market in 2024. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period.
What Does The Neuroprosthetics Market Report 2025 Offer?
Neuroprosthetics studies neuroprostheses and brain-machine interfaces. Neuroprosthetic devices substitute the cognitive or sensory functions that have been impaired due to nervous system disorders. These devices allow brain-injured patients to participate in day-to-day life and improve their quality of life. The Neuroprosthetics Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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