Research Nester released a report titled “Global Output Neural Prosthetics Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global output neural prosthetics market in terms of market segmentation by stimulation technique, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Neuroprosthetics or neural prosthetics are devices used for initiating the transmission of signals between the brain and other body parts. These devices are used for assisting patients with brain disorders such as Alzheimer’s, epilepsy, Parkinson’s disease and other central nervous system disorders. The global output neural prosthetics market is anticipated to observe a significant CAGR during the forecast period, i.e., 2019-2027. The market is segmented by stimulation technique, by application and by region. The stimulation technique segment is further segmented into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation and other. Based on application, the market is sub-segmented into physiological, motor neuron and cognitive disorders. According to the National Institute of Health, an estimate of around 50,000 people in the United States are diagnosed with Parkinson’s disease every year. This is estimated to substantially increase the market growth.
The market in North America is anticipated to hold the largest share in global output neural prosthetics market as a result of rising development in new technologies in the field of neuroprosthetics. Moreover, the research and development of devices with brain-machine interfaces is increasing in the region. The market in Asia-Pacific is estimated to grow at the highest rate during the forecast period on account of growing geriatric population as well as the high incidence of central nervous system disorders among them.
Rising Demand For Brain-Machine Implants As Neural Prosthetics To Boost The Market Growth
The demand for neural prosthetics is estimated to substantially rise during the upcoming years on account of escalating incidences of people with neural disorders and amputations. Neuroprosthetics assist people with artificial limbs by controlling their movements as well. These factors are anticipated to significantly increase the market growth.
However, lack of technologies available for the development of highly efficient devices is estimated to become a restraining factor for the global output neural prosthetics market, which can be overcome by increasing the research and development activities in this sector.
This report also provides the existing competitive scenario of some of the key players of the global output neural prosthetics market which includes company profiling of Boston Scientific Corporation (BSX), Medtronic (MDT), Abbott (ABT), LivaNova USA Inc. (LIVN), Synchron Inc., Neuralink, Second Sight (EYES), NeuroPace Inc., Kernel (KER) and NDI Medical. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global output neural prosthetics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.