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HEALTHCARE & PHARMACEUTICAL

Output Neural Prosthetics Market Segmentation By Stimulation Technique (Deep Brain Stimulation, Spinal Cord Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation And Others); By Application (Physiological Disorders, Motor Neuron Disorders And Cognitive Disorders) – Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Recent Trends and Developments in the Market

  • Elon Musk’s new venture, Neuralink Corporation, is aiming to develop brain-machine interfaces that can be implanted inside the brain. The company is working on creating thin thread-like devices that contain electrodes and are responsible for restoring and enhancing the sensory-motor functions.

  • Similarly, Facebook announced a brain-computer interface program in 2017 and plans to develop a wearable device using the program that enables users to type out words just by imagining themselves talking.

Introduction to Output Neural Prosthetics

Neural prosthetics or neuroprosthetics are devices that aid the input and output of the nervous system in case of any health disorders or injuries. Output neural prosthetics consist of devices that help in the conversion of a brain signal into motor output, whereas input neural prosthetics convert signals from the surroundings into perceivable signals that are sent to the users’ brain and can be understood by them.

The device works by detecting the signals and then converting them to electrical signals through an electrode, thereby transmitting the signals that would have otherwise escaped from the neural pathway. These electric signals are then converted into motor signals in order to facilitate physical actions. Prosthetic limbs can be easily controlled through output neuroprosthetics as they provide efficient sensors and a high precision during movement.

Market Size and Forecast

The global output neural prosthetics market is anticipated to record a significantly high CAGR over the forecast period i.e. 2019-2027. The market is segmented by stimulation technique, by application and by region, out of which, the stimulation technique segment is further segmented into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation and others, while the application segment is further segmented into physiological disorders, motor neuron disorders and cognitive disorders. The physiological disorders mainly include cardiovascular disorders, ophthalmic disorders, urology disorders and auditory disorders. Motor neuron disorders consist of diseases such as Parkinson’s disease and epilepsy, while cognitive disorders include paralysis and Alzheimer’s disease. According to the Alzheimer’s Association, Alzheimer’s disease is the 6th leading cause of death in the United States and this disease, along with other dementia, is responsible for the death of almost every 1 in 3 senior citizens in the country. 

Output Neural Prosthetics Market Graph

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Growth Drivers

Increasing Adoption Of Motor Neuroprosthetics To Result In The Market Growth

The demand for motor neurostimulation techniques for assisting patients with Parkinson’s disease and epilepsy is growing substantially and is estimated to bring about rise in demand for output neural prosthetics. 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. The rise in geriatric population can be attributed to this as a large number of people among the elderly population suffer from various brain diseases which require restoration of cognitive and motor capabilities through implantable brain-machine interfaces.

Growing Demand For Brain Implants In The Healthcare Industry To Expand The Market Size

Rising number of brain disorders is another factor estimated to contribute towards the market growth. The deaths caused by Alzheimer’s disease in the United States increased to 145% between the years 2000 and 2017, according to the Alzheimer’s Association. Growing occurrence of neural disorders among people as a result of brain injuries, accidents or old age results in the need for prosthetic devices that can be controlled by brain and restore the functions.

Restraints

Lack Of Technology Required To Develop Neuroprosthetics To Restrain The Market Growth

The lack of advanced technology that is required to develop highly efficient neural prosthetic devices for generating motor signals is anticipated to be a major restraining factor for the market. However, various companies are working on the techniques in order to invent such devices and bring them into the market during the upcoming years.

Market Segmentation

Our in-depth analysis of the global output neural prosthetics market includes the following segments:

By Stimulation Technique

  • Deep Brain Stimulation
  • Spinal Cord Stimulation
  • Vagus Nerve Stimulation
  • Sacral Nerve Stimulation 
  • Others

By Application

  • Physiological Disorders
  • Motor Neuron Disorders
  • Cognitive Disorders

By Region

On the basis of regional analysis, the global output neural prosthetics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The largest share in the global output neural prosthetics market is estimated to be held by the market in North America. This can be attributed to the technological advancements in healthcare sector and rising neurological disorders in the region. The market in Europe region is estimated to observe steady growth as a result of increased government initiatives for research and development during the forecast period. The highest rate of growth is anticipated to be observed by the market in Asia-Pacific on account of rising geriatric population in countries such as China and India and growing prevalence of central nervous system disorders in these countries.

The global output neural prosthetics market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • Boston Scientific Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Medtronic
  • Abbott
  • LivaNova USA, Inc.
  • Synchron, Inc.
  • Neuralink
  • Second Sight
  • NeuroPace, Inc.
  • Kernel
  • NDI Medical

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