Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.DOWNLOAD SAMPLE REPORT HERE
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
By Application
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:
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