In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.
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.
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.
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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.
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.
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.
Our in-depth analysis of the global output neural prosthetics market includes the following segments:
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: