Neuroprosthetics Market Size, Share & Trends Analysis Report By Type (Motor Prosthetics, Cochlear Implants, Cognitive Prosthetics, Retinal Implants), By Technology, By Application, By Region, And Segment Forecasts, 2024 - 2030

Neuroprosthetics Market Size & Trends

The global neuroprosthetics market size was valued at USD 12.71 billion in 2023 and is projected to grow at a CAGR of 15.6% from 2024 to 2030. The growth is attributed to an increasing rate of neurological disorders & nerve injury, amputations due to more accidents and injuries and increasing cases of diabetes globally. The increasing burden of hearing loss and related issues are further expected to drive the market growth.

The World Health Organization estimates that around 2.5 billion people worldwide will have hearing loss by 2050, with nearly 700 million needing hearing rehabilitation by the same year. Therefore, the significant prevalence of hearing impairment worldwide is a key factor driving the expansion of the neuroprosthetics industry. The cochlear implant is a critical neuroprosthetic device that has significant advantages for individuals with deafness or profound hearing loss. Patients who have suffered from severe hearing loss due to illness or injury can also utilize this device to help them perceive sounds around them. Therefore, due to the rising cases of hearing impairment, researchers are dedicating more resources to new neuroprosthetics, which will boost the market in the coming years.

Type Insights & Trends

Motor prosthetics accounted for the largest market revenue share of 42.8% in 2023. Motor prosthetics are devices that are designed to replace or enhance lost motor functions of the body. These devices include prosthetic limbs, exoskeletons, and neurostimulators. Additionally, advancements in technology, such as the development of more sophisticated sensors and materials, have led to the creation of more advanced motor prosthetics that are more functional and user-friendly.

Retinal implants are expected to register a fastest CAGR of 16.4% during the forecast period. The market for retinal implants growing rapidly due to the increasing prevalence of retinal degenerative diseases. According to the National Eye Institute, age-related macular degeneration is the leading cause of vision loss in Americans aged 50 and older, with about 1 in 10 people affected by the condition in the U.S. alone.

Technology Insights & Trends

Spinal Cord Stimulation (SCS) accounted for the largest market share of 49.2% in 2023. One of the key factors driving the growth of the segment is the increasing prevalence of chronic pain globally. Technological advancements have resulted in the creation of advanced SCS devices that offer enhanced pain relief capabilities and can enhance the quality of life for patients. For instance, more advanced SCS devices can be customized to administer various stimulation patterns and strengths, enabling doctors to personalize therapy for each patient.

Sacral Nerve Stimulation (SNS) is expected to register the fastest CAGR of 19.4% during the forecast period. The market for SNS is expanding quickly because bladder and bowel problems are becoming more common worldwide, driven by factors such as growing elderly population and the increasing rate of chronic diseases like diabetes. Technological progress has resulted in the creation of advanced SNS devices that offer improved results for individuals with bladder and bowel issues. More recent devices come with rechargeable batteries, wireless programming, and MRI compatibility, enhancing convenience and user-friendliness for patients.

Application Insights & Trends

Themotor neuron disorders segment dominated the market with 59.5% share in 2023 and is projected to retain the dominance during the forecast period due to the increasing prevalence of neurological disorders like Parkinson's disease and epilepsy. According to Parkinson's Foundation, nearly one million people in the U.S. were living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Nearly 90,000 people in the U.S. are diagnosed with PD each year. More than 10 million people worldwide are living with PD.

According to the World Health Organization (WHO) an estimated 5 million people are diagnosed with epilepsy each year globally. In high-income countries, there are estimated to be 49 per 100 000 people diagnosed with epilepsy each year. These disorders can significantly impact an individual's quality of life, and the use of neuroprosthetics can help improve their condition, leading to increased revenue growth in this segment.

The cognitive disorders segment is projected to grow at the fastest CAGR of 16.6% over the forecast period. The neuroprosthetics sector is witnessing a notable rise due to the growing occurrence of cognitive ailments such as Alzheimer's disease and extreme depression. The trend is being driven by the increasing elderly population, growing awareness, advancements in technology, and few treatment choices available. As research and development progress, neuroprosthetics are anticipated to have a growing significance in the care and handling of cognitive disorders.

Regional Insights & Trends

North Americaneuroprosthetics market dominated the global market with 42.5% share in 2023. This is mainly a result of the rising occurrence of neurological disorders and the expanding elderly population in the region. There is an increase in neurological disorders such as stroke, epilepsy, Parkinson’s disease, and multiple sclerosis in North America.  The rise in the elderly population in North America is contributing to the expansion of the neuroprosthetics market. Neurological disorders are more common in older adults, leading to an increased need for neuroprosthetics in this demographic. The U.S. Census Bureau projects that the number of Americans aged 65 and older will more than double by 2060, reaching nearly 95 million.

U.S. Neuroprosthetics Market Trends

The neuroprosthetics market in the U.S. dominated the North America market with a share of 75.3% in 2023 due to several factors, including advancements in technology and an increasing awareness.Technological advancements have resulted in the launch of advanced neuroprosthetics.

Europe Neuroprosthetics Market Trends

The Europe neuroprosthetics market was identified as a lucrative region in 2023. The region has a strong healthcare system and a high number of neurological disorders. These factors, along with advancements in technology and growing investments in research and development, are driving the market.

The UK neuroprosthetics market is expected to grow rapidly in the coming years. The National Health Service (NHS) offers comprehensive healthcare coverage, ensuring that innovative treatments such as neuroprosthetics are available to a larger number of people. Furthermore, the UK government has made significant investments in neurotechnology research and development, creating an ideal environment for innovation.

The Germany neuroprosthetics market held a substantial market share in 2023 owing to the country’s advanced manufacturing sector and knowledge in robotics and artificial intelligence are pushing the advancement of complex neuroprosthetic devices.

Asia Pacific Neuroprosthetics Market Trends

Asia Pacific neuroprosthetics market is anticipated to witness a significant CAGR of 16.4% during the forecast period. The market is expected to witness growth owing to the increasing various technological for developing neuroprosthetics devices, rising cognitive disorders such as paralysis, Alzheimer’s disease, and severe depression.

The India neuroprosthetics market is expected to grow rapidly in the coming years due the large population and increasing healthcare awareness. The country is experiencing an increase in the occurrence of neurological conditions such as stroke, spinal cord injuries, and Parkinson's disease. The increasing accessibility of healthcare services along with this factor is fueling the need for neuroprosthetic devices.

The China neuroprosthetics market held a substantial market share in 2023 owing to the country's robust economy and growing healthcare infrastructure. The nation has a significant number of people with neurological disorders, and the government is making substantial investments in innovative medical technology research and development.

Key Neuroprosthetics Company Insights

Some of the key players are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

Recent Developments

• In February 2022, Ossur introduced a groundbreaking bionic technology, POWER KNEE. It is a motor-powered prosthetic knee which uses algorithms to identify human movement, real time cadence, and adjusts & learns the wearer’s speed.

Neuroprosthetics Market Report Scope

Global Neuroprosthetics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the neuroprosthetics Market report based on type, technology, application, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Motor Prosthetics

  • Cochlear Implants

  • Cognitive Prosthetics

  • Retinal Implants

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Deep Brain Stimulation (DBS)

  • Vagus Nerve Stimulation (VNS)

  • Spinal Cord Stimulation (SCS)

  • Sacral Nerve Stimulation (SNS

• Application Outlook (Revenue, USD Million, 2018 - 2030) 

  • Motor Neuron Disorders 

    • Parkinson’s Disease

    • Epilepsy

  • Physiological Disorders

    • Auditory Disorders

    • Ophthalmic Disorders

    • Cardiac Disorders

    • Kidney Disorders

  • Cognitive Disorders

    • Alzheimer’s Disease

    • Severe Depression

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Mexico

    • Canada

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Thailand

    • Australia

  • Latin America

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait