The market for neuroprosthetics in 2015 was estimated at USD 4.2 billion globally. This can be attributed to high prevalence rate of disorders such as severe depression, Alzheimer’s, muscle/neuromuscular junction disorder, ophthalmic, auditory, epilepsy, and Parkinson’s which will drive the growth.
Also,
the increasing investments in R&D for new products and device innovation
& development for effective treatment plans to be used for neurological
diseases are anticipated to provide significant boost to the overall demand.
The increasing preference of self-charging devices, which uses bioenergy is
expected to propel demand for brain implants throughout the forecast period.
Furthermore, rise in aging population susceptible to neurological diseases is
presumed to be a high impact factor for increasing neural implants demand
throughout the forecast period.
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The
largest market share of around 50.0% was held by spinal cord stimulation
segment in 2015. The dominant share can be attributed to high penetration of
these devices with technological upgradations. These upgradations facilitate
usage in various applications, to treat impaired autonomic, sensory, and motor
functions.
Advent
of technologically advanced products, that includes surgical implantable
devices, featuring images, MRI, movable and automated probes, and local field
potentials is predicted to provide attractive growth opportunities. Moreover,
the frequent development of next-generation technologies by manufacturers, to
enhance treatment interventions for restoration of impaired neurological
functions, makes sacral nerve stimulators as fastest growing segment.
Type Insights
The
largest market share was held by motor prosthetics followed by the cochlear
prosthetics segment in 2015. The dominant share held by motor prosthetic can be
attributed to increased adoption, preference for implantable devices in bladder
control and brain computer interface for treatment of lateral sclerosis &
paraplegic patients.
A
rapid growth is seen by the auditory segment owing to the increase in usage of
mid brain AMI’s and brain stem implants ABI’s by patients with impaired
hearings. Cochlear implants can be used for stimulation therapy and signal
processing systems, which is expected to broaden the treatment scope in the
future for neural disorders.
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Traumatic
brain injuries, spinal cord injuries, Parkinson’s disease, and Alzheimer’s can
be treated with the use of neuroprosthetics. The neuroprosthetic devices can be
broadly classified into cognitive & physiological disorders, and motor
neuron abnormalities based on application. The largest application segment was
found to be motor neuron disorders in 2015 owing to the increasing adoption in
epilepsy and Parkinson’s along with high prevalence of the aforementioned
thereby leading to a widened consumer base.
The
fastest growing segment is anticipated to be cognitive disorders as a
consequence of rising prevalence of severe depression and Alzheimer’s.
Introduction of various technologically advanced stimulation devices which can
stimulate motor controls and calculate limb trajectory to be used in paralysis
treatment, is expected to further drive the market during the forecast period.
Regional Insights
The
largest share of over 50.0% in terms of revenue was held by North America in
2015. The dominancy in terms of revenue can be attributed to various factors
such as, private and government funding as well as supportive healthcare
infrastructure. Europe is anticipated to witness an upward shift as a
consequence of advent of technologically advanced products for patients with
impaired hearing and increasing initiatives by the government.
The
fastest growing region is predicted to be Asia Pacific owing to the untapped
opportunities present in this emerging region. The shifting focus towards
overall cost containment in manufacturing of implants and high awareness
amongst patients are predicted to drive the growth prospects. Moreover,
increasing investments by the key players for development of new manufacturing
facilities is expected to provide high growth potential over the coming years
for neural implants.
Competitive Insights
Various
companies which offer solutions for a wide range of neurological disorders are
BrainGate, Sonova, MED-EL, Nervo Corp., Retina Implant AG, St. Jude Medical
Inc., and Boston Scientific Corporation. The prominent players include
NeuroPace Inc, NDI Medical LLC, Medtronic Inc., Cyberonics Inc., and Cochlear
Limited.
The
oligopolistic nature of the market and companies help in providing
technologically advanced and effective solutions including, stimulators, smart
hearing devices, wireless mini microphones and advanced therapy for
neurological diseases. Geographic expansion and strategic collaborations are
some of the few sustainable strategies that are adopted by these players. This
is predicted to keep the industry’s competitive rivalry at the highest level
and drive the market throughout the forecast period.
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