Neuroprosthetics or neural prosthetics refer to biologically-compatible devices that are implanted or integrated into the central or peripheral nervous system for rehabilitation, replacement or augmentation of neurological functions. Neuroprosthetics help restore communication and control by using stimulus-based interfaces that bypass dysfunctional neural pathways or compensate for lost neurological functions. The rapidly growing field of neuroprosthetics offers increased independence and empowerment to people suffering from paralysis, deafness, blindness, epilepsy, and other neurological disorders.

The Global Neuroprosthetics Market Share is estimated to be valued at US$ 12.66 BN in 2024 and is expected to exhibit a CAGR of 10.9% over the forecast period 2024 to 2031. Advancements in brain-computer interface technologies that enable direct communication between the brain and external devices are driving significant growth opportunities in the neuroprosthetics market.

Key Takeaways

Key players operating in the Global Neuroprosthetics market are Second Sight, Med-El, Retina Implant, Sonova Holding AG. , NeuroPace, Inc., Nevro, Medtronic plc, Abbott, Cochlear, Boston Scientific Corporation, Livanova, Demant A/S, Cyberonics Inc. and NDI Medical LLC.

The increasing prevalence of neurological disorders such as stroke, Parkinson's disease, epilepsy and strong product pipelines are fueling growth opportunities. Technological advancements in brain-computer interface techniques that facilitate non-invasive recording and stimulation of neural activity are further opening up new applications.

Advancements in brain-computer interface technologies that facilitate direct communication between the central nervous system and external electronic devices have enabled new classes of neuroprosthetics for restoring vision, hearing, mobility and cognitive functions. Non-invasive and highly miniaturized BCIs offer enhanced usability.

Market drivers

The major driver for the neuroprosthetics market is the growing geriatric population who are more prone to neurological disorders. According to the World Health Organization, neurological disorders account for over 10% of the global mortality and disability with the burden expected to increase significantly. Neuroprosthetic devices enable improved quality of life for people suffering from paralysis, deafness and blindness. Rapid technological advancements are making these life-enhancing devices more effective and affordable.

Challenges in Global Neuroprosthetics Market

The global neuroprosthetics market faces several challenges due to the complex nature of neuroscience and associated technologies. The R&D required for advancement is highly capital intensive. Safety and efficacy demonstration is a long drawn process requiring extensive clinical trials. Commercialization emerges as a difficult task owing to reimbursement hurdles. The lack of skilled professionals impediments scaling up of production.