Neuroprosthetics Market Size to Grow by USD 4.59 Bn, Majority of Market Growth to Originate from North America - Technavio

NEW YORK, Oct. 7, 2022 /PRNewswire/ -- The "Neuroprosthetics Market by Application (neuromodulation devices and cognitive devices) and Geography (North America, Asia, Europe, and Rest of World (ROW)) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. The potential growth difference for the neuroprosthetics market size between 2021 and 2026 is USD 4.59 billion. To get the exact CAGR and the Y-O-Y growth rate, Request a FREE PDF Sample Report

North America will account for 41% of the market's growth during the forecast period. This growth is attributed to factors such as a high incidence of neurological diseases. The US and Canada are the key countries for the neuroprosthetics market in North America. Moreover, market growth in this region will be faster than the growth of the market in other regions.

• Market Driver: The increasing prevalence of neurological disorders is driving the growth of the market. Neuroprosthetics are used when other treatments are unable to cure a disease or condition. Neurological disorders such as MS affect the spinal cord and the brain. MS is most prevalent in countries such as New Zealand, Australia, Canada, France, Norway, Germany, and the US. Such diseases have symptoms such as blurred vision and weakness and tingling of the muscles. Thus, the adoption of neuroprosthetic technologies, such as SCS, DBS, Vagus nerve stimulation (VNS), and sacral cord stimulation, is growing in developed countries such as the US, Canada, and Australia. 
• Market Challenge: The high cost of neuroprosthetic products is challenging the neuroprosthetics market growth. A majority of insurance companies do not pay reimbursements for these devices. Though health insurance covers prosthetic limbs, the coverage is highly dependent on the amputation level and the physical condition of the patient. Moreover, the initial cost of using neuroprosthetics for treatment is high, especially for implantable devices. The cost of computer-assisted devices ranges from USD 20,000 to USD 30,000. In addition, the cost of a neural prosthetic arm can be up to USD 100,000. A normal prosthetic limb costs between USD 3,000 and USD 30,000. The cost of manufacturing a fully functional modular prosthetic limb is approximately USD 500,000.

Technavio has identified key trends, drivers, and challenges in the market, which will
help vendors improve their strategies to stay ahead of their competitors. View our FREE
PDF Sample Report

By application,  the neuromodulation devices segment will be the largest contributor to market growth during the forecast period. These devices offer direct stimulation to the nervous system by using electrical signals. They are used for treating unmanageable chronic pain and movement-related disorders.

View our FREE PDF Sample Report for additional insights into the contribution of all the
segments and regional opportunities in the report

• Abbott Laboratories
• Boston Scientific Corp.
• BrainGate
• Cochlear Ltd.
• EMOTIV Inc.
• HI LLC dba. Kernel
• MED EL Elektromedizinische Gerate GmbH
• Medtronic Plc
• NeuroMetrix Inc.
• NeuroPace Inc.
• Nevro Corp.
• Paradromics Inc.
• SensArs
• Sonova Holding AG
• Soterix Medical Inc.
• Zynex Inc.

Want your report customized? Speak to an analyst and personalize your report
according to your needs

Related Reports

Neurophotonics Market by Application and Geography - Forecast and Analysis 2022-2026: The neurophotonics market share is expected to increase by USD 397.53 million from 2021 to 2026.

Point of Care Diagnostics Market by Product, End-user, and Geography - Forecast and Analysis 2022-2026: The point of care diagnostics market share is expected to increase by USD 13.09 billion from 2021 to 2026.

Browse Health Care Market Reports

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments 
• Exhibit 24: Chart on Application - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

• 5.2 Comparison by Application 
• Exhibit 26: Chart on Comparison by Application
• Exhibit 27: Data Table on Comparison by Application

• 5.3 Neuromodulation devices - Market size and forecast 2021-2026 
• Exhibit 28: Chart on Neuromodulation devices - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Neuromodulation devices - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Neuromodulation devices - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Neuromodulation devices - Year-over-year growth 2021-2026 (%)

• 5.4 Cognitive devices - Market size and forecast 2021-2026
• Exhibit 32: Chart on Cognitive devices - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Cognitive devices - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Cognitive devices - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Cognitive devices - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Application 
• Exhibit 36: Market opportunity by Application ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Asia - Market size and forecast 2021-2026
• Exhibit 46: Chart on Asia - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on Asia - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on Asia - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Asia - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 Rest of World (ROW) - Market size and forecast 2021-2026
• Exhibit 54: Chart on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)

• 7.7 US - Market size and forecast 2021-2026
• Exhibit 58: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.8 China - Market size and forecast 2021-2026
• Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.9 Japan - Market size and forecast 2021-2026
• Exhibit 66: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026
• Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 Canada - Market size and forecast 2021-2026
• Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.12 Market opportunity by geography 
• Exhibit 78: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 79: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 80: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 81: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 82: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 83: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 84: Matrix on vendor position and classification

• 10.3 Abbott Laboratories 
• Exhibit 85: Abbott Laboratories - Overview
• Exhibit 86: Abbott Laboratories - Business segments
• Exhibit 87: Abbott Laboratories - Key news
• Exhibit 88: Abbott Laboratories - Key offerings
• Exhibit 89: Abbott Laboratories - Segment focus

• 10.4 Boston Scientific Corp. 
• Exhibit 90: Boston Scientific Corp. - Overview
• Exhibit 91: Boston Scientific Corp. - Business segments
• Exhibit 92: Boston Scientific Corp. - Key news
• Exhibit 93: Boston Scientific Corp. - Key offerings
• Exhibit 94: Boston Scientific Corp. - Segment focus

• 10.5 Cochlear Ltd. 
• Exhibit 95: Cochlear Ltd. - Overview
• Exhibit 96: Cochlear Ltd. - Business segments
• Exhibit 97: Cochlear Ltd. - Key offerings
• Exhibit 98: Cochlear Ltd. - Segment focus

• 10.6 MED EL Elektromedizinische Gerate GmbH
• Exhibit 99: MED EL Elektromedizinische Gerate GmbH - Overview
• Exhibit 100: MED EL Elektromedizinische Gerate GmbH - Product / Service
• Exhibit 101: MED EL Elektromedizinische Gerate GmbH - Key offerings

• 10.7 Medtronic Plc 
• Exhibit 102: Medtronic Plc - Overview
• Exhibit 103: Medtronic Plc - Business segments
• Exhibit 104: Medtronic Plc - Key news
• Exhibit 105: Medtronic Plc - Key offerings
• Exhibit 106: Medtronic Plc - Segment focus

• 10.8 NeuroMetrix Inc. 
• Exhibit 107: NeuroMetrix Inc. - Overview
• Exhibit 108: NeuroMetrix Inc. - Product / Service
• Exhibit 109: NeuroMetrix Inc. - Key offerings

• 10.9 NeuroPace Inc. 
• Exhibit 110: NeuroPace Inc. - Overview
• Exhibit 111: NeuroPace Inc. - Product / Service
• Exhibit 112: NeuroPace Inc. - Key offerings

• 10.10 Nevro Corp. 
• Exhibit 113: Nevro Corp. - Overview
• Exhibit 114: Nevro Corp. - Product / Service
• Exhibit 115: Nevro Corp. - Key offerings

• 10.11 SensArs 
• Exhibit 116: SensArs - Overview
• Exhibit 117: SensArs - Product / Service
• Exhibit 118: SensArs - Key offerings

• 10.12 Soterix Medical Inc. 
• Exhibit 119: Soterix Medical Inc. - Overview
• Exhibit 120: Soterix Medical Inc. - Product / Service
• Exhibit 121: Soterix Medical Inc. - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 122: Inclusions checklist
• Exhibit 123: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 124: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 125: Research methodology
• Exhibit 126: Validation techniques employed for market sizing
• Exhibit 127: Information sources

• 11.5 List of abbreviations 
• Exhibit 128: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/

SOURCE Technavio