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Kenneth Research recently added a report on Neuroprosthetics Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Neuroprosthetics Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Neuroprosthetics Market products.
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Neuroprosthetics market is projected to be more than USD 6 billion by end of 2021 and is projected to grow at a CAGR of 15% over the period 2022-2030 . Increased prevalence of diseases such as Parkinsons disease, epilepsy, hearing, eye, musculoskeletal system, the disease Alzheimers and major depression are the main causes. disease. prosthetic market.Additionally, R&D investments are expected to increase to produce new devices and products with innovative computer-aided (BCI) technologies to develop effective treatment programs for neurological disorders. device, and therefore industry. The growing use of bioenergy self-loading implants is expected to stimulate the demand for brain implants during the forecast period.
Spinal cord stimulators (SCS) accounted for the largest market share in the technology sector, exceeding 45% in 2021. These benefits are influenced by the introduction of technologically advanced devices with advanced applications from sensory and autonomic dysfunction to motor impairment.
The technology market is expected to grow significantly with the acceptance of commercial technologies such as deep brain stimulation (DBS) and vagus nerve stimulation (VNS). The introduction of technologically advanced devices such as Local Functional Surgical Imaging (LFP), robotic and mobile sensors, MRI and implants are expected to provide future growth opportunities for this market.
Manufacturers are constantly developing next-generation technologies to improve therapeutic interventions used to treat neurological dysfunction, and Sacral Nerve Stimulator (SNS) is the fastest technology on the market.
Motor prosthetics had the largest market share in 2020, followed by cochlear implants. The dynamic prosthesis industry holds the largest market share due to the increasing use of bladder-controlled implants and computer-brain interfaces for patients with spinal cord injury or lateral sclerosis. The hearing segment, one of the prosthetic devices (NP) market, is growing rapidly. The increasing use of hearing aids such as ABI and AMI brainstem implants is due to the heart of the brain. Cochlear implants are used in signaling and pacing therapy, paving the way for the subsequent treatment of neurological disorders.
APPLICATION OVERVIEW :
Neurosurgery is widely used to treat various neurological disorders such as Alzheimer;s disease, Parkinson;s disease, spinal cord injury and brain injury. According to this program, neuroprosthetic devices are divided into neuromotor disorders, somatic disorders, and cognitive disorders. In 2015, greater acceptance of Parkinson;s disease and epilepsy and higher prevalence of the aforementioned diseases in motor neuron disease led to frequent use of neuroprosthetics and expanded consumer base. On the other hand, due to the high incidence of Alzheimer;s disease and severe depression, cognitive impairment is expected to surge. The introduction of advanced implants capable of calculating limb pathways and improving motion control for paralysis treatment is expected to drive the market growth during the forecast period.
REGIONAL OUTLOOK :
North America recorded the highest revenue in 2021, accounting for 40% of the overall market share. Much of this is due to factors such as public and private budgets and the creation of established health care facilities. Growth in government initiatives to manufacture technologically advanced devices for deaf people in the European market is expected to show an upward trend in neuroprosthetics, ensuring rapid and rapid growth. Emerging markets have untapped opportunities. The goal is to reduce the overall cost of implant manufacturing and educate patients about the industry growth drivers in the region. In addition, industry players look forward to further investments in the next few years in the form of new production facilities with high growth potential for neuroemulsions.
COMPETITIVE MARKET SHARE OVERVIEW:
Cochlear Ltd., Cyberonyx Inc. and Medtronic and NDI Medical LLC and Neurorace, Inc. These are the major players in the prosthetic market. Companies such as Boston Scientific Corporation and St. provide advanced and efficient engineering solutions such as wireless microphones, smart hearing aids, stimulators, and advanced systems for the treatment of neuropathy. Strategic collaboration and geographic expansion are part of the sustainable strategies of these players, which are expected to maintain a high level of competitiveness in the industry and drive overall market growth during the forecast period.
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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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