GLOBAL NEUROPROSTHETICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Neuroprosthetics Market, By Type (Output Neural Prosthetics, Input Neural Prosthetics), By Technique (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Others), By Application (Motor Neuron Disorders, Physiological Disorder, Cognitive Disorders, Others), By End User (Hospitals & Clinics, Neurological Centers, Ambulatory Surgery Centers, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Jan 2024
Code : CMI6532
Pages :172
Formats :
Excel and PDF
Industry : Medical Devices

Market News

In November 2022, Cochlear Limited, the global leader in implantable hearing solutions, received U.S. Food and Drug Administration (FDA) approval for the CochlearTM Nucleus 8 Sound Processor. The Nucleus 8 Sound Processor is the smallest and lightest behind-the-ear cochlear implant sound processor available in the industry.

In October 2022, Axoft, a neurotechnology company, announced the launch of its brain-machine interface (BMI) to better treat neurological disorders. It was launched through a U.S. Food and Drug Administration (FDA) breakthrough device designation. The company secured USD 8 million in capital to fund pre-clinical studies with the U.S. FDA and to scale up prototypes of its neural implants.

Rising Prevalence of Neurological Disorders
Technological Advancements
Government and private funding for research

Recent Developments: The use of robotic technologies in neurorehabilitation is having a transformative impact on the global neuroprosthetics market. Robotic devices offer precise movement and repetitive therapeutic activities that are hard to replicate manually, even for experienced therapists. This allows patients to receive highly frequent, intensive, and consistent therapy beyond what was previously possible. Recent clinical trials have demonstrated how the integration of robotics can enhance motor recovery in patients suffering from a variety of conditions, such as stroke, spinal cord injury, and multiple sclerosis.

For example, a 2021 clinical study published in Neurology involving 140 stroke patients showed those receiving robot-assisted upper limb rehabilitation achieved substantially better motor functionality outcomes compared to conventional therapy alone. Several large rehabilitation hospitals have now incorporated robotic devices into their treatment protocols based on compelling evidence of advantages. This has increased demand for next-generation neuroprosthetics that can be combined with artificial intelligence-controlled robotic systems. Device manufacturers are accordingly developing more sophisticated hardware and software to interface brains and bodies through innovative neural interfaces.

In April 2021, Rice University and Houston Methodist, a research center, announced a partnership to launch the Center for Translational Neural Prosthetics and Interfaces, which brings together scientists, clinicians, engineers, and surgeons to solve clinical problems with neurorobotics.