Global Neuroprosthetics Market Size | US$ 21.79 Bn Expected by 2029

Neuroprosthetics Market Poised for Double-Digit Growth at $21.79 Billion by 2029

The global neuroprosthetics market is expected to reach US$21.79 billion by 2029, growing at a CAGR of 11.32% according to a new report by Maximize Market Research. This surge is driven by advancements in technology, rising demand for improved treatment of neurological disorders, and growing geriatric population.

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Market Propelled by Innovation and Aging Population:

The increasing focus on introducing technologically advanced solutions for neurological conditions like Parkinson's disease, epilepsy, and chronic pain is a key driver of the market. Additionally, the rising geriatric population – more susceptible to neurological disorders – is fueling the demand for neuroprosthetics.

Spinal Cord Stimulation Leads the Way:

Spinal cord stimulation (SCS) is expected to retain the dominant share in the market due to its effectiveness in treating chronic pain and its growing applications in intraspinal and epidural microstimulation.

Addressing Challenges for Wider Adoption:

While the market holds immense potential, factors like high treatment costs and lack of reimbursement policies in some regions can hinder wider adoption of neuroprosthetics.

Segmentation Unveils Market Landscape:

By Type: Output Neural Prosthetics, Motor Prosthetics, Cognitive Prosthetics, Input Neural Prosthetics (including Cochlear Implants and Bionic Eyes)
By Technique: Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Transcranial Magnetic Stimulation
By Application: Motor Disorders (Parkinson's disease, etc.), Auditory Disorders, Ophthalmic Disorders, Cardiovascular Disorders, Urology Disorders, Cognitive Disorders (Alzheimer's Disease, etc.)

Key Players Shaping the Market: