“Neuroprosthetics, also referred to as neural implants/brain implants, have gained significant momentum during past few years owing to the immense potential to substitute and/or ameliorate any damaged sensory, motor or cognitive functions. Such Neuroprosthetics are the key to restore and/or augment the ‘quality-of-life’ of the affected patient populace. The Neuroprosthetics, as therapeutic modalities, are emerging as a promising option in cases where all conventional treatments fail to deliver results/treatment to the disease condition. Improvement in the ‘quality-of-life’ of the affected patients, high availability of funds for R&D of Neuroprosthetics from the Government (public) and private sector investments in turn aid development of newer and improved variants of Neuroprosthetics – all result in increased uptake by the patients. Thus, the afore-mentioned are key drivers of the Neuroprosthetics market; however, reimbursement issues and high cost of Neuroprosthetics/devices are the restraints to the market growth. Owing to the high-impact growth drivers that outweigh the restraints, the global neuroprosthetics market is forecast to reach $14 billion by 2020, registering a CAGR of 15.8% from 2014 to 2020.
The global neuroprosthetics market is segmented based on technology, types, applications and geography. The Neuroprosthetics’ Mechanism Of Action (MOA) varies as per underlying technology; hence, Neuroprosthetics can also be classified by technology into – Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Spinal Cord Stimulation (SCS) and Sacral Nerve Stimulation (SCS). Various types of Neuroprosthetics have been developed based on the application areas, i.e., the disease condition treated, for example, Motor Neuroprosthetics – treat motor neuron disorders such as Parkinson’s disease, Epilepsy, Auditory Neuroprosthetics/ Cochlear implants – treat hearing disorders; Visual Neuroprosthetics/ Retinal implants – treat visual impairment; and Cognitive...