Market Trends of Neuroprosthetics Industry
This section covers the major market trends shaping the Neuroprosthetics Market according to our research experts:
The Input Neural Prosthetics Segment is Expected to Show a Significant Growth Over the Forecast Period
The input neural prosthetics segment is expected to show better growth over the forecast period owing to the growing burden of hearing loss and advancements in technology for the development of novel devices. The input neural prosthetics include a cochlear Implant, bionic eye/retinal Implant, and others. These are electronic devices that can help to provide a sense of sound to a person who is profoundly deaf or severely hard of hearing. The implant consists of an external portion that sits behind the ear and a second portion that is surgically placed under the skin.
The advantages offered by cochlear implants and their increasing usage are expected to drive segment growth. According to the research article published by frontiers in July 2022, a cochlear implant (CI) overall provides a very good outcome in hearing loss, and elderly patients with hearing impairments benefit from a cochlear implant in terms of speech comprehension if there is a large cochlear coverage and the therapy is not hampered by comorbidities, especially cognitive decline. Hence, the increasing advantages offered by cochlear implants are expected to drive segment growth over the forecast period.
Moreover, the increasing number of neurological disorders is also expected to enhance the adoption of input neural prosthetics. For instance, according to the data published by The European Academy of Neurology in May 2022, around 1 in 3 people are affected by a neurological disease at some point in their life.
Furthermore, the market for these prosthetics is expected to show better growth due to the higher number of children born with hearing defects, and the increasing awareness, along with growing research, in the field of neuroprosthetics. Additionally, the growing incidence of neurological disorders such as Alzheimer's Disease, traumatic brain injury, and Parkinson's Disease, and the rising geriatric population are also expected to boost the segment growth. For instance, according to an article published by the National Medical Journal of India in January 2022, low-income countries such as India are particularly susceptible to hearing loss due to the lack of availability of screening programs for newborns, high prevalence of chronic ear infections in the young, and the lack of resources for the elderly. Thus, the high prevalence of hearing loss in newborns, adults, and the elderly is expected to enhance the adoption of input neural prosthetics.
Therefore, the input neural prosthetics segment is expected to witness significant growth over the forecast period due to the abovementioned factors such as advantages offered by cochlear implants and their increasing usage, the high prevalence of hearing loss in newborns, adults, and the elderly, and increasing number of neurological disorders.
North America is Estimated to Hold a Significant Share in the Neuroprosthetics Market Over the Forecast Period
The neuroprosthetics market is estimated to hold a significant share in the North American region due to the increasing number of patients suffering from neurological disorders and nerve injury. Additionally, the number of cases where children are born with hearing defects is increasing.
Furthermore, the National Institute on Deafness and Other Communication Disorders 2021 stated that approximately one in three people in the United States between the ages of 65 and 74 have hearing loss, and nearly half of those older than 75 have difficulty hearing. Age is the strongest predictor of hearing loss among adults, with 91% of adults with hearing loss aged 50 and older. Therefore, the increasing geriatric population and the growing burden of hearing loss in the region are expected to boost the market for neuroprosthetics. Also, the high concentration of global players and the research activities, with the increasing trend of product approvals in the North American region, is anticipated to play a vital role in the growth of the studied market. Hence, with the rising acceptance of neuroprosthetic technology, the market is expected to grow in the forecast period.
Moreover, according to the data by the Government of Canada in March 2022, approximately three in five adults in Canada have hearing loss (23%), tinnitus (22%), or both conditions (14%).
Furthermore, according to the data published by the Alzheimer's Association in 2022, an estimated 6.5 million Americans aged 65 and older are living with Alzheimer's disease in 2022 out of which 73% are aged 75 or older. It was also stated that in 2022 Alzheimer's and other dementias will cost the United States USD 321 billion and by 2050, these costs could reach nearly USD 1 trillion. Hence, the increasing prevalence of neurological diseases like Alzheimer's are also expected to boost the market growth.
Therefore, owing to the aforesaid factors such as the increasing prevalence of neurological diseases like Alzheimer's and the increasing geriatric population and the growing burden of hearing loss in the region, the growth of the studied market is anticipated in the North American region.
