The global neuroprosthetic market is expected to reach $14 billion by 2020 with a compound annual growth rate of 15%, according to a report form Allied Market Research.
According to the report, the major growth arenas from 2014 to 2020 will be visual prosthetics/retinal implants and motor neuroprostheses, used primarily for the treatment of Parkinson’s disease. Within the category of neuroprosthetic devices, the motor neuroprostheses segment is expected to garner the largest market share. However, “despite such benefits that are high-impact growth drivers for the market, [the] high cost of devices curtail[s] the adoption rate by patients, thus restrain[ing] the market growth,” according to the report.
The report notes that key market players focus on the development of variants of neuroprosthetic devices, such as self-charging neural implants that eliminate the need for a costly and high-risk surgery to replace discharged batteries.
For more information:
Sheilds D. Global neuroprosthetics market: Size, share, global trends, company profiles, demand, insights, analysis, research, report, opportunities, segmentation and forecast, 2013 – 2020. Available at http://www.alliedmarketresearch.com/neuroprosthetics-market.
