Global Output Neural Prosthetics Market Insights By Growth, Emerging Trends And Forecast By 2027
Research Nester released a report titled “Global Output Neural Prosthetics Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global output neural prosthetics market in terms of market segmentation by stimulation technique, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Output neural prosthetic devices are used for converting signals from the brain into motor output, enabling movement and other motor responses from the user’s body. The market for output neural prosthetics is anticipated to witness a significant CAGR during the forecast period, i.e., 2019-2027. The market is segmented by stimulation technique, by application and by region. On the basis of stimulation techniques, the market is segmented into deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, sacral nerve stimulation and others. By application, the market is segmented into physiological, motor neuron and cognitive disorders. Cognitive disorders such as Alzheimer’s are estimated to have a significant impact on the market. As per the Alzheimer’s Association, Alzheimer’s disease is the 6th leading cause of death in the United States and this, along with other dementia, is responsible for the death of every 1 in 3 senior citizens in the country.
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The largest share in the global output neural prosthetics market is estimated to be held by the market in North America on account of growing technological advancements as major companies are involved in the initial stages of invention and development of devices with brain-machine interfaces in the region. The market in Asia-Pacific region is anticipated to grow at the highest rate, especially in countries such as China and India, which can be attributed to the rising geriatric population and growing prevalence of brain disorders among them.
Increasing Demand For Innovative Devices In Neurology To Boost The Market Growth
Patients with various brain disorders including Parkinson’s disease, Alzheimer’s, epilepsy and other central nervous system disorders along with people with amputations require neuroproteins that can assist their brains in sending signals to other parts of the body. This is anticipated to significantly raise the demand for output neural prosthetics during the forecast period.
The lack of advanced technology that is required for developing output neural prosthetics is estimated to become a major growth restricting factor for the market, however, it can be overcome by the growing advancements in the research and development sector globally during the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global output neural prosthetics market which includes company profiling of Boston Scientific Corporation (BSX), Medtronic (MDT), Abbott (ABT), LivaNova USA Inc. (LIVN), Synchron Inc., Neuralink, Second Sight (EYES), NeuroPace Inc., Kernel (KER) and NDI Medical. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global output neural prosthetics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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