Wednesday, 3 December 2014
Parkinson’s disease emerges as the brightest segment for Neuroprosthetics Market
Allied Market Research published a report titled “Global Neuroprosthetics Market (Product Types, Technology, Application, and Geography) - Size, Share, Global Trends, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2013 – 2020.” The report forecast the global neuroprosthetics market to reach $14 billion by 2020 with a CAGR of 15.8% during 2014-2020.
The report offers incisive market data to global investor. Neuroprosthetics is a branch of neuroscience that deals with development of neural prostheses, a series of devices/implants that can substitute sensory, motor or cognitive modality that might have been damaged due to disease or injury.
Cochlear implants and retinal implants are the promising examples of neuroprosthetics. These devices have widespread applications for the treatment of certain neurological conditions such as Parkinson’s disease, Alzheimer’s, Dystonia, and Chronic depression. Where conventional treatments fails to give desirable outcomes.
“The neuroprosthetics market is primarily driven by rising burden of neurological disorders, rapid progression of technology, availability of public & private funds & research grants, increasing government support, and new devices approvals. However, reimbursement issues, adverse reaction to the biologically implanted system and high cost of product and therapy hinders the market growth,” state AMR analyst.
Parkinson’s disease emerges as the brightest segment within the application market. It was the maximum revenue generating segment in the year 2013. This can be credited to early commercialization and rising incidences of Parkinson’s disease associated with neural damage.
Labels: Medical Devices