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.
