The rise in healthcare awareness and prevalence of chronic diseases has increased the demand for neuroprosthetic devices and implants.
Neuroprosthetics Industry Overview:
The rise in healthcare awareness and prevalence of chronic diseases has increased the demand for neuroprosthetic devices and implants. Major neuroprosthetics technologies including vagus nerve stimulation, deep brain stimulation, spinal cord stimulation, and sacral nerve stimulation have gained attention over the last few years.
For years, neuroprosthetic technologies focused on a simple principle: an external device that captures images or sounds processes them to drive the set of electrodes to stimulate auditory or optic nerve. These implants were known as Cochlear implants. Deep brain stimulation (DBS) has been used to treat Parkinson’s diseases for years. However, the advent of new neuroprosthetic devices is much simpler and more effective. These devices can control and communicate signals to and from body parts including limbs and eyeballs and help treat a wide range of diseases including OCD, Alzheimer’s diseases, pain management, Tourette’s syndrome, epilepsy, urinary and fecal incontinence, and many more.
Some experts believe that neuroprosthetic devices are key to helping paraplegics walk again and these devices wound hit the market soon. Currently, there are many trials that are experimenting with whether neuroprosthetics could help in nerve regeneration and improve the functioning of the brain itself. There are studies in which early results show that stimulation could jolt the spinal cord back to life, opening new doors in neurology. The global neuroprosthetics market has witnessed remarkable growth over the last few years, due to rise in awareness and prevalence of chronic diseases.
Impact of COVID-19 Pandemic on Neuroprosthetics Market (Pre & Post Analysis)
However, in 2020, the outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the neuroprosthetics market, especially in the initial period. The implementation of global lockdown restricted the functioning hours of all endoscopy procedures across the world. In order to maintain the social distancing norms, most of the departments in the hospitals were closed and few of them were opened with limited staff. Nevertheless, the global neuroprosthetics market is going to get back on track with a steady pace, once the lockdown is completely over.
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Top Leading Players:
- Medtronic plc,
- Cochlear Ltd., Abbott Laboratories,
- Boston Scientific,
- LivaNova,
- Second Sight Medical Products,
- Retina Implant AG,
- Sonova,
- Neuropace
Future of Neuroprosthetics
It is observed that the majority of the nervous system is the result of localized sensory trauma or motor pathologies attributable to the disease. Thus, a new field of neuroprosthetics has been gaining attention that is focused on the development of therapeutic interventions. These are expected to help restore some of the lost neutral function by selective stimulations of motor or sensory pathways. The active tips of the microelectrode arrays penetrate the nervous tissues for offering access to these cells. This new branch of neuroprosthetics would offer a chance to treat disorders of the nervous system without compromising the health of the patient. However, for now, such methods are still in the initial stages and need many human trials to be recognized by medical authorities. The field of neuroprosthetics is complex and still in its infancy. Thus, more and more companies have invested heavily in R&D in order to find a feasible way to treat neurological disorders and diseases, which will open new opportunities in the global neuroprosthetics market.