Impact of Covid19 on Neuroprosthetics Market, Future Growth 2020-2026 | Market to Reach USD 6.1 Billion with CAGR 12.4%
: New York, United States, 21-July-2020, (Via WiredRelease), (Reports and Data) – According to the current analysis of Reports and Data, the global Neuroprosthetics Market was valued at USD 6.1 Billion in 2018 and is expected to reach USD 15.8 Billion by the year 2026, at a CAGR of 12.4%. The study covers Neuroprosthetics, neuroscience, and biomedical engineering discipline, concerned with developing neural prostheses. Neural prostheses are the assistive devices that can restore functions lost because of neural damage by substituting motor, sensory, or cognitive modality. Growing healthcare awareness all over the globe, rising prevalence of chronic diseases, rise in the number of patients with nerve injuries and neurological diseases, an increasing number of road mishaps and accidents elevating the number of amputation cases, and rising hearing loss incidences, are some of the key factors propelling Neuroprosthetics market growth in the industry.
However, non-favorable reimbursement scenarios, high cost of neuroprosthetics, lack of skilled professionals, and availability of advanced alternative treatment options are the major hindrance for Neuroprosthetics market growth during 2019-2026. The Neuroprosthetics market is much fragmented, and major players are adopting various techniques to grow their range of product offerings. For instance, In June, Medtronic, a medical device company, announced a new outcomes-based agreement with Aetna, one of the largest healthcare company in the States. The agreement focuses on patients who rely on multiple daily insulin injections for type 1 and type 2 diabetes.
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The COVID-19 impact:
Covid-19’s spread has affected manufacturing and construction activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for producers. The producers have relied on derived demand as an intermediate commodity to rationalize production. The pandemic’s economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the market. The market has experienced a downturn over the weeks, which may continue over the next few months. The Asia Pacific is the most affected region by this pandemic, with China at the center of the outbreak. Most initiatives in multiple countries have changed to a temporary halt. Development, as well as supply, is put on hold, creating losses for suppliers, dealers and customers alike.
Key participants include
Second Site, Boston Scientific Corporation, Medtronic, Inc., Neuropace, Cochlear Limited, Abbott, Sonova, NeuroPace, Inc., Cyberonics, Inc., and Nervo Corp.
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For the purpose of this report, Reports and Data have segmented into the global Neuroprosthetics market on the basis of type, propellants, application, and region:
Type (Revenue, USD Million; 2016–2026)
Motor ProstheticsAuditory Prosthetics/Cochlear ImplantsCognitive ProstheticsVisual Prosthetics/Retinal Implants
Technology Type (Revenue, USD Million; 2016–2026)
Deep Brain stimulationVagus Nerve stimulationSpinal Cord stimulationSacral Nerve StimulationTranscranial magnetic Stimulation
Application Type (Revenue, USD Million; 2016–2026)
Motor Neuron DisordersParkinson’s DiseaseEpilepsyPhysiological DisordersAuditory Processing DisordersOphthalmic DisordersCardiovascular DisordersKidney DiseasesCognitiveAlzheimer’s DiseaseSevere Depression
Regional Outlook (Revenue, USD Million; 2017-2027)
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Key Question the Report Will Answers
At what rate will the Neuroprosthetics Market grow? What will be the value of the market in 2027?
What are the key technologies driving Neuroprosthetics?
What would be the impact of Neuroprostheticsacross different regions?
What are the strategies adopted by players to enter the APAC region?
What is the key application of Neuroprostheticsin the transportation sectors?
What are future growth strategies in the market?
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