SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Neuroprosthetics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: April 2021
Executive Pool: 10684
Companies: 44 - Players covered include Abbott Laboratories; Boston Scientific Corporation; Cochlear Ltd.; LivaNova PLC; Medtronic PLC; NDI Medical; NeuroPace, Inc.; Nevro Corp.; Retina Implant AG; Second Sight Medical Products, Inc.; Sonova Holding AG and Others.
Coverage: All major geographies and key segments
Segments: Type (Cochlear Implants, Bionic Eye/Retinal Implants, Motor Prosthetics, Cognitive Prosthetics)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Neuroprosthetics Market to Reach $14.3 Billion by 2026
Amid the COVID-19 crisis, the global market for Neuroprosthetics estimated at US$7.3 Billion in the year 2020, is projected to reach a revised size of US$14.3 Billion by 2026, growing at a CAGR of 11.7% over the analysis period. Cochlear Implants, one of the segments analyzed in the report, is projected to record a 11.6% CAGR and reach US$4.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Bionic Eye/Retinal Implants segment is readjusted to a revised 8.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.5 Billion in 2021, While China is Forecast to Reach $2.5 Billion by 2026
The Neuroprosthetics market in the U.S. is estimated at US$2.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2026 trailing a CAGR of 11.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.2% and 9.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.5% CAGR.
Motor Prosthetics Segment to Reach US$6.4 Billion by the year 2026
In the global Motor Prosthetics segment, USA, Canada, Japan, China and Europe will drive the 12.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.4 Billion in the year 2020 will reach a projected size of US$5.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.