Neurotech Reports Releases Market Projections Through 2012
A newly published market research report from Neurotech Reports projects that the overall worldwide market for neurotechnology products will be $3.6 billion in 2008 and reach $8.8 billion in 2012. Neurotech Reports divides the market for neurotechnology into four segments: neural prostheses, neuromodulation, neurorehabilitation, and neurosensing.
The largest segment of the market for neurotechnology is currently neuromodulation, followed by neural prostheses, and neurosensing.
Within the neural prostheses product category, cochlear prostheses represent the largest and most mature product category. Neurotech Reports estimates that the worldwide market for cochlear implants will be $725 million in 2008, growing to $1.59 billion in 2012, a 22 percent compound annual growth rate. Two factors that are helping to drive the market for cochlear implants are the rapid growth of implants in children, and the expansion of the market beyond profoundly deaf individuals to severely hearing impaired individuals. Many of the candidates for cochlear implants in this latter category are seniors with hearing loss that can no longer be improved with hearing aids.
The market for deep brain stimulation systems is projected to grow from $461 million in 2008 to $1.36 billion in 2012, as new competitors enter the market to challenge market leader Medtronic, and as regulators approve new applications such as psychiatric disorders, epilepsy, and brain injury.
The market for neurorehabilitation systems will experience significant growth, from $289 million in 2008 to $914 million in 2012, the report projects. New and emerging prodcut categories in this segment include cortical stimulation systems for treating stroke-related disorders, neural reeducation systems, and neurorobotic systems.
The Market for Neurotechnology: 2008-2012 covers in detail all the key public companies and the most significant emerging and more established non-public firms in the industry. The report also features in-depth profiles of major research institutions in the U.S. and abroad involved with neurotechnology developments, and traces the commercial activity that is emerging from each.
The report is available in a single-reader version for $1495. Multiple-reader licenses, which allow the report to be distributed to multiple individuals within a single location, are also available. For more information, contact Neurotech Reports at 415 546-1259.