July 16, 2008
New Detailed Report on the Neurotechnology Market for 2008-2012
Research and Markets (http://www.researchandmarkets.com/research/83cfae/the_market_for_neu) has announced the addition of the "The Market for Neurotechnology: 2008-2012" report to their offering.
This newly published market research report is the most comprehensive and up-to-date publication available covering the neurotechnology industry. The report takes an in-depth look at the technology, markets, competitors, and growth rates in four key segments of the neurotechnology industry in the years 2008 through 2012. It forecasts the number of systems to be sold, worldwide revenue, compound annual growth rates, and competitor market shares for several key product categories making up the neural prostheses, neuromodulation, neurorehabilitation, and neurosensing segments of the industry.This report 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 not only looks at future financial projections, it covers likely technology trends and product developments that will impact the neurotechnology industry in the years ahead, such as:
-- Nanowire brain implants guided into position through the cerebral vasculature.
-- Optical stimulation devices that solve many of the problems associated with electrical charge buildup.
-- Microfluidic interfaces that combine electrical stimulation and drug delivery.
This report examines each of the neurological diseases and disorders that represent a significant market potential for neurotechnology products, including established markets like Parkinson's disease, chronic pain, and urinary incontinence, as well as emerging markets such as tinnitus, vestibular disorders, obesity, migraine, sleep disorders, and affective disorders. And it is the only report on the neurotechnology industry to forecast new product categories in neurorehabilitation and neurosensing such as brain state analysis systems and neurorobotic systems.
The field of neurotechnology, which we define as the application of electronics and engineering to the human nervous system, is one of the most dynamic and promising areas of technology to emerge in the 21st Century. Neurotechnology uses electrical stimulation and sensing as tools for understanding and controlling nervous system function, as opposed to biotechnology, which focuses on molecular and genetic engineering approaches.
The most noteworthy applications of neurotechnology to date have been neural prostheses such as cochlear implants, and neuromodulation systems, such as implanted stimulators for treatment of chronic pain.
This report projects that the overall worldwide market for neurotechnology products will be $3.6 billion in 2008 and will reach $8.8 billion in 2012. The report 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. This report 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.
Neurotechnology has grown and matured as an industry as a result of advances in several fields of science and technology, including neuroscience, electrical stimulation, biomaterials, and microelectronics. MEMS technology will have a positive impact on the development of neurotechnology devices.
Neurotechnology is currently in use or under study for the treatment of a number of different medical disorders and diseases. These include spinal cord injury, deafness, blindness, stroke, urinary incontinence, epilepsy, chronic pain, neurological disorders, and psychiatric disorders.
Neurotechnology products and services will experience considerable growth in the worldwide healthcare market in large part because of the continued growth and identification of neurological disorders and conditions. Many of these disorders and conditions will become more pronounced as demographic shifts in the aging of the population, as well as increased life expectancy and demand for a higher quality of life by senior citizens, exert their effects.
As society has become more aware of the prevalence of specific neurological and neuropsychiatric disorders such as chronic pain, depression, dyslexia, and autism, business and government leaders have become more aware of the costs of these conditions to society in terms of lost productivity, treatment, and diminished quality of life. These factors will all contribute to the growth of neurotechnological treatments and therapies for neurological disorders.
Also, successful neural prostheses have been shown to be cost-effective because of the reduction in ongoing costs for healthcare and assistive services. Some studies have shown that these devices pay for themselves with five to seven years.
The healthcare segment of the neurotechnology industry depends heavily on the readiness of private and public health insurance organizations to reimburse patients for the cost of the devices and the procedures associated with implanting, maintaining, and training the device.
The growth of neural prostheses and neuromodulation devices also depends heavily on the degree to which clinicians and their patients are aware of the capabilities of neural prostheses. Because it is new, neurotechnology has not yet achieved the degree of penetration in awareness of both physicians and patients who would be strong candidates.
One of the greatest opportunities for growth in the market for therapeutic electrical stimulation products is rehabilitation of stroke patients. Neurotechnology stands to offer benefits to the stroke patient both as a functional treatment to temporarily replace lost functions, and as a therapeutic treatment to achieve longer-term rehabilitation of natural functions.
The report believes that the increasing understanding of central neural mechanisms in stroke recovery will lead to dramatic growth for neurotechnology products used in therapeutic stimulation for stroke patients. Because of the time required for more scientific studies, regulatory approvals, and growth of awareness in the clinical communities, the most significant growth will not occur until late 2007 and 2008, when several new products for stroke rehabilitation will arrive on the market.
The market for neurotechnology includes both established competitors and start-up firms. Among the main competitors in the neurotechnology industry are:
-- Neural Prostheses: Cochlear Ltd., Advanced Bionics, Bioness, and Med-El
-- Neuromodulation: Medtronic, Boston Scientific, Cyberonics, and St. Jude Medical/Advanced Neuromodulation Systems
-- Neurosensing: Cardinal Health, Natus Medical, Nihon-Kohden, and Elekta
Neural/silicon hybrid chips have the potential for dramatically expanding the rate and the quality of information exchange between a computer and human. These devices initially will have application as improved forms of electrodes built with intelligent microelectronic hardware rather than passive devices. Ultimately they offer the potential for greatly enhanced neural prostheses and brain-computer interfaces.
Neural/silicon hybrid chips cultured outside the body offer potential to be used in a new form of computer architecture for neurocomputing applications. The integration of transplanted or cultured neural cells with electronic components could help accomplish artificial intelligence and neural network applications that are currently difficult to implement on a standard digital computer.
Key Topics Covered: - Introduction - Industry Background - Neurotechnology Markets - Product Categories - Company Profiles - Market Activity - Research Institutions - Funding Sources - Future Directions - Company Descriptions Companies Mentioned: - Medtronic - St. Jude Medical - Boston Scientific - Cyberonics - Cardinal Health - Cochlear Ltd. - Northstar Neuroscience - Greatbacth - Victhom Human Bionics - Med-El - Several Others
For more information visit http://www.researchandmarkets.com/research/83cfae/the_market_for_neu