Market Overview:
The global Neurotechnology Market is poised for substantial growth, with projections indicating a rise from USD 12.88 billion in 2022 to USD 30.92 billion by 2030, exhibiting a robust CAGR of 11.57% during the forecast period from 2023 to 2030.
Neurotechnology, an innovative field, involves the monitoring of neural activity and the integration of electronic devices to repair, control, and enhance brain functions. It encompasses various technologies, such as optogenetics, deep brain stimulation, transcranial magnetic stimulation, and brain-computer interfaces, offering promising solutions for neurological disorders. The escalating prevalence of neurological disorders is a key driver of the neurotechnology market’s growth.
Key Players in the Neurotechnology Market:
General Electric Company (The U.S), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical Systems Corporation (Japan), Shimadzu Corporation (Japan), Hitachi Medical Corporation (Japan), Elekta AB (Sweden), Tristan Technologies, Inc. (The U.S), Natus Medical Incorporated (The U.S), Magstim (UK), and other major players.
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Market Dynamics and Factors for Neurotechnology Market:
Drivers:
Rising Incidences of Neurological Disorders: Neurological conditions, including strokes, Alzheimer’s disease, epilepsy, Parkinson’s disease, multiple sclerosis, migraines, and meningitis, are on the rise. Factors such as smoking, high blood pressure, high cholesterol levels, and diabetes contribute to the prevalence of these disorders. The surge in neurological diseases, such as Alzheimer’s affecting 6.1 million people in 2020, is a significant growth driver.
Demand for Diagnosis and Treatment: Increasing cases of neurological disorders necessitate effective diagnosis and treatment. Diagnostic techniques, including CT scans, EEG, MRI, and others, are essential for early detection and management. The demand for these diagnostic tests drives the neurotechnology market.
Restraints:
Scalability Challenges: Current neurotechnologies face reliability issues, especially in real-life scenarios. Imperfect neurophysiological sensors, high sensitivity to non-neuronal artifacts, and low Signal-to-Noise Ratios (SNR) hinder their scalability and practicality.
Opportunity:
Advanced Technology Adoption: The adoption of innovative technologies like biohybrid neuronics, in-vivo optogenetics, MEMS (Micro-Electro-Mechanical Systems), and AI enhances the efficiency of neurotechnology. These advancements hold significant potential for improving neurological disorder treatment.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
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Key Industry Developments in the Neurotechnology Market:
- In September 2021, the Food and Drug Administration (FDA) approved Abbott’s Amplatzer Talisman Patent Foramen Ovale (PFO) Occlusion System, enhancing the efficiency of occlusion procedures for patients with recurrent ischemic stroke.
- In April 2022, ArchiMed, a leading investment company for the healthcare industry, acquired Natus Medical Inc. for USD 1.2 billion. This acquisition aims to provide valuable services to customers, further strengthening the neurotechnology market.
Neurotechnology Market Segmentation:
By Type: Neurostimulation is expected to dominate the market due to its wide-ranging applications in monitoring and enhancing nervous system activities. Neurostimulation therapies, both invasive and non-invasive, address issues like chronic pain, depression, urinary and fecal incontinence, essential tremor, and other neurological disorders. Key advancements in neurostimulation, such as deep brain stimulation, spinal cord stimulation, and transcutaneous electrical nerve stimulation (TENS), contribute to market growth.
By Application: Diagnosis holds the largest market share, driven by the need to accurately identify and manage neurological diseases. Diagnostic imaging techniques, chemical tests, and metabolic tests play a pivotal role in detecting, managing, and treating neurological disorders.
By Type
- Neurostimulation
- Imaging Modalities
- Neurological Implants
- Cranial Surface Measurement
- Others
By Application
- Diagnostic Centers
- Ambulatory Surgical Centers
- Hospitals
For this report, Introspective Market Research has segmented the Neurotechnology Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America: The region leads the neurotechnology market due to the high prevalence of neurological disorders, influenced by factors like smoking and an aging population. Neurotechnology adoption is on the rise in hospitals and diagnostic centers. Government investments and research activities further fuel market growth.
Asia Pacific: The Asia Pacific region witnesses substantial growth due to its large population base, resulting in a higher number of people living with neurological disorders. Unhealthy habits and hectic lifestyles contribute to the prevalence of neurological diseases. Government initiatives and research investments are driving neurotechnology adoption in the region.
Europe: Europe experiences significant growth in the neurotechnology market, primarily due to the high prevalence of neurological disorders linked to alcohol consumption, smoking, and stressful lifestyles. Increased adoption of neurotechnology in diagnostics, hospitals, and clinics is evident, supported by government and research center investments.
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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COVID-19 Impact Analysis on Neurotechnology Market:
The COVID-19 pandemic positively impacted the neurotechnology market. The pharmaceutical industry saw increased research and development activity during the pandemic, leading to growing demand for neurotechnology in healthcare. Neurological symptoms such as headaches, loss of taste and smell, stroke, brain inflammation, sleep disorders, and delirium were reported among COVID-19 patients, driving the adoption of neurotechnology for diagnosis and treatment.
Scope of the Report:
The latest research on the Neurotechnology Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Neurotechnology industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Neurotechnology Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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