Neurotechnology Market

According to Stratistics MRC, the Global Neurotechnology Market is accounted for $14.55 billion in 2023 and is expected to reach $35.31 billion by 2030 growing at a CAGR of 13.5% during the forecast period. Neurotechnology refers to the use of engineering, electronics, computer science, and other disciplines to understand, repair, replace, enhance, or otherwise influence the functioning of the nervous system. This multidisciplinary field encompasses a wide range of technologies and applications that interact with the brain and the nervous system. It holds promise for both understanding the brain and developing innovative applications for healthcare, communication, and human augmentation.

According to the United Nations estimates, around 1 billion individuals worldwide are affected by neurological disorders every year.

Market Dynamics: 

Driver: 

Increasing prevalence of neurological disorders

Neurological disorders, such as Alzheimer's disease, Parkinson's disease, epilepsy, and various forms of neuropathic pain, are becoming more prevalent globally. The aging population, lifestyle changes, and environmental factors contribute to the increasing incidence of these disorders. Overall, the increasing prevalence of neurological disorders creates a demand for advanced and effective solutions, driving innovation and growth in the neurotechnology market.

Restraint:

Ethical and privacy concerns

Neurotechnology often involves the collection and analysis of highly personal and sensitive brain data. Determining who owns and controls the data generated by neurotechnological devices is an ethical and legal challenge. Addressing these ethical and privacy concerns is critical for gaining public trust, ensuring responsible development, and fostering widespread acceptance of neurotechnological innovations.

Opportunity:

Advancements in neuroscience research

Advances in neuroscience help identify and understand biomarkers associated with different neurological conditions. Ongoing neuroscience research contributes to a deeper understanding of brain function. The symbiotic relationship between neuroscience research and neurotechnology development is a driving force behind the continuous evolution of innovative solutions for understanding, diagnosing, and treating various neurological conditions. As neuroscience continues to uncover the mysteries of the brain, it provides a rich foundation for the advancement of neurotechnologies with diverse applications.

Threat:

High development costs

Integration of expertise from several fields, including computer science, engineering, and neurology, is common in neurotechnology. Thorough testing through clinical trials is necessary for developing neurotechnological solutions to guarantee safety, effectiveness, and regulatory compliance. These resource-intensive studies have the potential to greatly increase total development costs. Furthermore, expenditures associated with intellectual property, lengthy testing and validation, and customisation for individual variations enhances total costs and impedes market development.

Covid-19 Impact

The neurotechnology sector, like many others, have experienced delays in research and development activities due to disruptions caused by the pandemic. Laboratories and research facilities faced closures or limitations in capacity, affecting the pace of innovation. Also, the pandemic has brought attention to mental health issues, and there is a growing awareness of the importance of monitoring and addressing mental well-being. Additionally, governments and private investors have shown an increased interest in funding healthcare technologies due to the pandemic which have attracted additional funding in the sector.

The neurorehabilitation segment is expected to be the largest during the forecast period

The neurorehabilitation segment is estimated to have a lucrative growth. Neurorehabilitation is a specialized field of rehabilitation focused on the recovery and improvement of individuals with neurological disorders or injuries. Neurorehabilitation aims to enhance functional abilities such as mobility, balance, coordination, and fine motor skills. Additionally, its benefits such as psychological well-being, improved quality of life, long-term independence and pain management boost the segment growth.

The cognitive disorders segment is expected to have the highest CAGR during the forecast period

The cognitive disorders segment is anticipated to witness the highest CAGR growth during the forecast period. Neurotechnological tools provide objective biomarkers for cognitive disorders. Neurotechnology tools, such as brain imaging techniques, can help in early detection and diagnosis of cognitive disorders. This approach helps individuals learn to self-regulate their brain function and improve cognitive performance. Also, its elements such as personalized treatment plans, enhancing neuroplasticity, monitoring treatment efficacy and quality of life improvements provides lucrative growth to the segment.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The Asia Pacific region has shown increasing interest and investment in healthcare technologies. The region is home for many key players such as NeuroSky, NeuroLifeSciences, NeuClonec, Neuro Device Group and Neural Analytics. The region’s increased awareness and education about the benefits of neurotechnology along with rising incidence of neurological disorders is further propelling the market expansion in this region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. European countries are actively involved in research and development in the field of neurotechnology. The neurotechnology sector in Europe has attracted investments and funding for both start-ups and established companies. Also, Europe places a strong emphasis on ethical considerations in neurotechnology research and application. The rising investments and collaborations in the region contribute to the growth of the neurotechnology market.

Key players in the market

Some of the key players profiled in the Neurotechnology Market include General Electric, Hitachi Medical, Siemens Healthcare, Elekta, Koninklijke Philips, Canon Medical Systems, Magstim, Allengers Medical, Abbott Laboratories, Neuralink Corporation, Boston Scientific Corporation, Advanced Bionics AG (Sonova), Tristan Technologies, Shimadzu, Medtronic PLC, Blackrock Microsystems, NeuroVigil Inc., Integra LifeSciences, Natus medical Incorporated and Nihon Kohden Corporation.

Key Developments:

In October 2023, Canon launched its innovative solution “nanoimprint lithography” system. The system is expected to represent the company’s competitive response to ASML, a Dutch firm, a force in the extreme ultraviolet (EUV) lithography machine sector.

In July 2022, GE Healthcare, a global medical technology, diagnostics, and digital solutions innovator, announced the launch of its 5G Innovation Lab in India and across the globe. The lab is designed to position GE Healthcare advances in patient care and to bring cutting-edge technology to rural and sub-urban regions.

In March 2022, Siemens Healthineers introduced its unique solutions in MRI and CT portfolio- MAGNETOM Free.Star and NAEOTOM Alpha®. These latest additions in their portfolio truly reflect their purpose “We pioneer breakthroughs in healthcare For Everyone & Everywhere.”

Products Covered:
• Neurosensing
• Neuroprostheses
• Neurorehabilitation
• Neurostimulation 
• Others Products           

Conditions Covered:
• Pain Treatment
• Urinary & Fecal Incontinence
• Cognitive Disorders
• Parkinson's Disease
• Depression
• Epilepsy
• Sleep Disorder
• Hearing Conditions
• Essential Tremor
• Other Conditions

End Users Covered:
• Hospitals
• Homecare Facilities
• Ambulatory Surgical Centers
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances