The Neurotechnology by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Neurotechnology, The neurotechnology market size has grown rapidly in recent years. It will grow from $13.47 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased research funding, aging population, neurological disorders prevalence, regulatory support, government initiatives..
The neurotechnology market size is expected to see rapid growth in the next few years. It will grow to $25.66 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to regulatory advancements, genomics and neurological disorders, telemedicine in neurology, precision medicine adoption, development of closed-loop systems.. Major trends in the forecast period include neuroinformatics advancements, neuroplasticity interventions, brain mapping initiatives, remote monitoring solutions, non-invasive brain stimulation..
The increased prevalence of neurological conditions is expected to propel the growth of the neurotechnology market going forward. A neurological condition is any disorder or disease that affects the brain, common neurological conditions include Alzheimer’s disease, Parkinson’s disease, epilepsy, and migraine. Neurotechnology is being used to diagnose and treat neurological disorders in a variety of ways, including brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces. For instance, in January 2022, according to the American Heart Association Inc., a US-based non-profit organization, Alzheimer’s disease, and related dementias were expected to affect 9.3 million people in the United States by 2060. Additionally, in February 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, an estimated 5 million people worldwide will be diagnosed with epilepsy every year. Therefore, the increased prevalence of neurological conditions is driving the growth of the neurotechnology market going forward.
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The neurotechnology market covered in this report is segmented –
1) By Conditions: Cognitive Disorders, Pain Treatment, Urinary And Faecal Incontinence, Epilepsy, Parkinson’s Disease, Hearing Conditions, Sleep Disorder, Depression, Other Conditions
2) By Type: Imaging Modalities, Neurostimulation, Cranial Surface Measurement, Neurological Implants, Other Types
3) By End Use: Ambulatory Surgical Centers, Hospitals, Homecare Facilities, Other End Uses
Technological advancements are a key trend gaining popularity in the neurotechnology market. Companies operating in the neurotechnology market are adopting new technologies to sustain their position in the market. For instance, in November 2022, Blackrock Neurotech, a US-based biotechnology company, launched Neuralace, a next-generation technology for neurotechnology. Neuralace looks like a piece of lace thinner than an eyelash, and it can cover large areas of the brain’s surface. The Neuralace platform was designed as an ultra-high channel count, flexible electrode that provides a glimpse into the technology that will power its future BCIs. The system assisted patients in regaining tactile function, limb and prosthetic movement, and the ability to control digital devices.
The neurotechnology market report table of contents include:
1. Executive Summary
2. Neurotechnology Market Characteristics
3. Neurotechnology Market Trends And Strategies
4. Neurotechnology Market – Macro Economic Scenario
5. Global Neurotechnology Market Size and Growth
6. Neurotechnology Market Segmentation
7. Neurotechnology Market Regional And Country Analysis
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27. Neurotechnology Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Neurotechnology Market
29. Neurotechnology Market Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- General Electric
- Medtronic PLC
- Koninklijke Philips N.V.
- Toshiba Medical Systems Corporation
- Shimadzu Corporation
- EndoStim Inc.
- Elekta AB
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