Overview and Scope
Neurotechnology is the study and interaction of the nervous system, which includes the brain and other parts of the nervous system. Neurotechnology can be used in clinical settings to influence the brain or nervous system, such as in therapeutic or rehabilitative contexts.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Top 5 Major Players:
- General Electric,
- Medtronic PLC,
- Koninklijke Philips N.V.,
- Toshiba Medical Systems Corporation,
- Shimadzu Corporation
North America was the largest region in the neurotechnology market in 2023. Europe is expected to be the fastest-growing region in the neurotechnology market report during the forecast period. The regions covered in the neurotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in neurotechnology are undergoing partnerships to gain a competitive edge in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2021, CorTec, a Germany-based neurotechnology company, has formed a strategic partnership with Blackrock Neurotech, a US-based biotechnology company that develops brain-computer interface (BCI) systems. This transatlantic collaboration aims to accelerate access to researchers, open new markets, and expand applications in the implantable neurotechnology markets.
The neurotechnology market report table of contents includes:
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
….
31. Global Neurotechnology Market Competitive Benchmarking
32. Global Neurotechnology Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Neurotechnology Market
34. Neurotechnology Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Neurotechnology Market, Segmentation By Conditions, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Neurotechnology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Neurotechnology Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: General Electric Financial Performance
Table 75: Medtronic PLC Financial Performance
Table 76: Koninklijke Philips N.V. Financial Performance
Table 77: Toshiba Medical Systems Corporation Financial Performance
Table 78: Shimadzu Corporation Financial Performance
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