Ottawa, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global neurotechnology market size will reach at USD 14.3 billion in 2023. A field of study called neurotechnology, based on brain activity, encompasses technologies created to improve and restore the operation of the brain. The analysis of the brain's movement and the creation of devices to manipulate its activities are both ongoing goals of neurotechnology.
Advancements in neurotechnology assist in controlling problems, including depression, lack of sleep, overactivity, and many more. Epilepsy and degenerative motor illnesses like Huntington's disease, Parkinson's disease, and ALS can all be helped by therapeutic applications. Neurotechnology advancements could lead to the invention and restoration of methods for treating patients with neurological conditions.
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Neurotechnology is used in various ways, from imaging techniques to medications and stem cell treatments. As neurotechnology has become more widely used, related industries have developed to provide cutting-edge goods based on a person's brain functions.
Regional Snapshot
The neurotechnology industry in North America will likely expand significantly in the upcoming years because of the region's increasing technological innovation and advanced healthcare settings in neurotech equipment. The market is changing in favor of increasing knowledge and investment in diagnosing and treating neurological diseases at various primary care facilities. The existence of different market participants devoted to creating cutting-edge neurotech devices to enhance patient monitoring will aid market expansion. The region's growth in the upcoming years should be aided by major industry players working to increase public knowledge of neurotech devices through marketing and promotion.
Report Highlights
- By product type, neurostimulation devices administer electric impulses to particular parts of the brain, nervous system, or peripheral nervous system. They are biocompatible, programmable medical devices. The incidence of lifestyle diseases, including chronic pain and depression, is driving future growth.
- By condition, the neurotech devices market share for pain treatment is expected to increase significantly. The main factors influencing the market for this sector are the increased prevalence of chronic pain disorders and the rising demand for pain management products. During the projection period, the industry is anticipated to grow the fastest.
- By end-use, Neuromodulation, an invasive method that requires surgically implanting an electrode in the brain area affected, is the most typical use for neurotech devices in hospitals. However, because of these potential benefits, this market sector is anticipated to expand over the next few years.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2023 | USD 14.3 Billion |
| Revenue Forecast by 2030 | USD 30.69 Billion |
| CAGR | 11.53% from 2023 to 2032 |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | General Electric Company, Siemens Healthcare Private Limited, Shimadzu Corporation, Koninklijke Philips N.V., Hitachi Medical Corporation, Elekta AB, Toshiba Medical Systems Corporation, and Tristan Technologies, Inc. and Others |
Market Drivers and Opportunities
Increased prevalence of neurological conditions is anticipated to boost market statistics.
Throughout the analysis period, it is anticipated that there will be an increase in neurological illnesses worldwide. Brain tumors, epilepsy, Parkinson's disease, multiple sclerosis, dementia, stroke, meningitis, Alzheimer's disease, and other neurological conditions are among them. For instance, the Centers for Disease Control and Prevention (CDC) estimates that approximately 5.7 million Americans will have Alzheimer's disease in 2020. Fourteen million Americans are expected to be affected by this by 2060.
The Centers for Disease Control and Prevention (CDC) estimate approximately 1.2 million cases of bacterial meningitis yearly. Therefore, to treat, diagnose, and prevent a variety of neurological problems, neurotech gadgets are employed to combat these diseases.
The use of neurostimulation devices will increase, accelerating market growth.
Based on product type, the neurotech devices market is segmented into neuroprostheses, neurostimulation, neuro sensing, and neurorehabilitation segments. The neurostimulation section is further divided into transcutaneous electrical nerve stimulation, deep brain stimulation, spinal cord stimulation, stomach electric stimulation, vagus nerve stimulation, and sacral nerve stimulation. In 2021, the neurostimulation market segment held around 69% of the market, and this trend is expected to continue shortly.
Due to the growing use of deep brain stimulation to cure patients with epilepsy, Parkinson's disease, dystonia, and essential tremor, neurostimulation encompasses invasive and non-invasive approaches that employ electrical stimulation to drive neural function for the treatment. The focus of major market participants like Boston Scientific, Medtronic, and Abbott is on the research and development efforts for modifying neurostimulation devices.
Increased prevalence of sleep disorders will fuel market growth.
Due to the increasing prevalence of insomnia and other sleep disorders, the conditions-based category for sleep disorders had a revenue share of almost USD 764 million in 2021. For instance, about 30 to 35% of Americans experience insomnia, according to the American Academy of Sleep Medicine. Additionally, rising rates of sleep apnea will likely increase market demand. Thus, neuro technological devices aid in lowering the symptoms of insomnia and enhancing the autonomic nervous system's operations.
Many businesses today concentrate on introducing various tools and techniques for identifying, managing, and engaging sleep disorders. Dreem has developed a headband that uses technology for sleep monitoring to precisely track a person's movements, heart rate, breathing rate, and brain activity while they sleep.
Growing demand for hospitals will hasten market growth in general.
In 2021, the hospital end-use segment accounted for a market worth about USD 4.3 billion. Neurotech devices are being used more frequently in hospitals to treat various gadgets. Deep brain stimulation, an invasive treatment that requires surgically implanting electrodes on the afflicted area of the brain, is the effective use of adaptive neurotech in hospitals. These advantages will promote segmental expansion. Additionally, hospitals have qualified staff, cutting-edge machinery, and upgraded neurotech gadgets to carry out a range of brain tests and diagnoses.
Market predictions will be enhanced by increasing consumer awareness and investment in the North American neurotech market.
Due to the rising technical improvement of neurotech devices throughout the area, the North American neurotech devices industry is anticipated to grow at a CAGR of 14.4% over the following years. The local economy is geared toward increasing public knowledge and financial support for detecting and treating neurological disorders at numerous clinics and hospitals.
The existence of various market players who concentrate on creating cutting-edge neurotech gadgets for better patient management will be beneficial for the industry's growth. Additionally, major participants in the business make marketing and promotional efforts to raise public knowledge of neurotech gadgets, which should accelerate the sector's growth in the years to come.
Innovative strategies from major industry players will increase the market size.
Boston Scientific, Medtronic, LIVANOVA, Abbott, Natus Medical Incorporated, Cochlear Limited, and Advanced Bionics AG (Sonova) are a few of the major market participants in the neurotech devices sector. To maintain market rivalry in the neurotech devices market, these industry competitors are using various growth strategies with ongoing technological advancements.
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Recent Developments
- In September of 2021, for patients suffering from recurrent ischemic stroke, Abbott won the Food and Drug Administration (FDA) certification of Occlusion System for its Amplatzer Talisman Patent Foramen ovale (PFO). This makes the PFO occlusion process more effective and efficient, quickly and easily. The corporation has enhanced its whole product offering thanks to this technique.
- In April 2022, for USD 1.2 Bn, ArchiMed, a renowned healthcare investment firm, will purchase Natus Medical Incorporated. The corporation provided customers with valuable services because of this acquisition.
Market Segmentation
By Product Type
- Neurostimulation
- Deep Brain Stimulator
- Spinal Cord Stimulator
- Gastric Electric Stimulator
- Vagus Nerve Stimulator
- Sacral Nerve Stimulator
- Transcutaneous Electrical Nerve Stimulation (TENS)
- Others
- Neurosensing
- Neuroprostheses
- Neurorehabilitation
By Conditions
- Cognitive Disorders
- Pain Treatment
- Urinary and Fecal Incontinence
- Epilepsy
- Parkinson's disease
- Hearing Conditions
- Sleep Disorder
- Depression
- Others
By End-Use
- Ambulatory surgical centers
- Hospitals
- Homecare facilities
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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