LOS ANGELIS, July 11, 2022 (GLOBE NEWSWIRE) — The Global Neurotech Devices Market Size was valued at USD 10,796 Million in 2021 and is projected to reach USD 34,761 Million by 2030, with a significant CAGR of 14.3% from 2022 to 2030.
Over the forecast period, the increased prevalence of neurological conditions is expected to drive the growth of the global neurotech devices market. The Alzheimer’s Association predicts that 5.8 million Americans aged 65 and up will have Alzheimer’s disease by 2020. Neurotechnology is a branch of science based on brain activity that includes technologies designed to improve and repair brain functionality. Neurotechnology is constantly researching and developing new technologies to analyze brain activity and control functions. However, there are various neurotech devices used in healthcare settings that allow researchers and practitioners to achieve and repair the central nervous system, as well as visualize the frontal cortex. Neurotech devices include neurostimulation, neuroprostheses, neurosensing, and neurorehabilitation.
The adoption of new technological developments and scientific breakthroughs in healthcare settings are primarily driving the growth of the global neurotech devices market. Furthermore, factors such as increased neurological problems, as well as significant investments and charitable contributions from both public and private sources, are propelling the growth of the neurotech devices market. Some of the early successes with implantable neurotechnology devices include deep brain stimulation to diagnose vagus brain and nerve stimulation to avoid epileptic seizures, Parkinson’s disease symptoms, and spinal cord stimulation to block chronic pain. The progress of these devices has fueled research and development in device technology as well as the central nervous system and brain mapping. Furthermore, a better understanding of the brain and nervous system are connected will most likely allow for the treatment of more circumstances and more health management for patients, which will drive market growth even further.
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|Market||Neurotech Devices Market|
|Market Size 2021||USD 10,796 Million|
|Market Forecast 2030||USD 34,761 Million|
|CAGR During 2022 – 2030||14.3%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product Type, By Conditions, By End-Use, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical, and EndoStim.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Neurotech Devices Market Growth Aspects
The prevalence of neurological conditions such as Parkinson’s disease, Alzheimer’s disease, and vascular diseases such as migraine, stroke, and other headache illnesses is increasing, driving demand for the product and propelling the growth of the neurotech device market. Large patient population, high-stress levels among younger generation and brain trauma, and growing demand for neurovascular devices are the key factors driving the market growth. Furthermore, rapid elderly population growth, the expansion of healthcare systems across emerging economies, ongoing product development and commercialization, and beneficial medical reimbursements are key drivers driving the neurotech devices market forward.
Furthermore, an increase in demand for appropriate surgical neurosurgical procedures as well as comprehensive research operations for neurovascular therapies will provide favorable opportunities for the neurotech devices market to expand.
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Growing Demand for Neuroprosthetics Devices is propelling the Market Growth
The combination of neuronal function and prosthetics is referred to as neuroprosthetics. Neuroprosthetic devices can communicate with the nervous system to control artificial limbs. These differ from traditional prosthetics in that they operate through a brain-computer interface or a brain-machine interface and are more closely aligned with how the human body functions. Neuroprosthetics are artificial devices or systems designed to compensate for sensory, motor, cognitive, auditory, visual, and highly interactive deficits caused by acquired brain injuries. Functional electrical stimulation, assistive technology, robotics, myoelectric prostheses, and brain stimulation are examples of these. However, due to these factors, the growth of neuroprosthetics devices is expected to accelerate in the coming years.
Neurotech Devices Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global neurotech devices market. The Asia-Pacific region is expected to grow significantly in the coming years as a result of rapidly increasing healthcare research and development investments, high unmet medical needs, and rising medical spending in emerging economies such as India and Japan. Several government policies and initiatives are also anticipated to widen during the projected timeline. The Asia-Pacific region’s older population with neurological conditions is primarily driven by market advancement. Furthermore, government entities and major market participants are investing heavily in neurostimulation. Such factors heighten interest in the region’s neurotech device market. In addition, the market in Asia-Pacific is expected to grow at the fastest rate in the coming years due to the transformation of medical and laboratory facilities, and the administration is also taking initiatives by providing funding and fellowships to research groups.
Neurotech Devices Market Segmentation
The global neurotech devices market has been segmented by Acumen Research and Consulting based on product type, conditions, and end-use. Based on the product type, the market is divided into neurostimulation, neurosensing, neuroprostheses, and neurorehabilitation. Based on the conditions, the market separated into pain management, epilepsy, cognitive disorders, hearing conditions, urinary and fecal incontinence, depression, Parkinson’s disease, sleep disorder, and others. Based on end-use, the market is categorized into hospitals, ambulatory surgical centers, homecare facilities, and others.
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Neurotech Devices Market Players
Some key players covered global in the neurotech devices industry are Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical, and EndoStim.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
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