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How is the Growth Rate of the Neurotechnology Market Estimated for 2024-2033?

The market size of neurotechnology has seen swift growth in the past few years. The market is expected to climb from $13.47 billion in 2023 to $15.28 billion in 2024, presenting a compound annual growth rate (CAGR) of 13.5%. The augmentation in the historical span can be credited to factors such as the boost in research grants, an expanding elderly population, commonness of neurological disorders, regulatory assistance, and initiatives by the government.

The market size of neurotechnology is predicted to undergo swift expansion in the upcoming years, reaching a value of $25.66 billion by 2028 with a compound annual growth rate of 13.8%. This growth anticipated over the forecasted period can be credited to improvements in regulation, genomics, neurological disorders, the use of telemedicine in neurology, the adoption of precision medicine, and the development of closed-loop systems. Foreseen strides in the forecast period incorporate advancements in neuroinformatics, interventions in neuroplasticity, brain mapping initiatives, solutions for remote monitoring, and non-invasive brain stimulation.

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What Key Drivers Are Propelling the neurotechnology Market’s Growth?

The rise in the occurrence of neurological disorders is anticipated to foster the expansion of the neurotechnology market in the future. Neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and migraines, are those that affect the brain. Various means such as brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces are employed by neurotechnology to detect and cure these neurological disorders. To illustrate, the American Heart Association Inc., a non-profit organization based in the US, projected that Alzheimer’s disease and related dementias would target 9.3 million people in the United States by 2060, as per the data released in January 2022. Moreover, the World Health Organization (WHO), an intergovernmental organization located in Switzerland, predicted in February 2023 that around 5 million people globally would be diagnosed with epilepsy each year. Consequently, the surge in neurological disorders is catalyzing the growth of the neurotechnology market in the future.

What Are the Distinct Segments of the Neurotechnology Market?

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

Which New Trends Are Making Waves in the Neurotechnology Market?

Advancements in technology play a crucial role in the increasing popularity of key trends in the neurotechnology market. Companies in this market are utilizing new technologies to maintain their market position. For example, Blackrock Neurotech, a biotechnology company from the United States, unveiled its next-generation neurotechnology, Neuralace, in November 2022. It is designed to look as thin as an eyelash resembling a lace and can cover extensive parts of the brain’s surface. The Neuralace platform was created as a flexible, super-high channel count electrode that offers insight into its future Brain-Computer Interface (BCI) power technology. This system has helped patients recover tactile functionality, limb, prosthetic movements, and the ability to control digital devices.

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Which Regions Are Significant to the Growth of the Neurotechnology Market?

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

The Neurotechnology Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the neurotechnology market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Neurotechnology Market Include

1. Neurotechnology Market Executive Summary

2. Neurotechnology Market Segments

3. Neurotechnology Market Size And Template Market Growth Rate

4. Key Neurotechnology Market Trends

5. Major Neurotechnology Market Drivers

……

25. Key Mergers And Acquisitions In The Neurotechnology Market

26. Top Neurotechnology Companies

27. Neurotechnology Market Opportunities And Strategies

28. Neurotechnology Market, Conclusions And Recommendations

29. Appendix

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