Key Drivers and Opportunities in the Neurotechnology Market: Insights into Trends and Growth
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What Long-Term Growth Rate is Expected for the Neurotechnology Market Between 2025 and 2034?
The size of the neurotechnology market has experienced a swift expansion in the past few years. The market which stands at $15.38 billion in 2024 is projected to escalate to $17.39 billion in 2025, with a compound annual growth rate (CAGR) of 13.1%. The significant growth in the historical period can be credited to the rise in research funding, an aging demographic, increasing incidence of neurological disorders, supportive regulatory framework, and various government interventions.
In the forthcoming years, the neurotechnology market is anticipated to undergo swift expansion. The market size is projected to reach $29.8 billion by 2029, with a compound annual growth rate (CAGR) of 14.4%. Factors contributing to this growth during the forecast period include evolution in regulatory frameworks, advancements in genomics and neurological disorders, the implementation of telemedicine in neurology, the acceptance of precision medicine, and the development of closed-loop systems. Key trends forecasted for this period encompass progress in neuroinformatics, initiatives in neuroplasticity interventions, brain mapping initiatives, telemonitoring solutions, and non-invasive brain stimulations.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the neurotechnology Market?
The evolution of neurotech market is projected to be significantly influenced by the rising occurrences of neurological disorders. Such conditions, which influence the brain, include common diseases such as Alzheimer’s, Parkinson’s, epilepsy, and migraines. Various implementations of neurotechnology, such as brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces, are contributing to the diagnosis and treatment of these neurological disorders. As per data from the American Heart Association Inc., a US-based non-profit organization, Alzheimer’s and related dementias were projected to impact 9.3 million individuals in the United States by the year 2060, as of January 2022. Furthermore, in February 2023, the World Health Organization (WHO), a Switzerland-based intergovernmental organization predicted that 5 million people globally will be diagnosed with epilepsy annually. Consequently, the surge in neurological conditions is propelling forward the expansion of the neurotechnology market.
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What Are the Key Firms That Are Driving Transformation in the Neurotechnology Market?
Major companies operating in the neurotechnology market include:
• General Electric_x000D_
• Medtronic PLC_x000D_
• Koninklijke Philips N.V._x000D_
• Shimadzu Corporation_x000D_
• EndoStim Inc._x000D_
What Current Trends in the Neurotechnology Market Should Industry Players Pay Attention To?
The increasing emphasis on technological progress is a significant trend that is gaining traction within the neurotechnology industry. To remain competitive, firms in this sector are adopting cutting-edge technologies. For instance, Blackrock Neurotech, a biotech firm based in the U.S., debuted its Neuralace technology in November 2022. This advanced technology for neurotechnology is as thin as an eyelash, resembling a piece of lace, and is capable of covering substantial portions of the brain’s surface. The innovative Neuralace platform, conceived as a flexible electrode with an ultra-high channel count, offers a preview of the technology that will drive future BCIs. This technology has helped patients regain tactile functionality, limb and prosthetic mobility, and the capability to manipulate digital devices.
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How Are the Key Segments of the Neurotechnology Market Impacting Its Expansion and Revenue Streams?
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
Subsegments:
1) By Cognitive Disorders: Alzheimer’s Disease, Attention Deficit Hyperactivity Disorder (ADHD), Dementia
2) By Pain Treatment: Chronic Pain, Neuropathic Pain, Acute Pain
3) By Urinary And Fecal Incontinence: Overactive Bladder, Neurogenic Bladder, Fecal Incontinence Management
4) By Epilepsy: Drug-Resistant Epilepsy, Seizure Management Devices
5) By Parkinson’s Disease: Motor Symptoms Management, Non-Motor Symptoms Management
6) By Hearing Conditions: Tinnitus, Hearing Loss Solutions
7) By Sleep Disorder: Insomnia, Sleep Apnea, Restless Legs Syndrome
8) By Depression: Major Depressive Disorder, Treatment-Resistant Depression
9) By Other Conditions: Anxiety Disorders, Autism Spectrum Disorder, Traumatic Brain Injury (TBI)
What Regions Are Driving Expansion in the Neurotechnology Market?
North America was the largest region in the neurotechnology market in 2024. 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
How Is the Neurotechnology Market Categorized and Defined in the Industry?
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. Recent advancements in neurotechnology have shown promise in treating neurological disorders and enhancing cognitive function, making it a vital area of research and application.
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