Global Neurotechnology Market Size
Healthcare Services

Top 5 Insights From The Neurotechnology Market Report 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Neurotechnology Global Market Report 2024, the neurotechnology market is expected to show promising growth in the forecast period.

Rapid Growth Trajectory

  • The neurotechnology market has experienced exponential growth, expanding from $13.47 billion in 2023 to $15.28 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 13.5%.
  • Forecasted figures suggest a continued surge, with projections indicating a market size of $25.66 billion by 2028, at a CAGR of 13.8%.

Factors Fueling Growth

  • Increased research funding
  • Aging population
  • Prevalence of neurological disorders
  • Regulatory support
  • Government initiatives

Future Drivers of Expansion

  • Regulatory advancements
  • Genomics and neurological disorders
  • Telemedicine in neurology
  • Adoption of precision medicine
  • Development of closed-loop systems

Emerging Trends

  • Neuroinformatics advancements
  • Neuroplasticity interventions
  • Brain mapping initiatives
  • Remote monitoring solutions
  • Non-invasive brain stimulation

Neurological Conditions’ Surge Catalyst For Neurotechnology Market Expansion

  • Neurological conditions like Alzheimer’s disease, Parkinson’s disease, epilepsy, and migraine are on the rise.
  • Neurotechnology plays a crucial role in diagnosing and treating neurological disorders.
  • Statistics from credible sources like the American Heart Association and the World Health Organization underline the growing impact of neurological conditions.
  • Major companies in the neurotechnology market include General Electric, Medtronic PLC, Koninklijke Philips N.V., and others.

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Technological Advancement In Neurotechnology

  • Technological advancements are driving innovation in the neurotechnology market.
  • Blackrock Neurotech introduced Neuralace, a groundbreaking technology thinner than an eyelash, facilitating brain surface coverage.
  • Neuralace aids in tactile function recovery, limb movement, prosthetic control, and digital device manipulation.
  • Blackrock Neurotech’s acquisition of Mindx Corporation enhances its BCI solutions, expanding its software portfolio and capabilities.

Market Segmentation

  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

Regional Dynamics

  • North America dominated the neurotechnology market in 2023.
  • Europe is poised to exhibit the fastest growth during the forecast period.

The neurotechnology market stands at the nexus of innovation and healthcare, offering transformative solutions for neurological disorders. As technological advancements continue to redefine possibilities, the industry’s growth trajectory remains robust, driven by a confluence of factors ranging from regulatory advancements to the rising prevalence of neurological conditions. With companies pushing the boundaries of innovation and market dynamics evolving, the future promises exciting opportunities and transformative breakthroughs in neurotechnology.

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