Neurotechnology Market Size
Healthcare Services

Global Neurotechnology Market Opportunities And Strategies 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s neurotechnology market report forecasts the neurotechnology market size to grow to $21.97 Billion by 2027, with a CAGR (compound annual growth rate) of more than 13%

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Neurotechnology Market Size Forecast
The global neurotechnology market is expected to grow from $11.90 billion in 2022 to $13.44 billion in 2023 at a compound annual growth rate (CAGR) of 12.89%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global neurotechnology market size is expected to reach $21.97 billion in 2027 at a CAGR of 13.07%.

North America held the largest neurotechnology market share, and Europe was the fastest-growing region in 2022.

Key Neurotechnology Market Driver ­– Increased Prevalence Of Neurological Conditions
For example, according to the American Heart Association Inc., a non-profit organisation based in the United States, Alzheimer’s disease and related dementias were predicted to impact 9.3 million individuals in the United States by 2060 in January 2022. Furthermore, according to the World Health Organisation (WHO), a Switzerland-based intergovernmental organisation, an estimated 5 million people worldwide would be diagnosed with epilepsy each year by February 2023. As a result, the rising prevalence of neurological diseases is propelling the neurotechnology industry ahead.

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Key Neurotechnology Market Trend – Technological Advancement
Companies in the neurotechnology market are embracing new technologies in order to maintain their market position. For example, Blackrock Neurotech, a biotechnology company based in the United States, introduced Neuralace, a next-generation neurotechnology technology, in November 2022. Neuralace resembles lace but is thinner than an eyelash and can cover significant portions of the brain’s surface. The Neuralace platform was created as an ultra-high channel count, flexible electrode that demonstrates the technology that would power its future BCIs. Patients were able to regain tactile function, limb and prosthesis mobility, and the capacity to manage digital devices thanks to the technology.

Neurotechnology Market Segment
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

Neurotechnology Market Major Players and Strategies
Major players in the neurotechnology market are General Electric, Medtronic PLC, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Shimadzu Corporation, EndoStim Inc., Elekta AB, Tristan Technologies Inc., Natus Medical Incorporated, Abbott, Boston Scientific Corporation, Cleveland Medical Devices Inc., Cogentix Medical Inc., Nihon Kohden Corporation and LivaNova PLC.

Mindx Corporation was acquired for an unknown fee by Blackrock Neurotech, a biotechnology business based in the United States, in April 2022. With this acquisition, Blackrock’s software portfolio is likely to increase, paving the path for the company to supply integrated BCI products with cutting-edge features. The move positions Blackrock to provide its customers with a full-stack solution. Mindx Corporation is a company based in the United States that developed a neuron technology framework for use in spatial computing applications.

The Neurotechnology Global Market Report 2023 covers regional data on neurotechnology market size, neurotechnology market trends and drivers, opportunities, strategies, and neurotechnology market competitor analysis. The countries covered in the neurotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The study and interaction of the nervous system, which includes the brain and other aspects of the nervous system, is known as neurotechnology. Neurotechnology can be utilised to alter the brain or nervous system in clinical settings, such as therapeutic or rehabilitative settings.

View More Reports Related To The Neurotechnology Market –
Neurology Devices Global Market Report 2023
Neurosurgery Devices And Equipment Global Market Report 2023
Neurophysiology Devices And Equipment Global Market Report 2023

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