Neurotech Devices Market (By Product Type: Neuroprosthetics, Neural stimulators, Neurorehabilitation, Neurosensing; By Condition: Pain Management, Parkinsons Disease, Cerebral Palsy, Cognitive Disorders, Epilepsy, Incontinence, Migraine, Hearing Conditions, Chronic Pain, Spinal Cord Injury, Stroke Traumatic Brain Injury Others, Traumatic Brain Injury, Others; By End user) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033


The global neurotech devices market size was valued at USD 15.08 billion in 2023 and is anticipated to reach around USD 55.14 billion by 2033, growing at a CAGR of 13.84% from 2024 to 2033. The growth of the market can be attributed to the increasing adoption of neurotechnology devices in various medical applications, including neurological disorders treatment and rehabilitation.

Neurotech Devices Market Size 2024 to 2033

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Key Takeaways

  • North America dominated the global neurotech devices market in 2023.
  • Asia Pacific is expected to have significant growth in the market during the forecast period.
  • By product, the neurostimulation segment dominated the market in 2023.
  • By product, the neuroprostheses segment is expected to show substantial growth over the forecast period.
  • By condition, the pain management segment held the largest market share in 2023.
  • By end use, the hospital segment held a significant market share in 2023.

Neurotech Devices Market Size in U.S. 2024 to 2033

The U.S. neurotech devices market size reached USD 4.30 billion in 2023 and is expected to hit around USD 15.71 billion by 2033 at a CAGR of 13.90% from 2024 to 2033.

U.S. Neurotech Devices Market Size 2024 to 2033

North America has dominated the global neurotech devices market in 2023. This dominance is supported by several factors, including substantial investments in research and development by both public and private sectors, favorable regulatory conditions that expedite product approvals, and a robust healthcare infrastructure. Moreover, the region benefits from a large pool of skilled neuroscientists and engineers. The prevalence of neurological disorders among the patient population further drives steady demand and growth in the market.

Asia Pacific is expected to see significant growth in the neurotech devices market during the forecast period. The significant growth is due to countries like China and India, where there's a surge in healthcare spending, increased public awareness about brain health, and government initiatives to modernize neurological care.

Neurotech Devices Market Share, By Region, 2023 (%)

With a combined population exceeding 2.5 billion, these nations offer immense market potential. Local manufacturers are investing heavily in producing affordable neurotech solutions domestically by collaborating with multinational companies and adopting their technology. This effort is expanding access to neurotech solutions in rural areas and other regions across these countries.

  • In February 2022, India Medtronic Private Limited, a wholly owned subsidiary of Medtronic PLC, conducted the first clinical procedure in India with the Intellis Spinal Cord Stimulation (SCS) platform, the world's smallest Spinal Cord Stimulator (SCS) device for the management of certain types of chronic intractable pain.
  • In February 2022, India Medtronic Private Limited, a wholly owned subsidiary of Medtronic PLC, conducted the first clinical procedure in India with the Intellis Spinal Cord Stimulation (SCS) platform, the world's smallest Spinal Cord Stimulator (SCS) device for the management of certain types of chronic intractable pain. Jaslok Hospital and Research Centre, Mumbai, successfully implanted the first Intellis device in a patient in India for managing pain.

Neurotech Devices Market Overview

Neurotechnology refers to any tech that deeply impacts the brain, thoughts, and consciousness. It covers tools that improve brain function, aiding both researchers and clinicians in visualizing and repairing brain issues. In the digital health realm, we're moving beyond simple tracking apps to complex medical devices. Cutting-edge tech is emerging, blurring the lines between computers and biology, with a focus on the brain. Neurotechnology includes brain-machine interfaces, neuroproteins, neurostimulation, and implantable devices, all aimed at enhancing and expanding our nervous system's abilities.

The neurotech devices market encompasses medical tools used to diagnose, prevent, and treat a wide range of neurological issues like Parkinson's disease, Alzheimer's disease, major depression, and brain injuries. The industry's growth is fueled by advancements in neuromodulation and neurostimulation techniques, which offer minimally invasive solutions to assist individuals.

Growth Factors

  • Development in neuroscience research and technological advancement are fueling the growth of the neurotech devices market over the forecast period.
  • The increase in prevalence and occurrences of neurological conditions, along with the growing investments and funding from different international and national authorities, are boosting the neurotech devices market.
  • The rise in the incidence of elderly people suffering from neurological disorders can further contribute to the market expansion.
  • The rise in awareness about the neurotechnology industry among the population is also the key driver for market growth.
  • The increasing prevalence of neurological disorders globally can drive the growth of the neurotech devices market.

Neurotech Devices Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 13.84%
Global Market Size in 2023 USD 15.08 Billion
Global Market Size by 2033 USD 55.14 Billion
U.S. Market Size in 2023 USD 4.30 Billion
U.S. Market Size by 2033 USD 15.71 Billion
Base Year 2024
Forecast Period 2024 to 2033
Segments Covered By Product Type, By Condition, and By End-user
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Neurotech Devices Market Dynamics

Driver

Rising incidence of neurological disorders

The increasing incidence of neurological disorders like epilepsy, Alzheimer's disease, and migraine has substantially raised the demand for innovative neurotechnological devices that help to improve the quality of patients' lives. This creates a steady demand for the neurotech devices market. The rise in the burden of neurological disorders is mainly linked to the geriatric population and the rise in life expectancy. As life expectancy increases, people are more prone to developing neurological diseases.

  • According to WHO, neurological diseases currently affect more than 1 billion people globally, with diseases like Alzheimer's and dementia creating an economic burden among such conditions.
  • In March 2024, Labcorp (NYSE: LH), a provider of laboratory services, announced the release of a new blood test that detects phosphorylated tau 217 (pTau217), a biomarker for Alzheimer's disease. Physicians can now order this test and use it in clinical trials and research.

Restraint

Rise associated with technological processes

Neurotechnology brings up ethical dilemmas related to concepts like our sense of self or soul, which are deeply philosophical and often taken for granted. One major area of ethical discussion revolves around the idea of personhood, a more modern concept that encompasses the fundamental aspects of our identity. The rise in the burden of neurological disorders is mainly linked to the geriatric population and the rise in life expectancy. As life expectancy increases, people are more prone to developing neurological diseases.

Neurotechnology is both captivating and contentious because it aims to connect human brains with machines directly. However, in the neurotech devices market, some of the new methods, like using light stimulation for hearing aids or targeted inhibition during epileptic seizures, come with significant drawbacks. These techniques involve genetically modifying normal nerve cells to express light receptors, which requires altering the cells' genetic makeup using manipulated viruses.

Opportunities

Growing R&D investments

The neurotech devices market has a lucrative growth opportunity for growth in the future using R&D investments. Market players and researchers are focusing more on gaining a deep understanding of the nervous system and human brain-related conditions. These medical conditions create a global health challenge, with more than a billion people anticipated to be living with neurological disorders.

A lack of proper treatment for these diseases indicates the need for proper diagnosis. The multidisciplinary collaborations between engineers, data analysts, and medical experts are giving breakthroughs in the industry. This creates new opportunities for major players in the neurotech devices market.

Technological advancements and compatibility

Current research is focused on improving the long-term stability and compatibility of brain implants to make them suitable for everyday use, not just in clinical trials. Recording electrodes placed deep inside the brain can provide more accurate and specific data, but this method is invasive because it requires penetrating brain tissue. Applications like controlling complex devices, such as prosthetic arms with grippers, using brain activity are included in the neurotech devices market. To improve the accuracy and reliability of these prostheses, engineers are looking to modern robotics and machine learning tools to make them adaptive and intelligent. This would enable them to perform tasks more effectively and even anticipate the patient's intentions without detailed control.

Product Insights

The neurostimulation segment dominated the neurotech devices market in 2023. The segment includes the spinal cord, vagus nerve stimulators, deep brain, and spinal cord, along with the electrical nerve stimulations. The dominance of the segment is linked to the rise in R&D activities along with the launches of new and better products for treatment. These factors contribute to the market expansion.

  • In January 2024, US-based Nalu Medical raised $65m in a Series E financing round to further the development and commercialization of its neurostimulation system for chronic pain treatment.

In the neurotech devices market, the neuroprostheses segment is expected to show substantial growth over the forecast period. Neuroprostheses can restore sensory, motor, and some autonomic functions by stimulating different parts of the CNS, including the spinal cord, nerves, and the brain.

Condition Insights

The pain management segment held the largest share in the neurotech devices market. Pain management drugs help ease discomfort from injuries, diseases, chronic conditions, and surgeries. They work by targeting inflammation caused by chemical agents, infections, or nerve damage. These drugs temporarily change the body's biochemical functions to provide relief. They can be tailored to specific organs or cells due to the protein content of certain tissues.

Pain management drugs come in over-the-counter and prescription forms to address various conditions. Over-the-counter options are good for relieving muscle aches, headaches, and arthritis. Prescription medications offer stronger relief for persistent or severe pain after injury or surgery. Opioids, some anti depressed and anti-seizure drugs, can also help alleviate pain.

  • In April 2022, a major manufacturer of pain management drugs, Eli Lilly and Company, cleared the phase 2 trial of LY3526318, the transient receptor ankyrin 1. It is used to relieve chronic pain in patients.

End-use Insights

The hospital segment held a significant share of the neurotech devices market in 2023. The rise in hospital admissions globally, combined with suitable reimbursement policies for surgeries performed in hospitals, is the major factor contributing to the growth of the market. Hospitals are also equipped with various innovative equipment to make smoother minimally invasive neurological treatments for patient care and management. Furthermore, hospitals provide safe, quick, and efficient treatments for better patient outcomes.

Recent Developments

  • In January 2024, Rune Labs, a precision neurology software and data company, announced a strategic round of US$ 12 million, increasing the total amount raised by the company to over US$42 million.
  • In June 2023, the United Nations Educational, Scientific and Cultural Organization (UNESCO) announced that it is all set to host an international conference to develop an ethical framework for the usage of neurotech devices that feed brain-wave data to computers through dry electrodes and implants.
  • In April 2022, Goutam Hospitals launched a neuro and multi-specialty hospital in Hyderabad. The hospital's large, eight-floor structure is furnished to meet the multispecialty demands of patients.

Neurotech Devices Market Companies

  • Boston Scientific Corporation
  • BrainCo, Inc
  • Cochlear Limited
  • Control Bionics, Inc
  • LivaNova PLC
  • Medtronic plc
  • Nihon Kohden Corporation
  • Natus Medical Incorporated
  • Integra LifeSciences
  • Blackrock Microsystems
  • NeuroSigma, Inc.
  • NeuroVigil Inc.
  • Neuralink Corp.
  • Abbott Laboratories
  • Advanced Bionics AG

Segments Covered in the Report

By Product Type

  • Neuroprosthetics
  • Neural stimulators
  • Neurorehabilitation
  • Neurosensing

By Condition

  • Pain Management
  • Parkinson's Disease
  • Cerebral Palsy
  • Cognitive Disorders
  • Epilepsy
  • Incontinence
  • Migraine
  • Hearing Conditions
  • Chronic Pain
  • Spinal Cord Injury
  • Stroke Traumatic Brain Injury Others
  • Traumatic Brain Injury
  • Others

By End-user

  • Hospitals 
  • Ambulatory Surgical Center
  • Diagnostic Centers
  • Ambulatory Surgical Center
  • Home Care Facilities

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Frequently Asked Questions

How big is the Neurotech Devices industry?
The global Neurotech Devices market size is expected to increase USD 55.14 billion by 2033 from USD 15.08 billion in 2023.
What is the growth rate of the Neurotech Devices industry?
The global Neurotech Devices market will register growth rate of 13.84% between 2024 and 2033.
Who are the prominent players operating in the Neurotech Devices market?
The major players operating in the Neurotech Devices market are Boston Scientific Corporation, BrainCo, Inc, Cochlear Limited, Control Bionics, Inc, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Natus Medical Incorporated, Integra LifeSciences, Blackrock Microsystems, NeuroSigma, Inc., NeuroVigil Inc., Neuralink Corp., Abbott Laboratories, Advanced Bionics AG, and Others.
Which are the driving factors of the Neurotech Devices market?
The driving factors of the Neurotech Devices market are the Rising incidence of neurological disorders and rise in awareness about the neurotechnology industr.
Which region will lead the global Neurotech Devices market?
North America region will lead the global Neurotech Devices market during the forecast period 2024 to 2033.

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