Neurotechnology Market (By Product Type: Neurostimulation, Neurosensing, Neuroprostheses, Neurorehabilitation; By Conditions: Cognitive Disorders, Pain Treatment, Urinary and Fecal Incontinence, Epilepsy, Parkinson
The global neurotechnology market size was evaluated at USD 12.82 billion in 2022 and is projected to hit around USD 38.17 billion by 2032, growing at a CAGR of 11.53% during the forecast period 2023 to 2032.
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Neurotechnology has a promising future in altering human nature when employed fundamentally. Existing neurotechnology-based devices describe how the brain works, but further study is required before they can be fully implemented. For accurate neurological ailment diagnosis and prognosis, researchers can connect to brain activity and understand people's lifestyle patterns and personalities owing to the application of neurotechnology in medical science. During the projected 2023–2032, each of these variables may present the neurotechnology market with new growth opportunities.
Neurotechnology is defined as technical development that enables the investigation and treatment of neurological processes. The nervous system controls almost every aspect of human biology and is essential for experiencing the environment. Any interruption of a procedure could be dangerous to a person. Therefore, neurological research and treatment are crucial for curing these patients' symptoms and understanding the complex ways the brain works.
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| Report Coverage | Details |
| Market Size in 2022 | USD 12.82 Billion |
| Market Size by 2032 | USD 38.17 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 11.53% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product Type, By Conditions, By End-Use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
The prevalence and incidence of neurological disorders are rising, and growing funding from private and public entities is fueling the demand. UN estimates that approximately 1 billion people worldwide suffer from neurological illnesses. Expensive goods, moral dilemmas, and a rigid regulatory framework will probably constrain the industry's growth.
As malignant CNS diseases like Parkinsonism and Alzheimer's become more prevalent, the sector is expected to grow dramatically. This industry is predicted to have good growth possibilities since the aging population is more prone to central nervous system diseases like schizophrenia, Alzheimer's, and Parkinsonism. Several variables, including ongoing brain mapping research and other research initiatives, government-led neuroscience initiatives, and technological developments in the tools and algorithms utilized in the neuroscience profession, are likely to drive the market forward.
The leading cause is that neurological disorders are becoming more common and more severe. The primary factors driving the regional expansion of the neurotechnology market include a sizable patient base, an increase in traffic accidents, an aging population, and significant government expenditure in research and development.
Covid-19 Impact
The current COVID-19 epidemic has significantly impacted the neurotechnology sector due to strict lockdown regulations and restrictions on people's freedom of movement. The great coronavirus pandemic has dominated the field of neurology.
The amount of money allocated for neurotechnology has been decreasing since COVID-19 vaccine manufacture has consumed most of the available funding. Additionally, fewer appointments have been made to preserve social distance and stop the virus's spread, which will impact the market expansion.
Segments Insight
The term "neurotechnology" refers to a field of science that focuses on how the brain functions and includes technologies created to improve and restore such functionality. To study the activity of the brain, researchers and developers use neurotechnology. By updating neurotechnology, depression, restlessness, excessive exercise, and many other illnesses may be resolved. Epilepsy and degenerative motor illnesses, including Huntington's disease, Parkinson's disease, and ALS, can all benefit from treatments. The development and rehabilitation of a patient with neurological issues could be supported by technological innovation in neurotechnology.
The neurostimulation market will likely dominate the neurotechnology market in 2022 in terms of product type as it assists in treating several illnesses like epilepsy, movement problems, chronic pain, and Parkinson's disease; neurostimulation devices administer electric impulses to particular parts of the brain, nervous system, or peripheral nervous system. They are biocompatible, programmable medical devices. Future growth for neurostimulation devices is being driven by an increase in the incidence of lifestyle diseases, including chronic pain and depression, as well as a rise in the number of neurological illnesses and investment in neurological technology and development.
Based on conditions, in the upcoming years, the neurotech devices market share for pain treatment will likely increase significantly. The main factors influencing the market for this sector are the increased prevalence of chronic pain disorders and the rising demand for pain management products due to their significant therapeutic advantages. During the projection period, the sector is anticipated to grow the fastest. Diseases like disc surgical procedures, discomfort, pain in the knees or other muscles, and chronic pain are included in this section.
The hospital sector will likely dominate the industry in 2022, according to the neurotechnology market forecast. This expansion can be linked to increased public and private investment in healthcare settings to create established healthcare facilities. Neuromodulation, an invasive method that requires surgical implantation of an electrode in the brain area affected, is the most typical use for adaptive neurotech devices in hospitals. However, because of these potential benefits, the market sector is anticipated to expand over the next few years. Additionally, hospitals have highly qualified staff, specialized equipment, and state-of-the-art neurotech gadgets to perform a variety of brain diagnoses and treatments.
The neurotechnology industry in North America is expected to expand significantly in the upcoming years because of the region's increasing technological innovation and advanced healthcare settings in neurotech equipment. The market is changing in favor of more knowledge and investment in diagnosing and treating neurological diseases at various primary care facilities.
The existence of different market participants devoted to creating cutting-edge neurotech devices to enhance patient monitoring will aid market expansion. The working of significant industry players should help the region's growth in the upcoming years to increase public knowledge of neurotech devices through marketing and promotion.
Competitive Analysis
Launching new, technologically advanced goods is the key driver of the global neurotechnology market's expansion. Additional factors driving the growth of the neurotechnology market include a rise in the incidence and occurrence of neurological diseases and an increase in financing and grants from both governmental and private organizations. The increased patent transfers, mergers, and acquisitions, product introductions, joint ventures, expanded R&D activities, and product consolidation among local and foreign firms show that the leading players in the neurotechnology market have consolidated.
Several top players that compete in the global neurotechnology market include General Electric Company, Siemens Healthcare Private Limited, Shimadzu Corporation, Koninklijke Philips N.V., Hitachi Medical Corporation, Elekta AB, Toshiba Medical Systems Corporation, and Tristan Technologies, Inc.
Segment Covered in the Report
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By Product Type
By Conditions
By End-Use
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Neurotechnology Market
5.1. COVID-19 Landscape: Neurotechnology Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Neurotechnology Market, By Product Type
8.1. Neurotechnology Market, by Product Type, 2022-2032
8.1.1 Neurostimulation
8.1.1.1. Market Revenue and Forecast (2022-2032)
8.1.2. Neurosensing
8.1.2.1. Market Revenue and Forecast (2022-2032)
8.1.3. Neuroprostheses
8.1.3.1. Market Revenue and Forecast (2022-2032)
8.1.4. Neurorehabilitation
8.1.4.1. Market Revenue and Forecast (2022-2032)
Chapter 9. Global Neurotechnology Market, By Conditions
9.1. Neurotechnology Market, by Conditions, 2022-2032
9.1.1. Cognitive Disorders
9.1.1.1. Market Revenue and Forecast (2022-2032)
9.1.2. Pain Treatment
9.1.2.1. Market Revenue and Forecast (2022-2032)
9.1.3. Urinary and Fecal Incontinence
9.1.3.1. Market Revenue and Forecast (2022-2032)
9.1.4. Epilepsy
9.1.4.1. Market Revenue and Forecast (2022-2032)
9.1.5. Parkinson's disease
9.1.5.1. Market Revenue and Forecast (2022-2032)
9.1.6. Hearing Conditions
9.1.6.1. Market Revenue and Forecast (2022-2032)
9.1.7. Sleep Disorder
9.1.7.1. Market Revenue and Forecast (2022-2032)
9.1.8. Depression
9.1.8.1. Market Revenue and Forecast (2022-2032)
9.1.9. Others
9.1.9.1. Market Revenue and Forecast (2022-2032)
Chapter 10. Global Neurotechnology Market, By End-Use
10.1. Neurotechnology Market, by End-Use, 2022-2032
10.1.1. Ambulatory surgical centers
10.1.1.1. Market Revenue and Forecast (2022-2032)
10.1.2. Hospitals
10.1.2.1. Market Revenue and Forecast (2022-2032)
10.1.3. Homecare facilities
10.1.3.1. Market Revenue and Forecast (2022-2032)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2022-2032)
Chapter 11. Global Neurotechnology Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.1.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.1.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.1.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.1.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.1.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.1.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.2.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.2.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.2.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.2.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.2.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.2.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.2.6.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.2.6.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.2.7.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.2.7.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.3.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.3.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.3.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.3.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.3.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.3.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.3.6.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.3.6.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.3.7.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.3.7.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.4.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.4.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.4.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.4.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.4.6.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.4.6.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.4.7.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.4.7.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.5.4.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.5.4.3. Market Revenue and Forecast, by End-Use (2022-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product Type (2022-2032)
11.5.5.2. Market Revenue and Forecast, by Conditions (2022-2032)
11.5.5.3. Market Revenue and Forecast, by End-Use (2022-2032)
Chapter 12. Company Profiles
12.1. General Electric Company
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Siemens Healthcare Private Limited
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Shimadzu Corporation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Koninklijke Philips N.V.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Hitachi Medical Corporation
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Elekta AB
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Toshiba Medical Systems Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Tristan Technologies, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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