What Is The Current and Historic Market Size Analysis Of The Neurotechnology Market?
The neurotechnology market has seen considerable growth due to a variety of factors.
• Over the past few years, the neurotechnology market has experienced notable expansion. The market, which was valued at $15.38 billion in 2024, is expected to escalate to $17.39 billion in 2025, displaying a compound annual growth rate (CAGR) of 13.1%. The remarkable growth observed during the historic period can be credited to a surge in research funding, an aging populace, a rise in the incidence of neurological disorders, regulatory support, and government-driven initiatives.
What Are The Predictions for The Neurotechnology Market By 2029?
The Neurotechnology market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the neurotechnology market is anticipated to experience swift expansion. The market is projected to reach $29.8 billion by 2029, with a compound annual growth rate (CAGR) of 14.4%.
The anticipated surge within this period can be credited to regulatory progress, the interplay of genomics and neurological disorders, the application of telemedicine in neurology, the uptake of precision medicine, and the creation of closed-loop systems. Significant trends predicted during this period concern the evolution of neuroinformatics, interventions in neuroplasticity, initiatives in brain mapping, solutions in remote monitoring, and non-invasive brain stimulation.
Which Drivers Are Accelerating Growth In The Neurotechnology Market?
The escalating incidence of neurological diseases is anticipated to spur the expansion of the neurotechnology market in the future. Neurological conditions refer to any disorder or illness that impacts the brain, with key examples being Alzheimer's disease, Parkinson's disease, epilepsy, and migraines. Neurotechnology is being utilized in a range of ways to diagnose and treat such disorders, such as brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces. For example, in January 2022, the American Heart Association Inc., a non-profit organization based in the US, predicted that Alzheimer's disease and other related dementias would impact 9.3 million individuals in the US by 2060. Moreover, in February 2023, the World Health Organization (WHO), an intergovernmental organization headquartered in Switzerland, estimated that 5 million people will be diagnosed with epilepsy globally on an annual basis. Consequently, the rising incidence of neurological disorders is fueling the growth of the neurotechnology market in the future.
What Are The Core Segments Of The Global Neurotechnology Market?
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)
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Which Emerging Trends Are Reshaping The Neurotechnology Market Size?
The neurotechnology market is seeing a rising trend in technological innovations. Firms in this sector are leveraging cutting-edge technologies to maintain their market dominance. For instance, Blackrock Neurotech, an American biotech firm, unveiled Neuralace, a pioneering neurotechnology solution, in November 2022. Neuralace, thinner than an eyelash, resembles a slice of lace and can span large sections of the brain's surface. The Neuralace platform, designed as a highly flexible, high-channel-count electrode, provides a sneak-peek into the technological backbone of its future Brain-Computer Interfaces (BCIs). This system has aided patients in recovering tactile function, limb and prosthetic movement and the capability to operate digital devices.
Who Are the Key Players In The Neurotechnology Market?
Major companies operating in the neurotechnology market include:
• General Electric
• Medtronic PLC
• Koninklijke Philips N.V.
• Shimadzu Corporation
• EndoStim Inc.
• Elekta AB
• Natus Medical Incorporated
• Abbott
• Boston Scientific Corporation
• Cleveland Medical Devices Inc.
• Nihon Kohden Corporation
• LivaNova PLC
• Siemens Healthcare Private Limited
• Hitachi Medical Corporation
• Cochlear Limited
• Advanced Bionics AG (Sonova)
• NeuroPace Inc.
• NeuroSigma Inc.
• NeuroMetrix Inc.
• NeuroSky Inc.
• NeuroVigil Inc.
• Neurotech Pharmaceuticals Inc.
• Neurotech International Limited
• NeurotechEU
• Neurotech Solutions
• Neurotech Reports
• Neurotech Research Development
What Are The Regional Insights Into 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
