July 24, 2024
Global Neurotech Devices Market

Global Neurotech Devices is Estimated to Witness High Growth Owing to Increased Investment in Brain Research

Neurotech devices are medical devices that use neurotechnology to enhance, repair or augment brain and nervous system functions. Some key neurotech devices include neuromodulation devices, neural prosthetics and brain-computer interfaces. These devices help improve conditions like Parkinson’s disease, epilepsy, depression and spinal cord injuries. The growing aging population and rising prevalence of neurological disorders like Alzheimer’s and dementia has created more demand for these life-changing neurotech devices. Companies are increasingly investing in research to develop advanced neurotech to treat complex neurological conditions.

The Global Neurotech Devices Market is estimated to be valued at US$ 13.44 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period from 2024 To 2031.

Key players operating in the Global Neurotech Devices 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, and Advanced Bionics AG.

Key Takeaways

Key players related content: Key players operating in the Global Neurotech Devices Market Demand are focusing on developing minimally invasive and wireless neurotech through increased R&D investments. Major players like Medtronic and Boston Scientific hold a significant share of the neuromodulation devices market. Startups like Neuralink and BrainCo are working on next-gen brain-computer interfaces.

Key opportunities: Increasing application of neurotech in areas like pain management, hearing loss and movement disorders present lucrative opportunities. Growth in emerging markets of Asia Pacific and Latin America due to rising healthcare expenditures also offers opportunities for neurotech companies.

Global expansion: Leading players are expanding globally either organically or through acquisitions to tap the growth opportunities. Favorable regulatory environment and reimbursement policies in countries like the US and Japan also support the global expansion of neurotech devices market.

Market drivers:

The major driver for the Global Neurotech Devices Market Size And Trends  is the increased governmental and private funding for brain research which is leading to development of innovative and advanced neurotech solutions. Aging demographics is another key factor driving the growth as neurological conditions are more prevalent in elderly. Rising incidence of neurological disorders worldwide also contribute to the increased adoption of neurotech devices.

PEST Analysis

Political: Regulations around the use of neurotech devices are being updated to allow for more innovation while maintaining patient safety and privacy. However, differing regulations across countries can slow adoption of new technologies.
Economic: Growth of the neurotech market depends on financing for research and development of new devices and therapies. Economic conditions that support healthcare spending and access to capital will influence market opportunities.
Social: Public perceptions around the development of neurotechnologies influence support for research funding and individual choices about treatment options. Advances that improve quality of life and independence may increase social acceptance.
Technological: Continuing improvements in materials science, electronics miniaturization, computing power, and understanding of neurobiology are enabling new device designs with improved functionality and less invasiveness. Data analytics also allows for personalized treatment approaches.

Europe region

The Europe region accounted for the largest share of the global neurotech devices market in value terms in 2024 due to large population, growing elderly demographics, strong healthcare infrastructure and reimbursement systems across countries, and presence of major industry players. Germany, UK, France, and Italy have been major revenue generators.

Asia Pacific region

The Asia Pacific region is projected to be the fastest growing regional market during the forecast period. This rapid growth is driven by rising healthcare spending from economic growth in countries such as China and India, increasing awareness about neurological conditions, and expanding medical tourism industry.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya,  a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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