The Global Neurotech Devices Market size was valued at USD 10,796 Million in 2021 and is projected to reach USD 34,761 Million by 2030, with a significant CAGR of 14.3% from 2022 to 2030.
The introduction of new technologically advanced products is primarily driving the growth of the global neurotech devices market. Furthermore, factors such as rising incidence and occurrences of neurological conditions, as well as rising investments and funding from both national and international authorities are fueling the growth of the neurotech devices market revenue.
Neurotechnology encompasses all sophisticated technology used to comprehend the nervous system, envision its operations, and even regulate, rebuild, or improve its functions. Similarly, Neurotech devices are pieces of technology that can continuously control, help regulate, and stimulate neural impulses. These tools have already been used in the health and wellness industries, with many more future applications in education, workplace governance, public security, and even sporting activities. Furthermore, medical devices that aid in the diagnosis, prevention, and treatment of a various range of neurological problems and disorders, such as Parkinson's disease, Alzheimer's disease, major depression, and brain injury, are included in the neurotech devices market. The development of excellent neuromodulation and neurostimulation techniques that use minimally invasive techniques to help individuals is driving the growth of the neurotech devices industry.
Neurotech Devices Market Dynamics
|Neurotech Devices Market
|Market Size 2021
|USD 10,796 Million
|Market Forecast 2030
|USD 34,761 Million
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Product Type, By Conditions, By End-Use, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical, and EndoStim.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The COVID-19 disease outbreak had a minor impact on the neurotech device market. Due to an increase in COVID-19 patients, travel restrictions, limited access to health facilities, and lower incidence consult to hospitals, the market's revenue is expected to fall in 2020. However, in 2021, the governments of several countries began to relax travel restrictions and close down the overall market. This was advantageous and beneficial for the regeneration of the healthcare sector, as well as for the neurotech device market trends. This contributed to the popularity of health monitoring devices, resulting in increased consumption of neurotech devices. Globally, the number of COVID-19 cases has gradually decreased, and healthcare facilities have reopened, increasing the use of neurotech devices.
Furthermore, demographic changes in the elderly population are expected to drive the neurotech devices market growth over the forecasted time period. Furthermore, the growing number of stroke victims and cognitive issues around the world will increase the development of the neurotech devices market value. The increased number of strokes that result in memory and brain deficits has fueled market advancements in neuroprosthetics.
Neurotech Devices Market Segmentation
The global neurotech devices market segmentation is based on product type, conditions, end-use, and region.
Market by Product Type
In terms of product type, the neurostimulation segment is expected to lead the neurotech devices market in 2021. Neurostimulation devices are biocompatible, programmable medical devices that deliver electric impulses to specific areas of the nervous system, brain, or peripheral nervous system to help treat a variety of conditions like epilepsy, movement disorders, and chronic pain, and Parkinson's disease. The rise in the prevalence of lifestyle conditions such as depression and chronic pain, as well as an increase in the proportion of neurological conditions and investment in neurological technology and development, are driving future growth for neurostimulation devices. Furthermore, the growing preference for minimally invasive surgical procedures, the adoption of innovative products, and an aging population drive segment growth because they are especially prone to neurological diseases such as Parkinson's disease, epilepsy, Alzheimer's disease, and chronic pain.
Market by Conditions
In Based on the current conditions, the pain management segment is expected to grow with a significant neurotech devices market share in the coming years. The high prevalence of chronic pain disorders, as well as the growing use of pain management product offerings due to their high therapeutic benefits, is the primary factors driving this segment's market. The sector is also expected to have the fastest rate during the forecast period. This segment includes diseases such as disc surgical procedures pain, chronic pain, and pain in the knees or other muscles.
Market by End-use
According to the neurotech devices market forecast, the hospital segment will lead the market in 2021. Increased government and private investment in healthcare settings to develop well-established healthcare facilities can be attributed to this expansion. The most common application for adaptive neurotech devices in hospitals is neuromodulation, an invasive procedure that involves surgically implanting an electrode in the affected area of the brain. However, with these potential advantages, this market segment is expected to grow in the coming years. Furthermore, hospitals have highly trained and skilled personnel, specialized technology, and cutting-edge neurotech devices to perform a wide range of brain diagnoses and treatments.
Neurotech Devices Market Regional Outlook
The Middle East & Africa (MEA)
The North American neurotech devices industry is expected to grow significantly in the coming years as a result of the region's advanced healthcare settings and increasing technological innovation in neurotech equipment. The market is shifting toward increased awareness and investment in neurological disease diagnosis and treatment at various primary care facilities. The presence of several market players focused on developing innovative neurotech devices to improve patient monitoring will benefit market growth. Furthermore, key industry players are attempting to raise public awareness of neurotech devices through marketing and promotion, which should aid the region's growth in the coming years.
Neurotech Devices Market Players
Some of the prominent global neurotech devices market companies are Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical, and EndoStim.
The global neurotech devices market size was registered USD 10,796 Million in 2021.
The projected CAGR of neurotech devices during the analysis period of 2022 to 2030 is 14.3%.
The prominent players of the global neurotech devices market involve Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical, and EndoStim.
North America held the dominating share for neurotech devices during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for neurotech devices during the analysis period of 2022 to 2030.
Increasing incidence of neurological disorders across the world, technological innovations in neurotech devices, and a rising number of elderly people are the prominent factors that fuel the growth of global neurotech devices market.
Based on product type, neurostimulation segment held the maximum share for neurotech devices market in 2021.