GLOBAL NEUROTECH DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Neurotech Devices Market Size and Trends

The global neurotech devices market was valued US$ 13.44 Bn in 2023 and is expected to reach US$ 37.04 Bn by 2031 growing at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2031.

Global Neurotech Devices Market - Trends

• Wireless & wearable neurotech devices: The neurotech devices market is being significantly impacted by the rise of wireless and wearable neurotech devices. These new types of devices are allowing for non-invasive and portable brain monitoring solutions that can be used both in clinical and consumer settings. Wireless electrode caps and headbands that can monitor brain activity, detect epileptic seizures or measure brain waves for biofeedback are now widely available for consumers. Devices like these from companies like Muse and Melon are easy to use at home without the constraints of bulky clinical-grade electroencephalogram (EEG) machines. They are also finding new applications in areas like gaming, meditation and sleep tracking. This increased accessibility and wider range of use cases is attracting more users and driving revenues for companies in this space.
• Brain-computer interface technology: The rapid advancement of brain-computer interface technology is poised to significantly influence the neurotech devices market in the coming years. Brain-computer interfaces (BCIs) allow for direct communication pathways between the brain and external devices, opening up possibilities for new neurotech solutions to complex healthcare and quality of life challenges. As BCIs become more sophisticated, non-invasive, and personalized, major neurotech companies are increasingly focusing their research and development efforts on this expanding area. Startups are also emerging with new prototypes for BCIs aimed at consumer applications such as augmented reality, virtual reality, and digital entertainment/media. BCI technologies could enable thinking alone to control external software, apps, robots, prosthetics or other devices through neural signals in the future. Several clinical trials are underway to explore the use of BCIs for treating neurological conditions like paralysis, epilepsy, depression, and Alzheimer’s.