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

Neurotech devices aim to treat a variety of neurological disorders by interfacing directly with the nervous system. These innovative technologies utilize implantable or wearable sensors and stimulating devices to collect neural data and potentially repair damaged pathways in the brain or spinal cord. Conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, and chronic pain that have proved difficult to treat with conventional therapies may potentially benefit from targeted neuromodulation approaches. The global neurotech devices market is still at a nascent stage but growing rapidly as new products enter clinical trials. Advanced materials and miniaturization of electronics have enabled the creation of biocompatible neural interfaces. Rising public awareness about neurological illnesses and growing government support for neuroscience research are some of the key factors anticipated to drive continued expansion of this market in the coming years.

Market Dynamics:

The neurotech devices market is driven by the rising global prevalence of neurological disorders, technological advancements in neural interfaces, growing demand for minimally invasive therapies, and increasing government funding for neuroscience research. However, factors such as high costs associated with clinical trials and product development, reimbursement challenges for new technologies, and biosafety concerns pertaining to long term device implantation pose significant challenges to market growth. Various startups and large companies have also started exploring applications of neurotech beyond therapeutics, in areas like augmented cognition, which presents lucrative commercial opportunities. Collaborations between researchers, medical device firms, and computing companies are likely to further accelerate the development of next-generation neurotech solutions.

Key features of the study:

• This report provides an in-depth analysis of the global neurotech devices market, and provides market size (US$ Bn) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global neurotech devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include 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
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global neurotech devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global neurotech devices market.

Detailed Segmentation:

• Global Neurotech Devices Market, By Product Type
  • Neurostimulation
  • Deep brain stimulator
  • Gastric electric stimulator
  • Spinal cord stimulator
  • Sacral nerve stimulator
  • Vagus nerve stimulator
  • Transcutaneous electrical nerve stimulation (TENS)
  • Other neurostimulations
  • Neuroprostheses
  • Neurosensing
  • Neurorehabilitation devices
• Global Neurotech Devices Market, By Conditions
  • Pain management
  • Cognitive disorders
  • Epilepsy
  • Urinary and fecal incontinence
  • Hearing conditions
  • Parkinson’s disease
  • Depression
  • Sleep disorders
  • Essential tremor
  • Other conditions
• Global Neurotech Devices Market, By End User
  • Hospitals
  • Ambulatory surgical centers
  • Homecare facilities
  • Other end users
• Global Neurotech Devices Market, By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa
• Top Companies in the Global Neurotech Devices Market:
  • 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
  • Advanced Bionics AG