Neurotechnology Market

Market Overview:

The global neurotechnology market size reached US$ 10.23 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.06 Billion by 2028, exhibiting a growth rate (CAGR) of 11.71% during 2023-2028. The rising prevalence of malignant central nervous system (CNS), the implementation of supportive government policies, and the introduction of wearable neurotechnologies represent some of the key factors driving the market.

Neurotechnology refers to a range of technologies designed to interact with the brain or nervous system. It includes neuroimaging, brain-computer interfaces, neuromodulation, neuroprosthetics and implants, and neurofeedback systems. It is widely used in disease diagnosis, medical treatments, academic research, educational purposes, video gaming, virtual reality (VR), industrial applications, and the study of psychological disorders, such as depression and anxiety. Neurotechnology provides a deeper insight into brain functions, which aids in the early detection of neurological disorders, developing targeted treatments, improving clinical outcomes, and enhancing patients’ quality of life. It also enables researchers to track and monitor brain activities in real-time, which assists in developing new technologies and improves the understanding of cognition, behavior, and mental health.

Neurotechnology Market Trends:

The rising prevalence of malignant central nervous system (CNS) disorders, such as strokes, epilepsy, Parkinson’s and Alzheimer’s disease, multiple sclerosis, and autism, is one of the primary factors strengthening the market growth. Neurotechnology is widely used in various CNS treatment and diagnostic devices, such as magnetic resonance imaging (MRI), transcranial direct current stimulation (tDCS), computerized neuropsychological tests, computed tomography (CT) scans, and electroencephalography (EEG), which aids in tracking disease progression and alleviating symptoms, such as pain, fatigue, and cognitive impairment. In addition to this, the widespread utilization of neurotechnology to monitor and diagnose psychiatric disorders, such as depression, anxiety, schizophrenia, and obsessive-compulsive disorder (OCD), is acting as another growth-inducing factor. Furthermore, the implementation of supportive government policies to educate the masses and provide access to high-quality healthcare facilities is positively influencing the market growth. Additionally, the introduction of wearable neurotechnology devices, such as smart watches, VR headsets, and wearable electrocardiograms, to measure real-time neural and physiologic signals from the human body is providing an impetus to the market growth. Apart from this, the recent development of transcranial magnetic stimulation (TMS), which is a non-invasive brain stimulation technique based on neurotechnology that improves patient safety, enhances comfort, increases compliance, and reduces complications, is contributing to market growth. Other factors, including the rising geriatric population, extensive research and development (R&D) activities, and the growing consumer awareness and acceptance of mental health issues, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global neurotechnology market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on product type and end user.

Product Type Insights:

• Imaging Modalities 
  • Magnetic Resonance Imaging (MRI)
  • Computed Tomography (CT)
  • Positron Emission Tomography (PET)
• Neurostimulation 
  • Transcranial Magnetic Stimulation (TMS)
  • Transcranial Direct Current Stimulation (TDCS)
• Cranial Surface Measurement 
  • Electroencephalography (EEG)
  • Magnetoencephalography (MEG)
• Neurological Implants
   

The report has provided a detailed breakup and analysis of the neurotechnology market based on the product type. This includes imaging modalities (magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET)), neurostimulation (transcranial magnetic stimulation (TMS) and transcranial direct current stimulation (TDCS)), cranial surface measurement (electroencephalography (EEG) and magnetoencephalography (MEG)), and neurological implants. According to the report, imaging modalities represented the largest segment.

End User Insights:

• Hospitals
• Clinics
• Diagnostic Centres
• Ambulatory Surgical Centres
   

A detailed breakup and analysis of the neurotechnology market based on the end user has also been provided in the report. This includes hospitals, clinics, diagnostic centres, and ambulatory surgical centres. According to the report, hospitals accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for neurotechnology. Some of the factors driving the North America neurotechnology market included the rising prevalence of CNS disorders, supportive government policies, and rapid technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global neurotechnology market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Allengers Medical Systems Ltd, Canon Medical Systems Corporation (Canon Inc.), Elekta Solutions AB, GE HealthCare Technologies Inc. (General Electric), Koninklijke Philips N.V., Natus Medical Incorporated, Shimadzu Corporation, Siemens Healthcare GmbH (Siemens AG), The Magstim Company Limited, Tristan Technologies Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Neurotechnology Market Report Scope:

Key Questions Answered in This Report:

• How has the global neurotechnology market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global neurotechnology market?
• What is the impact of each driver, restraint, and opportunity on the global neurotechnology market?
• What are the key regional markets?
• Which countries represent the most attractive neurotechnology market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the neurotechnology market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the neurotechnology market?
• What is the competitive structure of the global neurotechnology market?
• Who are the key players/companies in the global neurotechnology market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the neurotechnology market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global neurotechnology market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the neurotechnology industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.