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Neurotech Devices Market Size By Product Type (Neurostimulation {Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS)}, Neuroprostheses, Neurosensing, Neurorehabilitation Devices), By Conditions (Pain Management, Cognitive Disorders, Epilepsy, Urinary and Fecal Incontinence, Hearing Conditions, Parkinson’s Disease, Depression, Sleep Disorders, Essential Tremor), By End-use (Hospitals, Ambulatory Surgical Centers, Homecare Facilities), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI4559
  • Published Date: May 2022
  • Report Format: PDF

Industry Overview

Neurotech Devices Market size surpassed USD 10.9 billion in 2021 and is expected to witness a 14.5% CAGR from 2022 to 2030 owing to the rising technological advancements in neurotech devices. Furthermore, growing prevalence of neurological disorders, increasing awareness and funding in neurotech devices across the globe are some of the major factors that are expected to facilitate the industry growth.
 

Neurotech Devices Market

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The COVID-19 pandemic had a moderate impact on the neurotech devices market. In 2020, due to rising number of COVID-19 patients along with travel restrictions and limited access to hospitals and fewer patient visits to hospitals the market experienced a decline in revenue. However, in 2021, the government in various countries initiated with removing travel restrictions and lockdowns.
 

This proved to be beneficial and advantageous for restoration of healthcare industry and rendered a positive impact on the neurotech devices market. This increased the adoption of neurotechnology thereby increased the demand for neurotech devices. Progressively, the number of COVID-19 cases reduced globally, and the healthcare facilities resumed its services and that has increased the usage of neurotech devices.
 

Neurotechnology devices provide better insight into the nervous system or brain activity. Neurotech devices are mainly used for research purposes including brain imaging to gather information regarding mental illness or disorders.
 

Rising number of neurological diseases is expected to accelerate the market statistics

Surging number of neurological diseases worldwide is expected to foster the market demand for neurotech devices over the analysis timeframe. These neurological disorders include brain tumors, epilepsy, Parkinsons’s disease, multiple sclerosis, Alzheimer’s Disease, Dementia, Stroke, meningitis, and others. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, around 5.7 million Americans were suffering with Alzheimer’s disease. This is projected to reach 14 million Americans by 2060.
 

Similarly, according to the Centers for Disease Control and Prevention (CDC), every year, over 1.2 million cases of bacterial meningitis is estimated to occur worldwide. Therefore, to overcome these diseases, neurotech devices are used to diagnose, prevent, and treat various neurological disorders.
 

The increasing use of neurostimulation devices will augment the market progress

Global Neurotech Devices Market, By Product Type

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Based on product type, the neurotech devices market is classified into neurostimulation, neuroprotheses, neurosensing, and neurorehabilitation. The neurostimulation segment is sub-segmented into deep brain stimulator, spinal cord stimulator, gastric electric stimulator, vagus nerve stimulator, sacral nerve stimulator, transcutaneous electrical nerve stimulation. Among these, the neurostimulation segment accounted for around 69% market share in 2021 and the trend will continue to rise in the near future.
 

Neurostimulation includes invasive and non-invasive methods that involves electrical stimulation to drive neural function for the treatment due to the increasing adoption of deep brain stimulation method to treat patients suffering with Parkinson’s disease, epilepsy, dystonia, and essential tremor. Key market players such as Boston Scientific, Medtronic, Abbott are focusing on their research and development activities for adapting neurostimulation devices.
 

Rising number of sleep disorders will drive the market expansion

Global Neurotech Devices Market, By Conditions

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Based on conditions, the sleep disorders segment accounted for around USD 764 million revenue share in 2021 owing to rising prevalence of insomnia cases and other sleep disorders. For instance, according to the American Academy of Sleep Medicine, around 30 to 35% Americans suffer with insomnia. Also, increasing sleep apnea among the global population will foster the market demand. Thus, neurotech devices help in reducing the insomnia symptoms and improve the autonomic nervous system functions.
 

Nowadays, many companies focus on introducing various products and solutions for diagnosis, treatment and engagement for sleep disorders. For instance, Dreem has introduced headband with sleep monitoring technology to measure brain activity, heart rate, respiratory rate and movement with precise data of a person’s sleep. This strategy aided the firm in expanding its neurotech devices and thus increasing its customer base.
 

Growing preference towards hospitals will accelerate the overall market progression

Based on end-use, hospitals segment accounted for over USD 4.3 billion market size in 2021. Increasing use of neurotech devices in hospitals for treatment of various devices. Hospitals use adaptive neurotech devices mainly for deep brain stimulation, an invasive treatment that involves surgical implant of electrode on the affected area of the brain. Such benefits will spur segmental growth. Moreover, hospitals have trained professionals and advanced equipment, and improved neurotech devices to perform a variety of diagnosis and testing of the brain.
 

Rising awareness and funding in neurotech market across North America will augment the market forecasts

North America Neurotech Devices Market, By Country

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North America neurotech devices industry is expected to grow at a 14.4% CAGR during the forthcoming years due to increasing technological advancement of neurotech devices across the region. The regional market is inclined towards raising awareness and funding for diagnosis and treatment of neurological diseases at various centers and hospitals.
 

The presence of several market participants focusing on developing innovative neurotech devices for improved patient management will prove advantageous for the market expansion. Moreover, key industry players also take promotional and marketing efforts to increase the awareness amongst the people regarding the neurotech devices that should expand the industry growth in forthcoming years.
 

Innovative approach by key market players will surge the market size

Some of the key market players operating in the neurotech devices industry include Medtronic, Boston Scientific, Abbott, LIVANOVA, Cochlear Limited, Natus Medical Incorporated, Advanced Bionics AG (Sonova), among others. These market participants are formulating various growth strategies with continued innovations and technology improvements to sustain market competition in the neurotech devices market.
 

Some of the recent industry developments:

  • In September 2021, Abbott received the U.S. Food and Drug Administration (FDA) approval for its Amplatzer Talisman Patent Foramen ovale (PFO) Occlusion System for patients suffering with recurrent ischemic stroke. This improves the efficiency and effectiveness of PFO occlusion procedure in simpler and faster manner. This strategy has helped the company to improve its overall product portfolio.
     
  • In April 2022, Natus Medical Incorporated is being acquired by ArchiMed, a leading investment company for healthcare industry for USD 1.2 billion. This acquisition helped the company to deliver valuable services to its customers.
     

The neurotech devices report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 to 2030, for the following segments:

By Product Type

  • Neurostimulation
    • Deep Brain Stimulator
    • Gastric Electric Stimulator
    • Spinal Cord Stimulator
    • Sacral Nerve Stimulator
    • Vagus Nerve Stimulator
    • Transcutaneous Electrical Nerve Stimulation (TENS)
    • Others
  • Neuroprostheses
  • Neurosensing
  • Neurorehabilitation

By Conditions

  • Pain Management
  • Cognitive Disorders
  • Epilepsy
  • Urinary and Fecal Incontinence
  • Hearing Conditions
  • Parkinson’s disease
  • Depression
  • Sleep Disorder
  • Others

By End-use

  • Hospitals
  • Ambulatory surgical centers
  • Homecare facilities
  • Others

The above information is provided for the following regions and countries:

By Region

  • North America 
    • U.S.
    • Canada
  • Europe 
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific 
    • Japan
    • China
    • India
  • Latin America 
    • Brazil
    • Mexico
  • Middle East & Africa 
    • South Africa
    • Saudi Arabia

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global neurotech devices market share had crossed USD 10.9 billion in 2021 and is likely to strike a 14.5% CAGR through 2030 due to increasing technological advancements and the higher prevalence of neurological disorders worldwide.

The neurostimulation product segment held more than 69% of the neurotech devices industry share in 2021 and will witness expansion with the rising number of research and development activities.

The neurotech devices market revenue from the sleep disorders condition segment exceeded USD 764 million in 2021 and will expand with the growing burden of insomnia cases and other disorders.

The neurotech devices industry in North America is anticipated to record a 14.4% CAGR through 2022-2030 due to rising technological advancements along with the surging awareness and funding for the diagnosis and treatment of neurological diseases in the region.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 10
  • Tables & Figures: 200
  • Countries covered: 14
  • Pages: 200

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