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Neurotech Devices Market - By Product Type (Neurostimulation, Neuroprostheses, Neurosensing, Neurorehabilitation), Conditions (Epilepsy, Parkinsons Disease, Cognitive Disorder), End-use (Hospital, ASC, Homecare Facility)- Global Forecast, 2023-2032
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Neurotech Devices Market
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Premium Report Details
Base Year: 2022
Companies covered: 15
Tables & Figures: 241
Countries covered: 22
Pages: 195
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Neurotech Devices Market Size
Neurotech Devices Market size was valued at USD 12.1 billion in 2022 and is estimated to reach USD 42.1 billion by 2032.
Neurotech devices are type of devices that can directly monitor and/or stimulate the nervous system. These devices are mainly used for research purposes including brain imaging and brain implants to gather information regarding mental conditions. Surging incidence of neurological diseases worldwide is anticipated to foster the market demand for neurotech devices over the analysis timeframe. For instance, according to Parkinson’s Foundation data, more than 10 million people globally are living with Parkinson’s disease (PD).
Technological advancements in the field of neurotech devices and brain implants is anticipated to drive the market expansion. These advancements include robot-assisted implantation, multi-target stimulation, rechargeable implantable pulse generators, improved microelectrode designs, and personalized directed programming. Owing to these developments, neurotech devices are showing improved efficacy and symptomatic relief in patients suffering from Parkinson’s, as compared to the traditional methods.
COVID-19 Impact
The adoption of neurotech devices had slowed down in the early phase of pandemic. COVID-19 disrupted the neurotech devices market, leading to supply chain disruptions, component shortages, and production delays. Furthermore, decreased number of non-essential medical procedures, economic uncertainty, and budget constraints in healthcare institutions resulted in decreased demand for neurotech device. Moreover, the shift to remote healthcare services and regulatory agency delays added to the market growth challenges
Neurotech Devices Market Trends
Surging number of elderly population base suffering with neurological disorders will positively impact the industry development. The neurological disorders such as Alzheimer’s, dementia, Parkinson’s disease coupled with chronic back and limb pain are most likely to affect people post 65 years of age. In such conditions using neurotech devices therapies play a pivotal role in treating such conditions.
Neurotech Devices Market Analysis
The market by product type is categorized into neurostimulation, neuroprostheses, neurosensing, and neurorehabilitation. Neurostimulation segment includes deep brain, gastric, spinal cord, sacral, vagus nerve stimulators, along with transcutaneous electrical nerve stimulation (TENS), and other neurostimulation devices. The neurostimulation segment garnered USD 8.3 billion revenue size in the year 2022.
Based on condition, the neurotech devices market is segmented into pain management, cognitive disorders, epilepsy, urinary and fecal incontinence, hearing conditions, Parkinson’s disease, depression, sleep disorders, which was worth USD 22.5 billion in 2022, essential tremor, and other conditions. The Parkinson’s disease segment held considerable revenue share in the market and accounted for over 5.9% business share in the year 2022.
The neurotech devices market by end-use is categorized into hospitals, ambulatory surgical centers, homecare facilities, and others. The hospital segment garnered USD 4.8 billion revenue size in the year 2022.
U.S. neurotech devices market accounted for USD 6.1 billion revenue size in 2022 and is predicted to witness substantial market growth over the analysis timeline.
Neurotech Devices Market Share
The neurotech devices industry is consolidated, with key players such as Medtronic plc, Abbott Laboratories, and few others dominating the market space. These companies focus on ongoing product innovation, geographical expansion, and partnerships to secure substantial market share. For instance, Abbott’s Infinity deep brain stimulator (DBS) devices is the world's first and only DBS system operating on an iOS software platform with Bluetooth wireless technology. Therefore, introduction of such products helps the company in strengthening its product portfolio coupled with sustaining its market position.
Some of the eminent market participants operating in the neurotech devices industry include:
Neurotech Devices Industry News:
Neurotech devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Product Type, 2018-2032 (USD Million)
By Conditions, 2018-2032 (USD Million)
By End-use, 2018-2032 (USD Million)
The above information is provided for the following regions and countries: