Neurotech Devices Market Size & Share 2023 to 2032
Market Size by Product Type (Neurostimulation, Neuroprostheses, Neurosensing, Neurorehabilitation), Conditions (Epilepsy, Parkinsons Disease, Cognitive Disorder), End Use (Hospital, ASC, Homecare Facility), Global Forecast.
Report ID: GMI4559
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Published Date: November 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
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 Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
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:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →