Neurotech Devices Market Analysis

Neurotech Devices Market Analysis

To get key market trends

  Download Free Sample

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.
 

• The dominance of the segment is attributed to growing R&D activities to develop advanced nerve stimulators coupled with launch of better and innovative devices for the treatment of neurological disorders are few aspects propelling the business expansion.
   
• Additionally, minimally invasive procedures, reduced opioid use, limited or no side effects, alternative to oral medication and cost-effective pain relief are some of the other important advantages of spinal cord stimulation is further projected to augment the market.
   

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.
 

• Rising number of individuals suffering with the Parkinson’s has accelerated the market demand.
   
• Further, neurotech devices in Parkinson's disease demonstrate the potential to enhance the quality of life and improve the management of symptoms for individuals living with this condition.
   

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.
 

• Increasing number of hospital admissions worldwide along with favorable reimbursement policies for procedures performed in hospitals settings is one of the leading factors contributing to the growth of the market.
   
• Moreover, hospitals are equipped with a variety of advanced equipment to facilitate minimally invasive neurological treatments for better patient management as well as care. Similarly, hospitals provide efficient, safe, and quick treatments for better patient outcomes as compared to other homecare facilities that will further contribute to the segment expansion.
   

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.

• The U.S. has taken a commanding position in the market, primarily due to increasing prevalence of neurological diseases.
   
• Original equipment manufacturers (OEMs) have been driven to develop cost-effective devices for the treatment of neurological disorders due to the growing strain of Parkinson's disease on the U.S. healthcare system.
   
• Additionally, favorable regulatory scenario for medical modalities for superior patient care and improving healthcare infrastructure will positively drive the overall business landscape.