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Neurotech Devices Market size to exceed $35.5bn by 2030

  • Published Date: May 20, 2022

Neurotech Devices Market size is set to surpass USD 35.5 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Increasing prevalence of neurological disorders and adoption of innovative neurotech devices are expected to drive the market demand. Growing awareness and funding in neurotech industry will propel the market forecasts.
 

Surging number of elderly populations with neurological disorders will fuel the market progression

With aging, there are few visible changes in the body specifically hair, joints, and skin. Along with these changes, central nervous system and brain also undergo various neurological disorders. Some of the common neurological disorders affecting elderly populations include neuropathy, Alzheimer’s disease, strokes, and Parkinson’s disease. Amongst elderly population, diabetes is one of the forms of peripheral neuropathy that damages sensory, motor, and autonomic nerves leading to numbness, one-sided pains, and weakness. Therefore, to overcome these disorders, the demand for neurotech devices has increased in the market.
 

Increasing demand for neuroprostheses will augment the industry scenario

Neurotech devices market from neuroprostheses segment exceeded USD 2.1 billion in 2021. This is attributed to the increasing number of spinal cord injuries across various regions. Neuroprostheses devices are used for impaired motor, sensory or cognitive functions due to neurological disorders. Such aforementioned factors will boost the business landscape. Moreover, increasing preference of cochlear implant for patients with hearing impairment increases the demand of neurotech devices.
 

Advancement of technology acts as a key for the development of neuroprostheses devices. With increasing research and study of advanced informatic methodologies and electronic engineering, the demand for neurotech devices increases for in vitro bioengineering by invasive or non-invasive manner, thereby fostering industry progression.
 

Browse key industry insights spread across 200 pages with 187 market data tables & 13 figures & charts from the report, Neurotech Devices Market Analysis 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), Conditions (Pain Management, Cognitive Disorders, Epilepsy, Urinary and Fecal Incontinence, Hearing Conditions, Parkinson’s Disease, Depression, Sleep Disorders, Essential Tremor), End-use (Hospitals, Ambulatory Surgical Centers, Homecare Facilities), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/neurotech-devices-market
 

Rising cases of epilepsy will ramp up the market growth

Neurotech devices market from epilepsy segment accounted for around USD 445 million in 2021. This is attributed for growing cases of seizures across the globe. Epilepsy is one of the neurological disorders that causes abnormal or imbalanced electrical activity in the brain. Recently, Neuropace company introduced the U.S. Food and Drug Administration (FDA) approved epilepsy device, Responsive Neurostimulation device or RNS System for personalized treatment as per the abnormal brain activity along with Electroencephalogram (EEG) data to improve patient care.
 

Growing preference towards hospital will accelerate the industry trends

Ambulatory surgical centers segment accounted for over 27% revenue share in 2021. Adoption of personalized attention and quality care for patients suffering with neurological disorders increases the need of ambulatory surgical centers across the globe. Similarly, rising adoption of advanced neurotech devices with performance-enhancing features across ambulatory surgical centers will contribute towards the overall business progression.
 

Highly competitive market in Europe will contribute to business expansion

Europe neurotech devices market is expected to grow at 14.7% CAGR during the forecast period owing to the rising number of neurological disorders such as dementias, Alzheimer’s disease, strokes, tumors, and Parkinson’s disease. Thus, with rising cases of these diseases, companies are inclining towards their research and development activities, to manufacture and develop neurotech that will further favor the regional market expansion.
 

Major leaders are focusing on strategies & launching innovative products to capture a higher market share

Some of the prominent industry players operating in the neurotech devices industry include Medtronic, Boston Scientific, Abbott, LIVANOVA, Cochlear Limited, Natus Medical Incorporated, Advanced Bionics AG (Sonova). These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.
 

For instance, in January 2021, Boston Scientific received U.S. Food and Drug Administration (FDA) approval for its fourth generation Vercise Genus Deep Brain Stimulation (DBS) System. This approval strengthened their global leadership position in the market.
 

Authors: Sumant Ugalmugale, Rupali Swain