According to the report by Expert Market Research (EMR), the global neurotechnology market is projected to grow at a CAGR of 12% between 2024 and 2032. Aided by rising cases of neurological diseases and modernisation of medical and research facilities, the market is expected to grow significantly by 2032.
Neurotechnology encompasses the tools and methods used to understand and influence the brain and nervous system. It involves the application of medical and bio-engineering techniques to develop devices that can record, analyse, or modify neural activity. This includes neuroimaging systems, brain-computer interfaces, neuroprosthetics, and neuromodulation technologies.
The increasing prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and epilepsy is a significant factor propelling the neurotechnology market demand. These technologies offer potential treatments and management options that can significantly improve patients’ quality of life.
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Innovations in neural interfaces, deep brain stimulation devices, and advanced neuroimaging techniques are contributing significantly to the market expansion. These advancements have enabled more precise and less invasive treatments. The surge in funding from governments, private investors, and healthcare organisations for research and development in neurotechnology is driving the global neurotechnology market growth.
North America dominates the global market for neurotechnology, owing to its advanced healthcare infrastructure, significant research activities, and high healthcare expenditure. Europe follows closely due to similar reasons. The Asia-Pacific region is anticipated to witness remarkable growth due to increasing healthcare investments and growing awareness of neurological disorders.
Prominent players in the global neurotechnology market include Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, and Stryker Corporation. These companies are focusing on research and development activities, acquisitions, and collaborations to expand their product portfolio and strengthen market positions.
The integration of artificial intelligence (AI) and machine learning into neurotechnology is a promising trend. These technologies could enable more sophisticated analysis of neural data and more effective treatments. Emerging neurotechnology, such as transcranial magnetic stimulation, are beginning to find applications in the treatment of mental health conditions, including depression and anxiety. This is a growing area of application that could significantly impact the neurotechnology market outlook.
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Neurotechnology Market Segmentation
The market can be divided based on product type, end use, and region.
Market Breakup by Product Type
- Imaging Modalities
- Neurostimulation
- Cranial Surface Measurement
- Neurological Implants
Market Breakup by End Use
- Hospitals
- Clinics
- Diagnostic Centres
- Ambulatory Surgical Centres
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global neurotechnology market. Some of the major players explored in the report by Expert Market Research are as follows:
- GENERAL ELECTRIC COMPANY
- Koninklijke Philips N.V.
- Others
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