Global Neurotechnology Market Report and Forecast 2024-2032

Global Neurotechnology Market Size

The global neurotechnology market reached a value of about USD 15.03 billion in 2023, driven by the rising occurrence of neurological conditions like Alzheimer's disease, Parkinson's disease across the globe. The market is expected to grow at a CAGR of 11.9% in the forecast period of 2024-2032 to reach USD 41.45 billion by 2032.

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Global Neurotechnology Market Outlook

• The World Health Organisation reports that every year around 5 million individuals are diagnosed with epilepsy. The rising prevalence of neurological diseases like epilepsy among others is boosting the market growth.

• Surge in fundings and grants to researchers for development of neurotech devices is amongst major market trends, likely to impact the market value positively in the forecast period.

• North America is expected to lead the market, driven by the presence of affluent MedTech companies and academic institutions in the region.

Global Neurotechnology Market Overview

Neurotechnology involves a range of technologies developed to get a better understanding of brain functioning, intended to control, improve, and effectively manage neurological diseases. it involves a variety of techniques to evaluate, analyse, and stimulate brain activity. Electroencephalograms, functional magnetic resonance imaging (fMRI), functional near-infrared spectroscopy (fNIRS) and implantation of microneedles are commonly used to record brain activity while deep brain simulation, transcranial electrical stimulation (tES) and transcranial magnetic stimulation (TMS) are used to offer brain stimulation. Neurotechnology market is witnessing high preference to treat severe neurological diseases such as epilepsy, dementia, and Parkinson’s disease effectively.

Global Neurotechnology Market Growth Drivers

Rising Prevalence of Neurological Condition Drive the Market Growth

Neurological disorders are on the rise, acting as a driving force in the neurotechnology market. Neurological diseases and disorders exist as a group of conditions that affect the central nervous system and include Alzheimer’s disease, Parkinson’s disease, epilepsy, and migraine, among others. The World Health Organization (WHO) estimates that about 5 million people are diagnosed with epilepsy every year, with around 80% of the patients living in low- and middle-income countries. Hence, this continuous increase in the incidence of neurological disorders is estimated to influence the course of neurotechnology utilisation in the forecast period.

Rising Healthcare Expenditure to Meet Increasing Neurotechnology Market Demand

A steady increase in global healthcare costs is working in favour of neurotechnology growth at present. New age neurotechnology includes high-end neuroimaging methods, neurostimulation apparatus, and brain-computer interfaces. With increasing neurotechnology related investments and fundings to manage neurological disorders such as Alzheimer’s disease, Parkinson’s disease, and stroke, the market demand is expected to elevate. There is increased attention on offering better diagnosis, treatment, and monitoring and control techniques. The correlation between health care expenditure and neurotechnology development is contributing to the spectrum of advances, thus improving the outcomes of patients.

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Global Neurotechnology Market Trends

Recent Innovations in Global Neurotechnology Market

In May, 2024, Brain Q delivered a favorable outcome from EMAGINE, a multicentred randomized controlled trial conducted in the United States of America. This showed that their AI design for electromagnetic field therapy achieves a substantial decrease in disability among the patients who have suffered a stroke, which was promising in terms of clinical efficacy. By applying computer intelligence to stabilize the electromagnetic field, this therapy offers a new method for the rehabilitation of stroke patients.

In April, 2024, Nexstim launched a navigational transcranial magnetic stimulation (nTMS). The non-invasive brain stimulation tool boasts advanced functionality and possesses advanced 3D navigation technology that facilitates optimal and exceptional placements in distinct areas of the brain. The improvement of Nexstim’s nTMS system and its greater specificity in targeting the diseased areas have several benefits in relation to patient treatment and care. This may lead to an increased efficacy of treatments as well.

In April, 2024, Synchron established an online registry for a next-generation BCI platform aimed at treating patients with motor disabilities. Endovascular BCI, which navigates through a patient’s blood vessels while delivering the implant, does not require a brain surgery intervention. Through translating neural signals for controlling motor function, Synchron’s BCI enables users to operate devices for any limited movement. As a remarkable feat for people with mobility constraints, this not only reduces a patient’s surgical risks but also increases the general accessibility and practicality of utilizing BCI technology.

Global Neurotechnology Market Segmentation

Market Breakup by Product Type

• Imaging Modalities
  • Functional Imaging
  • Structural Imaging

• Neurostimulation

• Neurological Implants

Market Breakup by Condition

• Parkinson's Disease

• Epilepsy

• Pain Treatment

• Essential Tremor

• Sleep Disorder

• Hearing Conditions

• Other Conditions

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

Global Neurotechnology Market Share

Imaging Modalities are Expected to Lead Market Share Based on Product Type

By product type, the market is further divided into imaging modalities, neurostimulation, cranial surface measurement, and neurological implants. Out of these imaging modalities are expected to dominate the overall market share as it plays an integral part in diagnosis for clinical as well as research purposes. There has been a growing interest in neurostimulation devices, primarily because of its remarkable performance in clinical intolerances such as chronic pain and epilepsy. On the other hand, cranial surface measurement technologies are widely used in medical and consumer applications such as performance enhancement, and proactivity diagnostics.

Market Breakup Based on End User Set to Witness Market Growth

The market segmentation by end user encompasses various healthcare settings, which include hospitals, clinics, diagnostic centres and ambulatory surgical centres. Among these, hospitals stand out as the predominant segment because it facilitates a well-equipped infrastructure and allows the application of new technology for diagnosis as well as treatment. Hospitals are a primary care centre offering advancements in neurotechnology and critical include patient care needs such as intricate surgeries and acute neurological disorders.

Clinics and diagnostic centres ensue, as it provides efficient diagnosis, owing to the presence of experts, offering special skills in managing neurological diseases and providing more specific treatment advice to the patients.

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Global Neurotechnology Market Analysis by Region

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the regional market analysis. North America dominates the neurotechnology market, driven by immense focus on providing investments to conduct research. In addition, the presence of a technically advanced infrastructure also impacts the market value positively.

European neurotechnology market comes next as a region with high regard for innovation, and noteworthy support from the healthcare regulatory authorities, aiding the implementation of neurotechnology. Growth in developing countries, especially in Asia Pacific, due to economic development, higher healthcare expenditure, and a constantly rising population of patients suffering from neurological disorders, is encouraging market growth. These areas are expected to experience tremendous growth in the future, given the current trends in increased investment in the health sector.

Leading Players in the Global Neurotechnology Market

The key features of the market report include strategic initiatives constituting recent partnerships and collaborations as well as fundings and investments by the leading players. The major companies in the market are as follows:

Medtronic plc

Founded in 1949 and based in Dublin, Ireland, the company provides highly diversified neurological devices through which the diagnosis and treatment of several neurological diseases is facilitated. Some examples include implanted electrodes, and SynchroMed implanted devices.

Allengers Medical Systems Ltd

Established in 1987 and headquartered in Chandigarh, the company provides a broad range of neurological devices that can be utilised in the diagnosis, treatment, and monitoring of neurological ailments. Their products consist of sophisticated neurological imaging systems like MRI and CT scanners for better definition, focusing on neurological structures, and diagnosing ailments such as tumours and strokes in the brain or spinal cord. Their equipment for diagnosis includes EEG and EMG machines that help them diagnose certain nervous system disorders, and the surgical instruments used in neurosurgical operations are accurate and reliable.

Canon Medical Systems Corporation

Based in Japan, this company was established in 1930, this company deals with medical devices used in neurointerventional surgeries that are minimally invasive and used in cases of aneurysms and strokes. Moreover, the company has capabilities in neurostimulation technologies, specifically in neuromodulation therapies for chronic pain, movement disorders, and epilepsy.

GE Healthcare Technologies Inc.

The company was established in 1994 and has its base in the United States. It deals with devices for neurophysiologic monitoring intraoperatively and in the ICU, enabling the real-time assessment of cerebral integrity during surgery and critical illness.

Other companies in the market include Koninklijke Philips N.V., Natus Medical Incorporated, Siemens Healthcare GmbH, The Magstim Company Limited, Tristan Technologies Inc., and Shimadzu Corporation among others.

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Questions Answered in the Neurotechnology Market

• What was the global neurotechnology market value in 2023?
• What is the global neurotechnology market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What are the major factors aiding the global neurotechnology market demand? 
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global neurotechnology market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the neurotechnology market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?
• What are the different types of products available in the neurotechnology market?
• How does neurostimulation contribute to the neurotechnology market?
• What role does cranial surface measurement play in neurotechnology?
• What services do specialty clinics provide in the context of neurotechnology?
• What are the other applications of neurotechnology outside of traditional healthcare settings?
• How does Europe's healthcare landscape influence the neurotechnology market?
• What are the emerging trends in neurotechnology market adoption in the Asia Pacific region?
• How does the regulatory environment differ for neurotechnology across regions?

Neurotechnology Market Report Snapshots

Neurotechnology Market Size

Neurotechnology Companies