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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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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.
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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Key Trends | Impact |
Advances in Neuroimaging Technologies | Neuroimaging techniques, further improved by new technologies such as fMRI, PET, and MEG are being utilised in the market. With better resolution, faster scan times, and less invasiveness, such technologies are gaining popularity. New techniques, such as ultra-high-field MRI and transportable MEG are now providing more specific brain data that can be useful for both basic and clinical investigations. |
Brain-Computer Interfaces (BCIs) | Technological advancement has been achieved in BCIs where human brains can share an interface with computer, prosthetics, and electronics, among others. Neuralink and OpenBCI are refining BCI performance, allowing integration, and accessibility along with broadening their application for different purposes. |
Growing Adoption of Wearable Neurotechnology | Electroencephalography, or EEG headsets, are new, and common wearable devices used to measure brain activities in a non-invasive manner. These wearables are used for diagnosing patients and assessing mental health issues in clinical practice, while in the consumer space, they are used for tracking sleep, practicing meditation. |
Personalized Neurotherapeutics | Personalized neurotherapeutics adapt therapies depending on existing neurological phenotypes and risk factors, including genes and biomarkers. Technological assistance in genomics, biomarkers, and neuroimaging facilitates more tailored treatment regimens for diseases such as Alzheimer’s disease, multiple sclerosis, and traumatic brain injuries. |
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.
Market Breakup by Product Type
Market Breakup by Condition
Market Breakup by End Use
Market Breakup by Region
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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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.
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Condition |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Neurotechnology Market Overview
3.1 Global Neurotechnology Market Historical Value (2017-2023)
3.2 Global Neurotechnology Market Forecast Value (2024-2032)
4 Vendor Positioning Analysis
4.1 Key Vendors
4.2 Prospective Leaders
4.3 Niche Leaders
4.4 Disruptors
5 Global Neurotechnology Market Landscape*
5.1 Global Neurotechnology: Developers Landscape
5.1.1 Analysis by Year of Establishment
5.1.2 Analysis by Company Size
5.1.3 Analysis by Region
5.2 Global Neurotechnology: Product Landscape
5.2.1 Analysis by Product Type
6 Global Neurotechnology Market Dynamics
6.1 Market Drivers and Constraints
6.2 SWOT Analysis
6.2.1 Strengths
6.2.2 Weaknesses
6.2.3 Opportunities
6.2.4 Threats
6.3 PESTEL Analysis
6.3.1 Political
6.3.2 Economic
6.3.3 Social
6.3.4 Technological
6.3.5 Legal
6.3.6 Environment
6.4 Porter’s Five Forces Model
6.4.1 Bargaining Power of Suppliers
6.4.2 Bargaining Power of Buyers
6.4.3 Threat of New Entrants
6.4.4 Threat of Substitutes
6.4.5 Degree of Rivalry
6.5 Key Demand Indicators
6.6 Key Price Indicators
6.7 Industry Events, Initiatives, and Trends
6.8 Value Chain Analysis
7 Global Neurotechnology Market Segmentation (2017-2032)
7.1 Global Neurotechnology Market (2017-2032) by Product Type
7.1.1 Market Overview
7.1.2 Imaging Modalities
7.1.2.1 Functional Imaging
7.1.2.2 Structural Imaging
7.1.3 Neurostimulation
7.1.4 Neurological Implants
7.2 Global Neurotechnology Market (2017-2032) by Condition
7.2.1 Market Overview
7.2.2 Parkinson's Disease
7.2.3 Epilepsy
7.2.4 Pain Treatment
7.2.5 Essential Tremor
7.2.6 Sleep Disorder
7.2.7 Hearing Conditions
7.2.8 Other Conditions
7.3 Global Neurotechnology Market (2017-2032) by End Use
7.3.1 Market Overview
7.3.2 Hospitals
7.3.3 Clinics
7.3.4 Diagnostic Centres
7.3.5 Ambulatory Surgical Centres
7.4 Global Neurotechnology Market (2017-2032) by Region
7.4.1 Market Overview
7.4.2 North America
7.4.3 Europe
7.4.4 Asia Pacific
7.4.5 Latin America
7.4.6 Middle East and Africa
8 North America Neurotechnology Market (2017-2032)
8.1 North America Neurotechnology Market (2017-2032) by Product Type
8.1.1 Market Overview
8.1.2 Imaging Modalities
8.1.2.1 Functional Imaging
8.1.2.2 Structural Imaging
8.1.3 Neurostimulation
8.1.4 Neurological Implants
8.2 North America Neurotechnology Market (2017-2032) by Condition
8.2.1 Market Overview
8.2.2 Parkinson's Disease
8.2.3 Epilepsy
8.2.4 Pain Treatment
8.2.5 Essential Tremor
8.2.6 Sleep Disorder
8.2.7 Hearing Conditions
8.2.8 Other Conditions
8.3 North America Neurotechnology Market (2017-2032) by Country
8.3.1 United States of America
8.3.2 Canada
9 Europe Neurotechnology Market (2017-2032)
9.1 Europe Neurotechnology Market (2017-2032) by Product Type
9.1.1 Market Overview
9.1.2 Imaging Modalities
9.1.2.1 Functional Imaging
9.1.2.2 Structural Imaging
9.1.3 Neurostimulation
9.1.4 Neurological Implants
9.2 Europe Neurotechnology Market (2017-2032) by Condition
9.2.1 Market Overview
9.2.2 Parkinson's Disease
9.2.3 Epilepsy
9.2.4 Pain Treatment
9.2.5 Essential Tremor
9.2.6 Sleep Disorder
9.2.7 Hearing Conditions
9.2.8 Other Conditions
9.3 Europe Neurotechnology Market (2017-2032) by Country
9.3.1 United Kingdom
9.3.2 Germany
9.3.3 France
9.3.4 Italy
9.3.5 Others
10 Asia Pacific Neurotechnology Market (2017-2032)
10.1 Asia Pacific Neurotechnology Market (2017-2032) by Product Type
10.1.1 Market Overview
10.1.2 Imaging Modalities
10.1.2.1 Functional Imaging
10.1.2.2 Structural Imaging
10.1.3 Neurostimulation
10.1.4 Neurological Implants
10.2 Asia Pacific Neurotechnology Market (2017-2032) by Condition
10.2.1 Market Overview
10.2.2 Parkinson's Disease
10.2.3 Epilepsy
10.2.4 Pain Treatment
10.2.5 Essential Tremor
10.2.6 Sleep Disorder
10.2.7 Hearing Conditions
10.2.8 Other Conditions
10.3 Asia Pacific Neurotechnology Market (2017-2032) by Country
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 ASEAN
10.3.5 Australia
10.3.6 Others
11 Latin America Neurotechnology Market (2017-2032)
11.1 Latin America Neurotechnology Market (2017-2032) by Product Type
11.1.1 Market Overview
11.1.2 Imaging Modalities
11.1.2.1 Functional Imaging
11.1.2.2 Structural Imaging
11.1.3 Neurostimulation
11.1.4 Neurological Implants
11.2 Latin America Neurotechnology Market (2017-2032) by Condition
11.2.1 Market Overview
11.2.2 Parkinson's Disease
11.2.3 Epilepsy
11.2.4 Pain Treatment
11.2.5 Essential Tremor
11.2.6 Sleep Disorder
11.2.7 Hearing Conditions
11.2.8 Other Conditions
11.3 Latin America Neurotechnology Market (2017-2032) by Country
11.3.1 Brazil
11.3.2 Argentina
11.3.3 Mexico
11.3.4 Others
12 Middle East and Africa Neurotechnology Market (2017-2032)
12.1 Middle East and Africa Neurotechnology Market (2017-2032) by Product Type
12.1.1 Market Overview
12.1.2 Imaging Modalities
12.1.2.1 Functional Imaging
12.1.2.2 Structural Imaging
12.1.3 Neurostimulation
12.1.4 Neurological Implants
12.2 Middle East and Africa Neurotechnology Market (2017-2032) by Condition
12.2.1 Market Overview
12.2.2 Parkinson's Disease
12.2.3 Epilepsy
12.2.4 Pain Treatment
12.2.5 Essential Tremor
12.2.6 Sleep Disorder
12.2.7 Hearing Conditions
12.2.8 Other Conditions
12.3 Middle East and Africa Neurotechnology Market (2017-2032) by Country
12.3.1 Saudi Arabia
12.3.2 United Arab Emirates
12.3.3 Nigeria
12.3.4 South Africa
12.3.5 Others
13 Regulatory Framework
13.1 Regulatory Overview
13.2 US FDA
13.3 EU EMA
13.4 INDIA CDSCO
13.5 JAPAN PMDA
13.6 Others
14 Clinical Trial Analysis
14.1 Analysis by Trial Registration Year
14.2 Analysis by Trial Status
14.3 Analysis by Trial Phase
14.4 Analysis by Therapeutic Area
14.5 Analysis by Geography
15 Grant Analysis
15.1 Analysis by Year
15.2 Analysis by Amount Awarded
15.3 Analysis by Issuing Authority
15.4 Analysis by Grant Product
15.5 Analysis by Funding Institute
15.6 Analysis by Departments
15.7 Analysis by Recipient Organization
16 Strategic Initiatives
16.1 Analysis by Partnership Instances
16.2 Analysis by Type of Partnership and Collaborations
16.3 Analysis by Joint Ventures
16.4 Analysis by Leading Players
16.5 Analysis by Geography
17 Supplier Landscape
17.1 Market Share Analysis, By Region (Top 5 Companies)
17.1.1 Market Share Analysis: Global
17.1.2 Market Share Analysis: North America
17.1.3 Market Share Analysis: Europe
17.1.4 Market Share Analysis: Asia-Pacific
17.1.5 Market Share Analysis: Others
17.2 Allengers Medical Systems Ltd
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Canon Medical Systems Corporation
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 GE Healthcare Technologies Inc.
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Koninklijke Philips N.V.
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Natus Medical Incorporated
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 Siemens Healthcare GmbH
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 The Magstim Company Limited
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Tristan Technologies Inc.
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Shimadzu Corporation
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 Medtronic plc
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
18 Global Neurotechnology Market – Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
*Additional insights provided are customisable as per client requirements.
* The coverage of the Market Landscape section depends on the data availability and may cover a minimum of 80% of the total market. The EMR team strives to make this section as comprehensive as possible.
**The supplier list is not exhaustive. Moreover, we can provide analysis of companies as per custom requests.
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