Neurotechnology Market Report
The report on the Global Neurotechnology Market is segmented By Product Type (Imaging Modalities [Magnetic Resonance Imaging(MRI), Computed Tomography (CT), Positron Emission Tomography (PET)], Neurostimulation [Transcranial Magnetic Stimulation (TMS), Transcranial Direct Current Stimulation(tDCS)], Cranial Surface Measurement [Electroencephalography(EEG), Magnetoencephalography(MEG)], Neurological Implants), By End-Use (Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers), and Region. It also focuses on the COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global neurotechnology market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the Global Neurotechnology Market is segmented By Product Type (Imaging Modalities [Magnetic Resonance Imaging(MRI), Computed Tomography (CT), Positron Emission Tomography (PET)], Neurostimulation [Transcranial Magnetic Stimulation (TMS), Transcranial Direct Current Stimulation(tDCS)], Cranial Surface Measurement [Electroencephalography(EEG), Magnetoencephalography(MEG)], Neurological Implants), By End-Use ...
Impact of COVID-19 on Neurotechnology Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Neurotechnology Market is projected to grow from USD 9.3 billion in 2020 to USD 21.9 billion by 2026 at a CAGR of over 15.3% during the forecast period.
Figure: Global Neurotechnology Market Size, 2020-2026 (USD Billion)
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Neurotechnology is referred a technological innovation that enables the intervention or study of neurological processes. The nervous system controls almost every aspect of human biology and helps to experience every part of the environment.
Any disturbance in the process can pose a danger to an individual. Thus, neurological study and intervention are vital to alleviate the symptoms of these individuals and to further study the complex processes of the brain.
Key players operating in the global neurotechnology market are-
The advent of new technological advancement products is a key factor driving the market growth.
By product type, the neurotechnology market has been segmented into imaging modalities, neurostimulation, cranial surface measurement, and neurological implants.
By region, the North American market held the largest market share in 2020 and is estimated to register a healthy CAGR during the assessment period.
The ongoing COVID-19 pandemic has substantially affected the Neurotechnology industry due to stringent lockdown measures and curbs on movement of people. The unprecedented outbreak of coronavirus (SARS?CoV?2) has overshadowed the neurology sector.
The funds received for neurotechnology have been declining, as most of the funds are being used up for vaccine production for COVID-19. Also, the number of appointments has been reduced to maintain social distance and curb the spread of the virus, thus affecting the market growth.
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The following is a list of the customers that the Neurotechnology market aims to convert the most:
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The neurotechnology market is expected to witness an impressive CAGR of 15.3% CAGR in the foreseeable future.
The neurotechnology market size is expected to reach USD 21.9 billion in the coming years.
General Electric Company (The U.S), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Toshiba Medical Systems Corporation (Japan), Shimadzu Corporation (Japan), Hitachi Medical Corporation (Japan), Elekta AB (Sweden), Tristan Technologies, Inc. (The U.S), Natus Medical Incorporated (The U.S) and Magstim (UK) are among the key players in the neurotechnology market.
North America held the largest share in the neurotechnology market in 2020.
The imaging modalities segment accounted for the largest share of neurotechnology market in 2020.
The advent of new technological advancement products, growing incidences and prevalence of neurological disorders coupled with rising funding from both private and public organizations are the factors driving the growth of neurotechnology market.
Neurotechnology companies, Neurotechnology vendors, Imaging companies, R&D organizations, Hospitals are the target audience in the neurotechnology market.