Neurotechnology Market Report

Market Insights

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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What is Neurotechnology?

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

Key players operating in the global neurotechnology market are-

• 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).

Market Dynamics

The advent of new technological advancement products is a key factor driving the market growth.

• The growing incidences and prevalence of neurological disorders coupled with rising funding from both private and public organizations further augment the product demand.
• As per the estimates of the UN, around 1 billion people are suffering from some form of neurological disorder.
• However, the high cost of products, ethical concerns, and stringent regulatory framework is likely to hinder the industry growth.

Segment Analysis

Product Type Trends

By product type, the neurotechnology market has been segmented into imaging modalities, neurostimulation, cranial surface measurement, and neurological implants.

• Under these, the imaging modalities segment accounted for the largest market share in 2020 and is projected to grow at a healthy CAGR during the review period.
• This is mainly attributed to the rising geriatric population and increasing road accidents, which mandates the need for brain imaging procedures for the neurologist to diagnose the injury and provide correct treatment, thus boosts the segment growth.

Regional Trends

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.

• This is mainly attributed to the rising prevalence and incidence of neurological disorders.
• Furthermore, the large patient population coupled with the geriatric population, rising road accidents, and strong research & development funding by government bodies are the key factors proliferating the regional market growth.

COVID-19 Impact on Global Neurotechnology Market

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.

Critical Questions Answered in the Report

• What are the key trends in the global neurotechnology market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global neurotechnology market?
• What are the key strategies adopted by the major vendors to lead in the global neurotechnology market?
• What is the market share of the top vendors?

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Target Audience

The following is a list of the customers that the Neurotechnology market aims to convert the most:

• Neurotechnology companies
• Neurotechnology vendors
• Imaging companies
• R&D organizations
• Hospitals

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