The Global Neurotechnology Market size is expected to grow from USD 12.88 billion in 2022 to USD 30.92 billion by 2030, at a CAGR of 11.57% during the forecast period (2023-2030).
The creation, production, and application of cutting-edge technologies intended to communicate with the nervous system for research, therapy, and diagnostic applications are all included in the neurotechnology market. Brain-computer interfaces (BCIs), neuroimaging methods (like MRI and EEG), neuromodulation tools (like spinal cord and deep brain stimulation), and neuroinformatics tools for data analysis and interpretation are just a few of the many developments that fall under this broad category. Manufacturers of medical devices, academic institutions, healthcare providers, and technology developers are important market players. Advances in neuroscience research, the rising incidence of neurological illnesses, and the growing need for personalized treatment and brain-computer interfaces are some of the factors propelling the market's rise. The diagnosis of neurological disorders and comprehension of brain activity are greatly aided by the neurotechnology market.
Top Key Players Covered In Neurotechnology Market
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), Magstim (UK), and other major players.
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Introspective Market Research is a reliable partner specializing in comprehensive market research studies. Our commitment lies in providing businesses worldwide with valuable insights and strategic guidance through our comprehensive research.
Our Neurotechnology market report ensures accuracy by conducting a precise examination of the industry. We establish a robust foundation for our findings through extensive utilization of primary and secondary sources. To enhance the depth of our evaluation, we employ industry-standard tools such as Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis.
By Type
- Neurostimulation
- Imaging Modalities
- Neurological Implants
- Cranial Surface Measurement
- Others
By Application
- Diagnostic Centers
- Ambulatory Surgical Centers
- Hospitals
- Clinics, Others
Rising Incidences and The Prevalence of The Neurological Disorders
The primary driver of the market's expansion was the rising incidence of neurologic diseases include meningitis, multiple sclerosis, epilepsy, Parkinson's, stroke, and multiple sclerosis. The WHO estimates that 15 million people get strokes annually. Numerous variables, such as diabetes, high blood pressure, smoking, and excessive cholesterol, can result in strokes. One of the neurological conditions that impairs memory, language, and day-to-day functioning is dementia. As of 2020, about 55 million individuals worldwide suffered from dementia. One prevalent kind of dementia is Alzheimer's disease.
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Present Technologies Are Far From Being Highly Scalable
Current neurotechnologies are far from dependable enough for use in day-to-day work and life, despite their potential. When attempting to infer a user's intents or mental state from their neurophysiological data, existing technologies routinely and consistently make mistakes. Many reasons contribute to this low reliability, including the use of neurophysiological sensors that are not perfect, such as functional Near Infrared Spectroscopy (fNIRS) and Electroencephalography (EEG), which only record data with low Signal-to-Noise-Ratio (SNR). The systemic artifacts arising from non-neuronal sources, such as muscles (Electromyography), eyes (Electrooculography), motions for EEG, different light sources or motions for fNIRS, or the environment itself, can significantly affect these physiological signals. The degradation of neurophysiological signals caused by artifacts is particularly noticeable in real-world scenarios where there may be mobile users and loud surroundings.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
The global Neurotechnology market report includes a thorough examination of the topography. A thorough picture of the growth in sales in significant regional and national markets is given by this analysis. The study offers a comprehensive and precise volume analysis of each country in the worldwide Neurotechnology market in addition to a market size analysis of each region.
Report includes Competitor's Landscape:
- Major trends and growth projections by region and country
- Key winning strategies followed by the competitors
- Who are the key competitors in this industry?
- What shall be the potential of this industry over the forecast tenure?
- What are the factors propelling the demand for the Action Figures And Statues?
- What are the opportunities that shall aid in significant proliferation of the market growth?
- What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
- How has the covid-19 impacted the growth of the market?
- Has the supply chain disruption caused changes in the entire value chain?
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