Rapid revenue growth forecast for the Neurotech devices market

The global neurotechnology devices market was valued at USD 10,796 million in 2021 and is expected to reach USD 34,761 million by 2030, registering a significant CAGR of 14.3% between 2022 and 2030. Neurotechnology devices, encompassing a wide range of technologies designed to communicate with the nervous system, are rapidly gaining importance due to their potential to diagnose, monitor, and treat neurological disorders.

GET A $1,000 DISCOUNT ON YOUR CREDIT CARD PURCHASE: https://www.acumenresearchandconsulting.com/ask-before-buying/3002

Market dynamics

Drivers

Growing incidence of neurological disorders

The increasing prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and multiple sclerosis is a major driver of the neurotech device market. According to the World Health Organization (WHO), neurological disorders are a significant cause of disability and death worldwide, contributing to a significant healthcare burden. The increasing prevalence of these disorders underscores the need for advanced neurotech devices that can offer better diagnostic, therapeutic, and monitoring solutions.

Technological innovations in neurotechnical devices

Technological advances are revolutionizing the neurotechnology market. Innovations such as deep brain stimulation (DBS), neurostimulation, and brain-computer interfaces (BCI) are increasing the effectiveness and precision of neurological treatment. For example, the development of minimally invasive neurostimulation devices has improved patient outcomes by reducing surgical risks and recovery times.

Growing number of older people suffering from neurological disorders

The global aging population is another significant factor driving the neurotech device market. As the elderly population grows, the prevalence of age-related neurological disorders is also on the rise. The United Nations estimates that the number of people aged 65 and above will reach 1.5 billion by 2050. This demographic shift is expected to increase the demand for neurotech devices aimed at managing and treating neurological disorders common among the elderly.

Raising awareness of the neurotechnology industry and government funding

Growing awareness of the benefits of neurotech devices and increasing government support through grants and funding are driving the market growth. Governments and healthcare organizations worldwide are recognizing the potential of neurotech devices to improve patient care and outcomes, leading to increased investment in research and development.

Download a sample copy of the report here: https://www.acumenresearchandconsulting.com/request-sample/3002

Limitations

Shortage of qualified healthcare workers

The shortage of skilled healthcare workers trained to operate and manage neurotech devices is a significant limitation. The complexity of neurotech devices requires specialized knowledge and training that is currently lacking in many regions. This shortage hinders the widespread adoption and use of advanced neurotech devices.

Inadequate refund policy

Inadequate reimbursement policies for neurotech devices pose another challenge to market growth. The high costs of these devices and the lack of comprehensive reimbursement schemes deter healthcare providers and patients from choosing neurotech solutions. This financial barrier limits access to advanced treatments and impacts market expansion.

Possibilities

Growing demand for minimally invasive neurosurgical procedures

The growing preference for minimally invasive neurosurgical procedures poses a significant opportunity for the neurotech device market. Minimally invasive techniques, which involve smaller incisions and reduced recovery time, are becoming increasingly popular among patients and healthcare providers. Neurotech devices designed for such procedures are expected to enjoy high demand, which will drive the market growth.

Segmentation of the neurotechnical devices market

Market by product type
• Neurostimulation
o Spinal Cord Stimulator
About Electric Stomach Stimulator
o Deep Brain Stimulator
o Vagus nerve stimulator
o Sacral Nerve Stimulator
o Transcutaneous Electrical Nerve Stimulation
About Others
• Neurosensing
• Neuroprostheses
• Neurorehabilitation

Market by conditions
• Pain management
• Epilepsy
• Cognitive disorders
• Hearing disorders
• Urinary and fecal incontinence
• Depression
• Parkinson’s disease
• Sleep disorders
• Others

Market by end use
• Hospitals
• Outpatient Surgery Centers
• Home care facilities
• Others

Regional analysis

The neurotechnology devices market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America

North America dominates the neurotech market, driven by high prevalence of neurological disorders, advanced healthcare infrastructure, and significant investment in R&D. The presence of major market players and favorable reimbursement policies are further supporting the market growth in the region.

Europe

Europe is a significant market for neurotech devices, due to the increasing prevalence of neurological disorders and an aging population. Government initiatives and funding for neurological research and the presence of well-established healthcare systems are contributing to the growth of the market in Europe.

Asia and Pacific

Asia Pacific is expected to witness the highest growth rate during the forecast period. Increasing prevalence of neurological disorders, rising healthcare expenditure, and increasing awareness of neurotech devices are driving the market growth in the region. Countries such as China, India, and Japan are the key factors contributing to the market expansion in Asia Pacific.

Latin America

Latin America is emerging as a potential market for neurotech devices, driven by improving healthcare infrastructure and growing awareness of neurological disorders. The growing number of elderly people and the growing demand for advanced healthcare solutions are supporting the market growth in the region.

Middle East and Africa

The neurotech market in the Middle East and Africa is gradually expanding, supported by increasing investments in healthcare infrastructure and growing awareness of neurological disorders. Government initiatives to improve access to healthcare and increasing prevalence of neurological disorders are driving the market growth in the region.

Players in the neurotechnical devices market

The world’s leading companies operating in the neurotechnology devices market include: Medtronic, LIVANOVA, Abbott, Advanced Bionics AG, Boston Scientific, Cleveland Medical Devices, Natus Medical Incorporated, Cochlear Limited, Cogentix Medical and EndoStim.

Neurotechnical Devices Market Table of Contents:

CHAPTER 1. Overview of the Neurotechnical Devices Industry
CHAPTER 2. Research Approach
CHAPTER 3. Market dynamics and competition analysis
CHAPTER 4. Analysis of the production plant
CHAPTER 5. Neurotechnical Devices Market Revenues by Product Type
CHAPTER 6. Market revenues of neurotechnical devices by conditions
CHAPTER 7. Neurotechnical Devices Market Revenues by End Users
CHAPTER 8. North America Neurotechnology Devices Market by Country
CHAPTER 9. Neurotechnical Devices Market in Europe by Country
CHAPTER 10. Asia Pacific Neurotechnology Devices Market by Country
CHAPTER 11. Latin America Neurotechnology Devices Market by Country
CHAPTER 12. Middle East and Africa Neurotechnology Devices Market by Country
CHAPTER 13. Analysis of players in the Neurotech devices market
CHAPTER 14. Company Profile

Application

The global neurotechnical devices market is poised for significant growth, driven by the rising prevalence of neurological disorders, technological advancements, and an aging population. Despite challenges such as shortage of skilled healthcare professionals and inadequate reimbursement policies, the market offers significant opportunities, especially in the area of ​​minimally invasive neurosurgical procedures. With increasing awareness about neurotechnical devices and advancement in technological innovations, the market is expected to witness solid growth in the coming years.

Ask your question here: [email protected] or [email protected]

To purchase this Premium Report@ https://www.acumenresearchandconsulting.com/kup-teraz/0/3002

201, Vaidehi-Saaket, Baner-Pashan Link Rd, Pashan, Pune, Maharashtra 411021

Acumen Research and Consulting (ARC) is a global provider of market intelligence and advisory services to the information technology, investment, telecommunications, manufacturing and consumer markets. ARC helps the investment community, IT professionals and business executives make fact-based decisions on technology purchases and develop business growth strategies to remain competitive. With a team of over 100 analysts and over 200 years of collective industry experience, Acumen Research and Consulting provides a combination of industry knowledge and expertise at a global and country level.

This version was published on openPR.