Neurotechnology Market Explores New Growth Opportunities
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 field of neurotechnology , which we define as the application of electronics and engineering to the human nervous system, is one of the most dynamic and promising areas of technology to emerge in the 21st Century. Neurotechnology uses electrical stimulation and sensing as tools for understanding and controlling nervous system function, as opposed to biotechnology, which focuses on molecular and genetic engineering approaches.
This Market Report includes information on the manufacturer, such as shipping, pricing, revenue, interview records, gross profit, and company distribution, among other things. These details assist consumers to learn more about their rivals. Likewise, the report outlines the significant difficulties that would have an influence market growth. They also give extensive facts about the industry's potential to key stakeholders, allowing them to expand their industries and increase sales in certain industries. The research will assist companies who are already in or want to enter this market in analyzing the many facets of this domain before investing in or growing their industry in the Neurotechnology markets.
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Key Players
- 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.
Opportunities and Challenges
The launch of new products that advance technology is the main factor driving the growth of this market. The market for neurotechnology is also expanding due to other factors including rising incidence and prevalence of neurological illnesses and rising grants and financing from public and private entities. For example, the United Nations (UN) estimates that approximately 1 billion people have neurological illnesses of some kind. However, the primary barriers to the expansion of the neurotechnology sector are things like the expensive cost of the devices, the intricate regulatory environment, and moral issues like privacy and cognitive liberty.
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The market Report can be segmented on the basis of product type, end-user, and region.
By Type
- Neurostimulation
- Imaging Modalities
- Neurological Implants
- Cranial Surface Measurement
- Others
By Application
- Diagnostic Centers
- Ambulatory Surgical Centers
- Hospitals
- Clinics, Others
Market for Neurotechnology: Regional Perspective
The neurotechnology market can be divided into five geographic segments: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The market for neurotechnology is expected to grow at the fastest rate in North America, followed by Europe, due to the rising incidence and prevalence of neurological illnesses. The aging population, a sizable patient base, and rising government support for research and development are other factors propelling the neurotechnology market's expansion. The modernization of medical and research facilities, together with government initiatives such as awarding grants and fellowships to researchers, are expected to propel the Asia-Pacific market to grow at the quickest compound annual growth rate (CAGR) over the forecast period. However, areas like the Middle East and Latin America and africa show a steadt gowth during the forecast year owing to the scarcity of skilled professional and inadequate presence of research infrastructure.
Region Wise Outlook
- 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)
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Key Benefits of this Research:
- Research Report covers the Industry drivers, restraints, opportunities and challenges
- Competitive landscape & strategies of leading key players
- Potential & niche segments and regional analysis exhibiting promising growth covered in the study
- Recent industry trends and market developments
- Research provides historical, current, and projected market size & share, in terms of value
- Market intelligence to enable effective decision making
- Growth opportunities and trend analysis
Insights
The clinical sector is expected to dominate the neurotechnology market by 2023 according to forecast. This expansion can be linked to increased public and private investments in health facilities to build health facilities that have been reduced. Neuromodulation, an implantable technique that involves surgically implanting electrodes in the affected area of the brain, is the most commonly used approach in adaptive neurotech devices in clinical settings but potential benefits are expected this will expand the market over the next few years. In addition, the hospitals have highly qualified staff, specialized equipment and state-of-the-art neurotech equipment for diagnosing various brain disorders and treatments
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