Neurotechnology Market Competitive And Growth Analysis 2024 | General Electric, Medtronic PLC, Koninklijke Philips N.V., Toshiba Medical Systems Corporation

"The neurotechnology market size has grown rapidly in recent years. It will grow from $13.47 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increased research funding, aging population, neurological disorders prevalence, regulatory support, government initiatives..

The neurotechnology market size is expected to see rapid growth in the next few years. It will grow to $25.66 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to regulatory advancements, genomics and neurological disorders, telemedicine in neurology, precision medicine adoption, development of closed-loop systems.. Major trends in the forecast period include neuroinformatics advancements, neuroplasticity interventions, brain mapping initiatives, remote monitoring solutions, non-invasive brain stimulation..

Market Overview -
Neurotechnology is the study and interaction of the nervous system, which includes the brain and other parts of the nervous system. Neurotechnology can be used in clinical settings to influence the brain or nervous system, such as in therapeutic or rehabilitative contexts.

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Neurological Conditions' Surge Catalyst For Neurotechnology Market Expansion
The increased prevalence of neurological conditions is expected to propel the growth of the neurotechnology market going forward. A neurological condition is any disorder or disease that affects the brain, common neurological conditions include Alzheimer's disease, Parkinson's disease, epilepsy, and migraine. Neurotechnology is being used to diagnose and treat neurological disorders in a variety of ways, including brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces. For instance, in January 2022, according to the American Heart Association Inc., a US-based non-profit organization, Alzheimer's disease, and related dementias were expected to affect 9.3 million people in the United States by 2060. Additionally, in February 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, an estimated 5 million people worldwide will be diagnosed with epilepsy every year. Therefore, the increased prevalence of neurological conditions is driving the growth of the neurotechnology market going forward.

Competitive Landscape -
Major companies operating in the neurotechnology market report are General Electric, Medtronic PLC, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Shimadzu Corporation, EndoStim Inc., Elekta AB, Tristan Technologies Inc., Natus Medical Incorporated, Abbott, Boston Scientific Corporation, Cleveland Medical Devices Inc., Cogentix Medical Inc., Nihon Kohden Corporation, LivaNova PLC, Siemens Healthcare Private Limited, Hitachi Medical Corporation, Cochlear Limited, Advanced Bionics AG (Sonova), NeuroPace Inc., NeuroSigma Inc., NeuroMetrix Inc., NeuroSky Inc., NeuroVigil Inc., NeuroPheresis, Neurotech Pharmaceuticals Inc., Neurotech International Limited, NeurotechEU, Neurotech Solutions, Neurotech Reports, Neurotech Research Development .

Technological Advancement In Neurotechnology
Technological advancements are a key trend gaining popularity in the neurotechnology market. Companies operating in the neurotechnology market are adopting new technologies to sustain their position in the market. For instance, in November 2022, Blackrock Neurotech, a US-based biotechnology company, launched Neuralace, a next-generation technology for neurotechnology. Neuralace looks like a piece of lace thinner than an eyelash, and it can cover large areas of the brain's surface. The Neuralace platform was designed as an ultra-high channel count, flexible electrode that provides a glimpse into the technology that will power its future BCIs. The system assisted patients in regaining tactile function, limb and prosthetic movement, and the ability to control digital devices.

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Key Segments -
The neurotechnology market covered in this report is segmented -
1) By Conditions: Cognitive Disorders, Pain Treatment, Urinary And Faecal Incontinence, Epilepsy, Parkinson's Disease, Hearing Conditions, Sleep Disorder, Depression, Other Conditions
2) By Type: Imaging Modalities, Neurostimulation, Cranial Surface Measurement, Neurological Implants, Other Types
3) By End Use: Ambulatory Surgical Centers, Hospitals, Homecare Facilities, Other End Uses

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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