PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304635
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304635
Neurotech Devices Market size was valued at USD 11,050.1 Million in 2022, expanding at a CAGR of 15.3% from 2023 to 2030.
Neurotech Devices market is anticipated to grow at substantial growth rate over the forecast period. Growing prevalence of neurological illnesses, more financing for neurotech devices globally, and increased awareness are some of the key reasons anticipated to support market growth. Over the course of the analysis period, it is anticipated that there will be an increase in neurological illnesses over the world. Brain tumours, epilepsy, Parkinson's disease, multiple sclerosis, Alzheimer's disease, dementia, stroke, meningitis, and other neurological conditions are among them. For instance, the Centers for Disease Control & Prevention (CDC) estimates that approx., 5.7 million Americans will have Alzheimer's disease in 2020. 14 million Americans are expected to be affected by this by 2060. The Center (CDC) estimate that there are approximately 1.2 million cases of bacterial meningitis worldwide each year.
Therefore, to treat, diagnose, and prevent a variety of neurological problems, neurotech gadgets are employed to combat these diseases. The market for neurotech products was only slightly impacted by the COVID-19 epidemic. The market saw a fall in revenue in 2020 as a result of an increase in COVID-19 patients, travel restrictions, limited access to hospitals, and a decrease in patient visits. However, in 2021, the government of some nations started to lift travel bans and lockdowns.
North America has a significant share of the global market. The vast shape memory polymer market in North America is highlighted by the presence of numerous significant end users and product producers. North America is expected to witness the fastest growth in the Neurotech Devices Industry due to the widespread use of neurotech devices and the region's increasing technical improvement. The local economy is geared toward increasing public knowledge of and financial support for the detection and treatment of neurological disorders at numerous clinics and hospitals.
The existence of various market players who concentrate on creating cutting-edge neurotech gadgets for better patient management will be beneficial for the industry's growth in region. Additionally, major participants in the business make marketing and promotional efforts to raise public knowledge of neurotech gadgets, which should accelerate the growth of the sector in the years to come.
The Neurotech Devices market is fragmented into the product type, and condition segments. Based on product type, the neurostimulation segment is anticipated to dominate the market. By condition, the pain management segment of market is projected to grow at the highest rate CAGR during the forecast period.
The Neurotech Devices market is very competitive in nature with the presence of local & international players. Major players in the industry engage in strategic merger & acquisition, partnership, and new product launches to remain competent in the market. For example, in November 2022, Roga, a Neurotech company launched its first stress-relieving wellness device Roga Life, a wearable-app duo that reduces stress and burnout by combining two proven methods - electrical brain stimulation and meditation - into one safe, effective, and affordable solution.
The scope of this report covers the market by its major segments, which include as follows: