Selbyville, Delaware, May 25, 2022 (GLOBE NEWSWIRE) --
The neurotech devices market value is expected to reach USD 35.5 billion by 2030, according to a new research report by Global Market Insights Inc. Rising awareness and funding to support for better solutions of neurological disorders will drive the overall market expansion.
Surging awareness and funding of neurotech devices in developed as well as developing economies, will provide exponential growth opportunities for the neurotech industry. Therefore, companies are focusing on collaboration and acquisitions with the government to raise their funding for more production and awareness of neurotech devices. Furthermore, the firms mainly focus on treatment of some common disorders such as anxiety, Alzheimer’s, and depression, and measure favorable outcomes on stress and sleep disorders. Recently with increasing technology, mental health applications are being introduced in the market for direct communication between patients and healthcare providers. Thus, companies are inclining towards brain-machine interface technology for mapping sensory motor functions.
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Neurotech devices market from neurosensing segment exceeded USD 303 million in 2021. Neurosensing devices are mainly used for remote monitoring of brain signals in a wireless manner. These devices help professionals in long-term monitoring of the brain. It is well known as a unique device with its passive operation and continuous merger of one of the electrophysiological signals and electrocorticographic signals. This is widely used for monitoring epilepsy with greater spatial specificity in recording neural activity through electroencephalography (EEG). Such aforementioned factors will contribute towards overall market expansion.
Some of the key findings from the neurotech devices market report include:
- High incidences of neurological disorders across various regions will foster the business landscape.
- Rising geriatric populations with neurological disorders will surge the industry demand.
- Growing awareness and funding related to neurotech devices in developing countries will fuel the market revenue.
- North America region exhibited highest CAGR during the forecast period and accounted for a significant market share.
- However, lack of skilled healthcare professionals may hinder the industry progression.
Browse key industry insights spread across 200 pages with 187 market data tables & 13 figures & charts from the report, “Neurotech Devices Market Analysis By Product Type (Neurostimulation {Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS)}, Neuroprostheses, Neurosensing, Neurorehabilitation Devices), Conditions (Pain Management, Cognitive Disorders, Epilepsy, Urinary and Fecal Incontinence, Hearing Conditions, Parkinson’s Disease, Depression, Sleep Disorders, Essential Tremor), End-use (Hospitals, Ambulatory Surgical Centers, Homecare Facilities), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/neurotech-devices-market
Neurotech devices market from cognitive disorders segment accounted for 3.6% revenue share in 2021 and is set to register a significant CAGR through 2030 due to increasing mental health disorders affecting the cognitive abilities of an individual. This affects the memory, perception, learning, and problem-solving abilities. This is mainly observed among elderly populations. Therefore, to overcome these disorders, companies are inclining towards neurotech devices.
Homecare facilities segment accounted for 19.5% market share in 2021 and is projected to witness considerable CAGR during the forecast timeframe. This is attributed to availability of advanced non-invasive devices to diagnose, monitor, and observe patients suffering with neurological disorder across homecare facilities. Moreover, companies are majorly focusing to develop brain-computer interfaces that links an individual’s thoughts to the device. For instance, Philips partnered with Accenture to remotely monitor health through EEG for patients suffering from Lou Gehrig’s disease at home. Such aforementioned factors will propel the market trends.
Asia Pacific neurotech devices market captured over 15% business share in 2021 and is expected to grow substantially during the forecast period owing to rising number of neurological disorders in developing countries. Increasing ageing population in the Asia-Pacific region with neurological disorders are primarily accelerating the market statistics. Moreover, government firms and major market player are investing highly in neurostimulation. Such factors fuel the demand for neurotech devices.
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Some of the key market players operating in neurotech devices industry include Medtronic, Boston Scientific, Abbott, LIVANOVA, Cochlear Limited, Natus Medical Incorporated, Advanced Bionics AG (Sonova), among others. These industry players are adopting various growth strategies to capture maximum share and sustain the market competition.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
