Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Neurotechnology Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The report reveals that the neurotechnology market, which stood at $13.47 billion in 2023, is projected to ascend to $15.28 billion by 2024, exhibiting a robust compound annual growth rate (CAGR) of 13.5%. This booming trajectory is largely fueled by increased research funding, growing neurological disorder prevalence, and supportive government initiatives worldwide.
The neurotechnology industry is witnessing an unprecedented growth spurt,as evidenced by a comprehensive market analysis report recently added to our extensive research repository. This analytical probing into the neurotechnology sector delineates a robust growth pattern with promising prospects for stakeholders and market participants.
Technological Advancements and Strategic Alliances Shape Market Dynamics
Emerging trends in neuroinformatics, neuroplasticity interventions, and brain mapping initiatives are set to characterize the market landscape. The advent of non-invasive brain stimulation techniques and remote monitoring solutions also contribute significantly to the growth and expansion of this dynamic market.
The ongoing integration of genomics in neurology and the development of sophisticated closed-loop systems ensure that the market size reaches an anticipated $25.66 billion by 2028, progressing at a CAGR of 13.8%. These advancements are instrumental in the escalating market scale and the surge in demand for neurotechnology solutions.
Stellar growth is particularly notable in North America, which emerged as the largest region in the neurotechnology market in 2023. Europe's market is also charting a rapid ascent, earmarking it as the fastest-growing region in the foreseen period.
- Numerous neurological conditions, including Alzheimer's disease and epilepsy, are major drivers in this market sector.
- Enhanced healthcare expenditure globally underscores the market's expansion, supporting research and healthcare infrastructure developmental activities.
- Strategic partnerships and acquisitions among key players, such as Blackrock Neurotech's acquisition of Mindx Corporation and partnership with CorTec, promise to catalyze market innovation.
- Technological advancements like Blackrock Neurotech’s introduction of Neuralace technology spotlight the market's trend toward more sophisticated brain-computer interface systems.
Key Market Segments and Applications
The report enumerates detailed segmentation of the neurotechnology market, with a spotlight on applications such as cognitive disorders, pain treatment, and technologies ranging from imaging modalities to neurostimulation. The in-depth analysis reflects usage across diverse healthcare settings, from hospitals to homecare, underscoring the multifaceted applications of neurotechnology.
This neurotechnology market research report stands as an essential resource for enterprises angling for a competitive edge, investors seeking lucrative prospects, and industry professionals looking for actionable insights.
Providing a predictive lookout coupled with an analysis of current market variables, the report is pivotal in formulating strategic plans and investment decisions aligned with market opportunities and trends, shaping the future of the neurotechnology space.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/hy00xh
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