Jun 1, 2023

" - https://www.reportlinker.com/p06464230/?utm_source=GNW , Natus Medical Incorporated, Abbott, Boston Scientific Corporation, Cleveland Medical Devices Inc., Cogentix Medical Inc., Nihon Kohden Corporation and LivaNova PLC. The global neurotechnology market is expected to grow from $11.90 billion in 2022 to $13.44 billion in 2023 at a compound annual growth rate (CAGR) of 12.89%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The neurotechnology market is expected to reach $21.97 billion in 2027 at a CAGR of 13.07%. The neurotechnology market includes revenues earned by entities from neuro-rehabilitative treatment, heart rate variability, electroencephalography, and neurostimulation.The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.The neurotechnology market consists of sales of brain-computer interfaces (BCIs), neurostimulation devices, virtual reality (VR), and prosthetic limb devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. North America was the largest region in the neurotechnology market in 2022.Europe is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main neurotechnology conditions are cognitive disorders, pain treatment, urinary and faecal incontinence, epilepsy, parkinson’s disease, hearing conditions, sleep disorder, depression, and others.Cognitive disorders refer to a significant decline in an individual’s cognitive function, to an extent that without treatment, it becomes challenging to perform regular social activities. The various types are imaging modalities, neurostimulation, cranial surface measurement, neurological implants, and others used by ambulatory surgical centres, hospitals, homecare facilities, and others. 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 Organisation (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. 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. In April 2022, Blackrock Neurotech, a US-based biotechnology company, acquired Mindx Corporation for an undisclosed sum.Through this deal, Blackrock’s software portfolio is set to expand with its latest acquisition, paving the way for the company to provide integrated BCI products with cutting-edge features. This move positions Blackrock to offer a full-stack solution to its customers. Mindx Corporation is a US-based creator of a neuron technology framework for use in spatial computing applications. The countries covered in the neurotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The neurotechnology market research report is one of a series of new reports that provides neurotechnology market statistics, including neurotechnology industry global market size, regional shares, competitors with a neurotechnology market share, detailed neurotechnology market segments, market trends and opportunities, and any further data you may need to thrive in the neurotechnology industry. This neurotechnology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.