The global neurotech devices market is comprised of various medical devices used for the treatment of various neurological disorders. Some key products in the neurotech devices market include deep brain stimulation devices, vagus nerve stimulators, cochlear implants, neurostimulators, and more. These devices help in the minimally invasive diagnosis and treatment of neurological conditions like Parkinson’s disease, chronic pain, depression, epilepsy, stroke, and other brain disorders.
The Global Neurotech Devices Market is estimated to be valued at US$ 13.44 Bn in 2024 and is expected to exhibit a CAGR of 13. % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global neurotech devices are Boston Scientific Corporation, BrainCo, Inc, Cochlear Limited, Control Bionics, Inc, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Natus medical Incorporated, Integra LifeSciences, Blackrock Microsystems, NeuroSigma, Inc., NeuroVigil Inc., Neuralink Corp., Abbott Laboratories, and Advanced Bionics AG. These major players are focusing on new product launches and geographical expansions to gain more market share.
The growing incidences of Global Neurotech Devices Market Demand across the world coupled with the rising geriatric population prone to such conditions has been fueling the demand for neurotech devices. Various technological advancements in the field of neurotechnology has further enabled the development of more effective and personalized neurotech solutions.
The global neurotech devices market is also witnessing expansion in emerging markets of Asia Pacific, Middle East & Africa, and Latin America. This is attributed to the increasing healthcare spending, availability of low-cost neurotech solutions, and supportive government policies and regulatory framework in these regions.
Market Key Trends
One of the key trends observed in the Global Neurotech Devices Market Size And Trends is the rising emphasis on personalized treatment. Driven by advanced analytical tools, more effective devices are being developed tailored to individual patient’s specific condition, physiology, and treatment requirements. This personalized neurotechnology is enabling more targeted stimulation of neural circuits and maximizing therapeutic benefits. Companies are extensively investing in AI, machine learning, digital analytics to develop personalized neurotech solutions. This trend is expected to significantly transform the market landscape over the coming years.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in terms of technology and capital requirements however established brands and regulations inhibits new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due buyers are major healthcare organizations and individual customers have less influence on prices however customized products increase buyer influence.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components however suppliers of rare materials may exploit their unique capabilities.
Threat of new substitutes: Moderate threat from other non-invasive and invasive medical devices however continuous innovation is expected to introduce new substitutes.
Competitive rivalry: Intense competition due to presence of global and local players however partnerships and acquisitions are also common to gain additional capabilities.
Geographical Regions
North America region dominated the global neurotech devices market in terms of value in 2024 owing to availability of advanced healthcare facilities and maximum adoption of novel neurotech devices. The United States accounted for the major share in the region.
Asia Pacific region is expected to grow at the fastest CAGR during the forecast period 2024 to 2031. This is attributed to factors such as increasing healthcare expenditure, growing geriatric population, rising prevalence of neurological disorders and improving healthcare infrastructure in the emerging nations including India, China and Japan.
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it