12 January 2023
Visiongain has published a new report entitled Neurotech Devices Market Report 2023-2033: Forecasts 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), by Conditions (Pain Management, Cognitive Disorders, Epilepsy, Urinary and Fecal Incontinence, Hearing Conditions, Parkinson’s Disease, Depression, Sleep Disorders, Essential Tremor), by End-use (Hospitals, Ambulatory Surgical Centers, Homecare Facilities) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Neurotech Devices Market was valued at US$11,582.1 million in 2022 and is projected to grow at a CAGR of 13.78% during the forecast period 2023-2033.
Increasing Government Funding in Neurotech Industry
Increasing amounts of government funding in neurotech industry for better management of neurological disorders will boost the market growth. The CDC Division for Heart Disease and Stroke Prevention provides funding at state level to implement policy and system changes in order to improve the stroke conditions in the U.S. According to the Department of Industrial Policy and Promotion (DIPP), USD 4.3 billion was invested as Foreign Direct Investment (FDI) in Indian healthcare industry between 2000 and 2017. Chinese government has been working on reforms to provide basic universal healthcare services such as safe, effective and low-cost healthcare services in China. Such favourable government initiatives in developing countries coupled with various funding programs in developed economies will accelerate Neurotech devices market growth.
How has COVID-19 had a Moderately Negative Impact on the Neurotech Devices Market?
Covid-19 pandemic impacted the global economy significantly. With the entire world coming to a halt, hospital and healthcare services were impacted by sudden disruption in manufacturing, supply and transportation of healthcare essentials. Rising focus of healthcare facilities on the treatment of COVID-19 affected people, several surgical procedures were postponed over the past few months. Additionally, the National Health Service (NHS) hospitals were told to temporarily suspend non-emergency surgery for minimum 3 months from April 2020 to help the service deal with COVID-19 outbreak. This led to a steady decline in the demand for neurotech devices in the early quarter of 2020. However, in 2021, the government of several nations started to lift travel bans and lockdowns. This turned out to be profitable and helpful for the healthcare sector's recovery and had a positive effect on the market for neurotech devices. Also, the global COVID-19 cases gradually decreased, and healthcare facilities resumed their operations, and thus enhanced the use of neurotech devices.
How will this Report Benefit you?
Visiongain’s 330-page report provides 131 tables and 182 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Neurotech Devices Market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Neurotech Devices. Get financial analysis of the overall market and different segments including type, product, condition, end-use, and capture higher market share. We believe that there are strong opportunities in this fast-growing Neurotech Devices Market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Surging Prevalence of Neurological Disorders Across the Globe
Rising prevalence of neurological diseases will act as positive impact rendering factors in the market growth. High prevalence of neurological diseases such as, epilepsy, depression, Parkinson’s disease, urinary and faecal incontinence will increase the cost burden on healthcare systems across the regions. According to the Alzheimer's Association, nearly 5.5 million Americans suffer with Alzheimer's disease, with that figure is anticipated to rise to 16 million by 2050. Growing demand for neurotech devices used for effective diagnosis and treatment of various neurological disorders will boost the market growth over the forecast period.
Growing Awareness About Neurological Diseases
Some of the major neurological disorders include depression, epilepsy, Parkinsons’s disease, multiple sclerosis, Alzheimer ’s disease, dementia, sleep disorders, stroke, meningitis, among others. Surging awareness about neurological diseases such as depression among others is anticipated to drive industry growth. Several neurological disorders awareness programs are held by the government organization as well as private organization to educate people about different disease conditions. For instance, the Epilepsy Foundation promotes education and awareness about epilepsy, and also celebrated International Epilepsy Day on February 14th, 2022. Such awareness programs enhance the overall awareness about the disease conditions thereby helping early disease diagnosis and treatment.
Where are the Market Opportunities?
Growing Preference for Minimally Invasive Technologies
Advent of minimally invasive surgical technologies has changed the landscape for medical interventions. Patients prefer to undergo surgery which causes less pain, discomfort and is relatively safer than conventional invasive methods of surgeries. Wider acceptance of minimally invasive surgeries by patients as well as surgeons is anticipated to drive its adoption over the future years. Neurological surgeries utilize non-invasive techniques of giving mild electric currents to patients in order to incite the nerves associated with a particular ailment. Growing popularity and patient preference for minimally invasive neurological surgeries will escalate demand for Neurotech Devices during the forecast period.
Availability of Digital Health Platforms and Remote Patient Monitoring Systems
Lack of skilled healthcare practitioners to manage and treat neurological diseases is a major concern while delivering healthcare access to remote and underdeveloped regions. Continuous treatment and monitoring are required to support diagnosis of neurological disorders. For some of the cases individual test results need to be interpreted and evaluated by an expert. Digital health platform such as telehealth and telecare can offer transformative changes to the current practice of neurological care. Cochlear Ltd received U.S. FDA approval for its first remote programming feature in cochlear implant systems. Remote programming is used as an effective means of cochlear implant service delivery to remote care settings using internet.
The Neurotech Devices market is dominated by some of the major industry players. Some major players operating in the market include Medtronic, Abbott Laboratories, Boston Scientific Corporation, and LivaNova PLC, Laborie, Inc. Moreover, other market participants such as Aleva Neurotherapeutics, ElectroCore Inc., Neuronetics, Inc., RS Medical, Helbling Holding AG, Innovative Health Solutions, Parasym Ltd., Synapse Biomedical, tVNS Technologies GmbH among others
These major market players have adopted various strategies comprising Merger & Acquisitions, collaborations, partnerships, investment in R&D, regional business expansion, and new product launch to maintain their competitive edge in the market.
• In April 2022, Boston Scientific received U.S. FDA approval the Next-Generation Image Guided Programming Software. It was developed in collaboration with Brainlab AG, one of the software-driven medical technology companies. It serves the purpose of integrated visualization software for DBS programming when used with the Vercise Genus DBS.
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