According to FutureWise analysis the market for neurotech device in 2023 is US$ 14.35 billion, and is expected to reach US$ 43.03 billion by 2031 at a CAGR of 14.70%.
Neurotechnology refers to any technology that has a significant impact on how people perceive the brain, as well as other aspects of consciousness, thinking, and higher-order brain functions. It also provides tools that let researchers and physicians visualise the brain and improve and repair brain function. As the digital health sector evolves from simple tracking apps to highly regulated medical devices, cutting-edge technologies that blur the barriers between computers and biology are now being created, and an increasing number of these businesses are focusing on the brain. Brain-machine interfaces, neuroproteins, neurostimulation, neuromonitoring, and implantable devices are all part of the developing field of neurotechnology, which aims to not only complement but also increase the capabilities of the nervous system. The need for neurotech devices has increased as the prevalence of chronic disorders such as brain diseases, epilepsy, dementias, and Parkinson's disease has increased. Over the forecasted timeframe, demographic shifts in the ageing population are expected to fuel the neurotech devices market growth. Furthermore, the growing number of stroke patients and cognitive impairments around the world will accelerate the rise of the neurotech devices business. The rise in the number of strokes resulting in cognitive and neurological deficits has prompted the development of neuroprosthetics.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Neurotech Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Neurotech Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.