Neurotechnology Market Size (2024 - 2029)

Neurotechnology Market Analysis

The Neurotechnology Market size is estimated at USD 15.18 billion in 2024, and is expected to reach USD 28.57 billion by 2029, growing at a CAGR of 13.5% during the forecast period (2024-2029).

The factors that are driving the growth of the neuroelectronics market include the increasing prevalence of neurological disorders, rapid advancements in neuroscience and technology, and the rising demand for improved treatment options.

The rising incidence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, epilepsy, and stroke, has led to a rising demand for effective diagnostic and therapeutic solutions. This situation is projected to drive the growth of the market during the forecast period. According to the Alzheimer’s Association 2024, published in Alzheimer's Disease Facts and Figures, the American population aged 65 years and above has been projected to grow from 58 million in 2021 to 88 million by 2050. As per the same source, an estimated 6.5 million Americans aged 65 years and above are expected to start suffering from Alzheimer’s disease by the end of 2024, and this number is estimated to reach 14 million by the end of 2060.

According to the data published by the National Institute of Neurological Disorders and Stroke in January 2024, Parkinson's disease (PD) is the second-most common neurodegenerative disorder in the United States, which affects around 5%-10% of the geriatric population of the country every year. As per the same source, approximately 500,000 citizens are diagnosed with Parkinson's disease every year.

According to the data published by the WHO in February 2024, more than 50 million people across the world suffer from epilepsy, making it one of the most common neurological diseases. Around 80% of people with epilepsy live in low- and middle-income countries. Estimates suggest that about 70% of people suffering from epilepsy could live seizure-free if they are properly diagnosed and treated. Thus, the rising number of people suffering from Alzheimer's disease, Parkinson's disease, and epilepsy is projected to drive the demand for neurotechnology products to offer new possibilities for early detection, precise diagnosis, and the targeted treatment of these conditions.

The rising number of product launches and approvals is also likely to drive the growth of the market during the forecast period. For instance, in May 2023, Abbott received the FDA's approval for its spinal cord stimulation (SCS) systems for treating chronic back pain in people who cannot undergo back surgery. This kind of back pain is known as non-surgical back pain. This new indication applies to Abbott's SCS in the United States, including the Eterna SCS platform and the Proclaim SCS family. In January 2023, Axonics Inc., a global medical technology company, received the United States Food and Drug Administration's approval for the company's fourth-generation rechargeable sacral neuromodulation system. Thus, the rising number of product approvals is projected to drive the growth of the market by boosting the availability of innovative products and increasing people's confidence in the safety and efficacy of products.

However, the high cost of development and the complex regulatory environment can hinder the growth of the market during the forecast period.

Neurotechnology Industry Segmentation

As per the scope of the report, neurotechnology refers to the interdisciplinary field that combines neuroscience, engineering, and computer science to develop tools, devices, and techniques for understanding, monitoring, and manipulating the nervous system. These technologies encompass a wide range of applications, including brain-computer interfaces, neural prosthetics, neuroimaging, neuromodulation, neuroinformatics, and neurosensing.

Based on the product type, the market is segmented into neuroprosthetics, neurostimulation devices, brain-computer interfaces, and other product types. Based on the application, the market is segmented into neurodegenerative disorders, neuropsychiatric disorders, chronic pain management, and other applications. Based on the end user, the market is segmented into hospitals and clinics, research institutes and academic centers, and other end users. This report also covers the market sizes and forecasts of 17 countries across major regions. For each segment, the market sizing and forecasts have been calculated in terms of USD.