Introduction: Neurotechnology Market Study
The detailed market intelligence report on the Neurotechnology market applies the best of both primary and secondary research to weighs upon the competitive landscape and the prominent market players expected to dominate the Neurotechnology market for the forecast period, 2018 – 2026. The study not only scans through the company profile of the major vendors but also analyses their winning strategies to give business owners, stakeholders and field marketing personnel a competitive edge over others operating in the same space. A detailed evaluation of the major events such as acquisition and mergers, collaborations, product launches, new entrants, and technology advancements offer a complete overview of what the future of the Neurotechnology market will be like in the years to come.
In this report, the global Neurotechnology market is valued at USD 9 billion in 2018 and is expected to cross USD 19 billion by the end of 2026, growing at a CAGR of around 15% between 2018 and 2026.
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Market summary: Neurotechnology Market Study
Neurotechnology can be best defined as use of engineering and electronic techniques for understanding and controlling nervous system function by utilizing tools to leverage or alter brain function and to visualize the brain for the purpose of controlling nervous system function to enhance and repair functionality of the brain.
Neurotechnology not only augments nervous system activity but also expands its capabilities through technologies like neuromonitoring, neurostimulation, neuroprosthetics, implantable devices and brain-machine interfaces.
Brain- computer interface allows for communication between brain and machine where the instructions passed on by machine is performed by our brain, recent integration between neural networks and neurotechnology has opened the door for bi-directional activity where commands can directly be conveyed to our brain thus resulting in improved neural healthcare and understanding, greater memory retention and enhanced intelligence. This is the core reason why top organizations in the world are investing heavily in research and driving innovation.
Human brain consist of over 100 billion neurons which are continuously receiving and processing information to make decisions. Inputs received from sensory organs are processed by our brain which then sends outbound information resulting in motor movement control. Scientist and researchers are continuously analyzing these brain activity to develop and enhance technologies to gain control over these functions for development and restoration approaches for a patient undergoing neurological issues.
Latest technological innovations enables us to tackle many disorders like over-activation, sleep deprivation and depression and can also offer therapeutic value in cases like epilepsy and degenerative motor disorders like ALS, Huntington’s disease and Parkinson’s disease.
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Neurotechnology Market outlook Next 5 years:
- Brain-computer interfaces which is related to AI and IT industry and advanced NeuroTech methods in healthcare are the 2 foremost spaces within the Neurotechnology market domain as of now.
- It is anticipated that during 2018- 2021 there will be merging of Artificial Intelligence, Sleep Technology and Neurotechnology for personalized precision medicine.
- SleepTech is predicted to be one of the most promising sectors in NeuroTech as it will have paramount influence on cardiometabolic health, diabetes and heart health. SleepTech sector is poised for massive growth over the next few years.
- This is the best time for any organizations planning to enter NeuroTech for advanced HealthTech industry.
- Advanced control over neurological disorders, conditions and modulation of brain states are the future of neurotech Industry.
- psychiatric and Neurological illnesses market is forcasted towards paramount growth as more than 1.5 billion individual suffer worldwide and is poised to be the next big thing in the Neurotechnology industry, as even little improvements in technology on offer for treatments can bring in a lot of revenue.
- Attraction of venture capital community towards neurotechnology start-ups over past few years has resulted in various merger and acquisition activity worldwide, thus driving significant investments, specially in pharmaceutical industry thus it can be predicted that pharma sector will be key driver for exponential growth of neurotechnology market in coming years.
- Facebook announced acquisition of New York-based neurotech startup CTRL-labs in late septempber 201 for a deal which is likely to be between USD 500mn and USD 1bn. CTRL-labs is developing a technology that will let people control computers with their brains. But Facebook plans to use CTRL-labs technology to create a wristband that will convert people’s neurological signals into digital signals that will help control their devices through thoughts.
- Boston Scientific Corp. acquired Advanced Bionics Corp in 2004 which manufactures neurostimulation devices for treating chronic pain and deafness.
- St. Jude Medical acquired Advanced Neuromodulation Systems Inc. in late 2005 which is a chronic pain company.
- After merger of St. Jude Medical and Advanced Neuromodulation Systems Inc., they received European CE Mark clearance in early May 2006 for its EON Rechargeable Neurostimulation System implant which is used for managing chronic, intractable pain .
- Private and government research funding in neurotech will lead to exponential growth in pharmaceutical industry which in turn will serve as a catalyst for investment and research in other areas like training and simulation, entertainment and information processing.
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The major players covered in this report are:
- Cisco Systems Inc.
- BMC Software Inc.
- EntIT Software LLC
- ABB Limited
- Hewlett Packard Enterprise Company
- Dell Inc.
- Oracle Corporation
- Fujitsu Ltd
- Microsoft Corporation
- VMware Inc.
- Brocade Communications Systems
- Citrix Systems Inc.
- Service Now Inc.
- Chef Software Inc.
The most promising Start-Up players covered in this report are:
- Cognixion
- Bitbrain Technologies
- Paradromics
- MELTIN MMI
- Neuros Medical
- NextMind
- Emotiv
- Q30 Innovations
- BIOS
- NeuroScouting
- NeuroPace
- MindMaze
- Kernel
- Dreem
- Thync
- Halo Neuroscience
- Synchron
- BrainCo, Inc.
- Neurable
- Neuralink
- Flow Neuroscience
On the basis of Type, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into:
- Imaging Modalities
- Neurostimulation
- Cranial Surface Measurement
- Neurological Implants
- Neuroprosthetics
- Neuromonitoring
- Implantable devices
- Brain-machine interfaces
- Others
On the basis of Diseases, Disorders, and Conditions, this report is primarily split into:
- Movement Disorders
- Chronic Pain
- Psychiatric Disorders
- Sleep Apnea
- Spinal Cord Injury
- Stroke
- Traumatic Brain Injury
- Non-Neurological Diseases and Disorders
- Blindness
- Cerebral Palsy
- Cognitive Disorders
- Epilepsy
- Hearing Conditions
- Incontinence
- Migraine
On the basis of Application, this report is primarily split into:
- Hospitals
- Clinics
- Diagnostic Centers
- Research Institutes
- Ambulatory Surgical Center
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