Neurotech Devices Market Size By Product Type (Neurostimulation {Deep Brain Stimulator, Gastric Electric Stimulator, Spinal Cord Stimulator, Sacral Nerve Stimulator, Vagus Nerve Stimulator, Transcutaneous Electrical Nerve Stimulation (TENS)}, Neuroprosthe

Neurotech Devices Market Size 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 Devices), 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), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global neurotech devices market is slated to expand at a substantial rate through 2030 owing to mounting cases of Parkinson’s disease among the geriatric population. Additionally, growing adoption of advanced technologies in healthcare is likely to further augment industry growth over the forecast time period.

Recently, to help patients suffering from neurology disorders, key industry players have been investing increasingly toward launching new neurotech devices and funding for future R&D, which has propelled neurotech devices market growth significantly in key regions. For instance, in April 2022, Boston Scientific Corporation, a prominent manufacturer of medical devices based in Massachusetts, United States, received U.S. FDA approval for next-generation image-guided programming software for deep brain stimulation therapy dubbed the Vercise Neural Navigator with STIMVIEW XT.

For patients with essential tremor or Parkinson's disease, the Vercise software enables doctors to see real-time stimulation modeling and lead placement of the brain anatomy. The company also generated substantial net sales in the first quarter of 2022 attributed to its new and improved portfolio of advanced neurotech devices.

The neurotech devices market has been segmented in terms of product type, categories, end-use, and region. With respect to product type, the industry has been classified into neurostimulation, neuroprostheses, neurosensing, and neurorehabilitation. The neurorehabilitation segment is set to witness robust growth at a CAGR of over 20% through 2030. Widespread implementation of neurorehabilitation devices is primed to stimulate segmental progress in the upcoming years.

Based on categories, the neurotech devices market has been divided into cognitive disorders, pain management, epilepsy, hearing conditions, urinary and fecal incontinence, depression, Parkinson's disease, essential tremor, sleep disorders, and others. The Parkinson’s disease segment registered a market share of more than 5.5% in 2021 and is expected to record a substantial growth rate through the forecast period owing to increasing incidences of Parkinson’s disease in the elderly population.

Under end-use, the market has been bifurcated into hospitals, homecare facilities, ambulatory surgical centers, and others. The others segment recorded a valuation of approximately $1.3 billion in the year 2021 and is anticipated to observe steady expansion over the review timeline. Rising number of research institutions, clinics, and diagnostic centers is foreseen to propel segmental growth over the following years.

From the regional standpoint, the Latin America neurotech devices market accounted for around 3.9% of the overall industry revenue in 2021 and is speculated to grow at a sturdy rate between 2022 and 2030. The growth of the market is driven by surging cases of neurological disorders across various LATAM nations.