Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "The Market for Neurotechnology: 2022-2026" report has been added to ResearchAndMarkets.com's offering.
Overall worldwide market for neurotechnology products will be $8.4 billion in 2018 and will reach $13.3 billion in 2022.
The Market for Neurotechnology: 2022-2026 examines each of the neurological diseases and disorders that represent a significant market potential for neurotechnology products, including established markets like Parkinson's disease, chronic pain, and urinary incontinence, as well as emerging markets such as bioelectronic medicine, obesity, migraine, sleep disorders, and psychiatric disorders. And it is the only report on the neurotechnology industry to forecast new product categories in neurorehabilitation and neurosensing such as brain analysis systems and neurorobotics systems.
This newly updated market research report is the most comprehensive and up-to-date publication available covering the neurotechnology industry. The report takes an in-depth look at the technology, markets, competitors, and growth rates in four key segments of the neurotechnology industry in the years 2022 through 2026.
It forecasts U.S. and worldwide revenue, compound annual growth rates, and competitor market shares for several key product categories making up the neuroprosthetics, neuromodulation, neurorehabilitation, and neurosensing segments of the industry.
The report covers in detail the key public companies and the most significant emerging and more established non-public firms in the industry. The report also features in-depth profiles of major research institutions in the U.S. and abroad involved with neurotechnology developments, and traces the commercial activity that is emerging from each. It also assesses the impact of the pandemic on the industry.
Background
Neurotechnology has grown and matured as an industry as a result of advances in several fields of science and technology, including neuroscience, electrical stimulation, biomaterials, and microelectronics. MEMS technology will have a positive impact on the development of neurotechnology devices.
Neurotechnology is currently in use or under study for the treatment of a number of different medical disorders and diseases. These include spinal cord injury, deafness, blindness, stroke, urinary incontinence, epilepsy, chronic pain, neurological disorders, and psychiatric disorders.
Neurotechnology products and services will experience considerable growth in the worldwide healthcare market in large part because of the continued growth and identification of neurological disorders and conditions. Many of these disorders and conditions will become more pronounced as demographic shifts in the aging of the population, as well as increased life expectancy and demand for a higher quality of life by senior citizens, exert their effects.
As society has become more aware of the prevalence of specific neurological and neuropsychiatric disorders such as chronic pain, depression, dyslexia, and autism, business and government leaders have become more aware of the costs of these conditions to society in terms of lost productivity, treatment, and diminished quality of life. These factors will all contribute to the growth of neurotechnological treatments and therapies for neurological disorders.
Also, successful neuroprosthetics have been shown to be cost-effective because of the reduction in ongoing costs for healthcare and assistive services. Some studies have shown that these devices pay for themselves with five to seven years.
The neurotechnology industry depends heavily on the readiness of private and public health insurance organizations to reimburse patients for the cost of the devices and the procedures associated with implanting, maintaining, and training the device.
The growth of neurotechnology devices also depends heavily on the degree to which clinicians and their patients are aware of their capabilities. Because it is new, neurotechnology has not yet achieved the degree of penetration in awareness of both physicians and patients who would be strong candidates.