Neurotech devices market Outlook - 2027
Neurotechnology is any technology that has a fundamental influence on how people understand the brain and various aspects of consciousness, thought, and higher order activities in the brain. It also includes technologies that are designed to improve and repair brain function and allow researchers and clinicians to visualize the brain. The digital health sector matures from basic tracking apps into highly regulated medical devices, right now there is a bleeding edge technologies being developed that blur the lines between computers and biology and a growing share of these startups are beginning to target the brain. The burgeoning field of neurotechnology involves brain-machine interfaces, neuroproteins, neurostimulation, neuromonitoring, and implantable devices intended to not only augment nervous system activity, but expand its capabilities.
Covid-19 Scenario analysis:
The COVID-19 pandemic poses special challenges to patients who require Neurotech device transplants. Those waiting for transplant or who had received a transplant tend to have more severe disease due to weak immunity. Patients with severe heart, lung, or liver failure and waiting for transplant are at a high risk for dying if a transplant does not happen within a short period of time. But if there are clusters of COVID-19 disease in the region around the hospital or if there are COVID-19 patients already admitted in the hospital then, the course ahead becomes a quandary. Performing a transplant surgery in such situation will increase the risk of exposure to the recipient during the surgery and in the recovery period. This exposure could happen from the donor or healthcare providers or other patients in the hospital. It is possible that the hospital resources could become limited due to COVID-19 cases and the care of the transplant recipients may get compromised. Non-urgent transplant surgeries such as kidney transplants in relatively stable patients on dialysis are being avoided in areas of high prevalence of COVID-19. If the recipient is critically ill and the surgery is unavoidable then care has to be taken to check the recipient for COVID-19 prior to transplant. All these health hazard have resulted in a slowdown in the Neurotech devices transplant market. Also the shutdown of manufacturing has resulted in market slowdown.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact analysis:
Technological advancements and compatibility:
Current research now seeks to optimize the long-term stability and biocompatibility of such brain implants to make them viable for everyday practical use beyond clinical trials. Recording electrodes can yield more precise and more specific readouts if they are placed deep inside the brain, close to the nerve cells. Such methods are called “invasive” as the electrodes have to penetrate the brain tissue. They are considered for application if a complex device with many degrees of freedom, such as a prosthetic arm with an attached gripper or hand, is to be steered by brain activity. In order to further improve accuracy and reliability of such prostheses for patients, enhancements from modern robotics are increasingly considered by the engineers, and tools from machine learning are expected to make neuroprostheses adaptive and “intelligent.” Equipped with a certain degree of autonomy, they would be able to execute movements more aptly (e.g., not toppling any jars), or even detect which task is intended by the patient and execute it smoothly without detailed control. This new research is determined to come up with highly complex devices that will inevitably raise various serious ethical and even anthropological advances giving the market robust growth.
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. Brain neural network is composed of densely packed, intricately wired neurons whose activity patterns ultimately give rise to every behaviour, thought, or emotion that we experience. Over the past decade, a novel neurotechnique, optogenetics that combines light and genetic methods to control or monitor neural activity patterns, has proven to be revolutionary in understanding the functional role of specific neural circuits. One of the greatest opportunities for growth in the market for neuromodulator device is treatment of obesity. Other new and emerging applications for neurotechnology devices are migraine pain, depression, and cardiovascular disorders such as hypertension and angina pain.
Neurotechnology raises ethical questions that are associated with what we call our “self” or “soul,” complex philosophical concepts with many presuppositions. The ethical debate usually draws on the concept of personhood as a “modern” notion that includes core aspects that we typically ascribe to our self or soul. Neurotechnology is a fascinating and, at the same time, controversial field as one of its goals is to directly “wire up” human brains to machines.
The new techniques of stimulation with light also suggested for innovative hearing aids, or targeted inhibitory “counter steering” in case of an epileptic seizure face some severe disadvantages, however. Ultimately, it is a genetically engineered manipulation that makes “normal” nerve cells expressing light receptors. The required modifications to the cells genetic information are efficiently carried out by manipulated viruses with all the risks and side effects that may come with such an intervention.
Patients must consciously authorize a neurotechnological intervention before it is conducted. Along similar lines, the concept of a person can provide an ethical benchmark, assuming that the person does not want to impair personal capabilities such as autonomy and responsibility by interventions in the brain. Neurotechnological interventions are ethically not acceptable if remaining a person is at risk. The current practice of neurotechnological interventions is, explicitly and implicitly, orientated toward the concept of personhood.
Market trends analysis:
Earlier this month, CorTec announced a partnership with the Wyss Centre for Bio and Neuroengineering in Geneva, Switzerland. Within the terms of the agreement, the CorTec Brain Interchange technology will be used to develop subcutaneous neuromodulator solutions for tinnitus, dyslexia, epilepsy and other brain circuit disorders.
Neurable is developing brain-computer interfaces that allow people to control software and devices using only their brain activity. The software makes use of machine learning methods to reduce the lag time between analysis of neural activity and output, potentially reducing it down to real-time.
One such project is Elon Musk’s Neuralink, which is developing “high bandwidth brain-machine interfaces to connect humans and computers.” And even Facebook has announced plans to create brain-machine interfaces that allow users to type using their thoughts.
Key benefits of the report:
- This study presents the analytical depiction of the global Neurotech devices Market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Neurotech devices Market share.
- The current market is quantitatively analyzed to highlight the global Neurotech devices market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Neurotech devices market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Neurotech devices Market research report:
- What are the leading market players active in the Neurotech devices market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Neurotech devices market: Global Opportunity Analysis and Industry Forecast, 2024-2031 by Type Report Highlights
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Key Market Players
Axonics Modulation, Boston Scientific Corp, Cleveland Medical Devices, Natus Medical, LivaNova, Medtronic, Cogentix Medical, EndoStim, Advanced Bionics Corp, Abbott
Other Key Players
Neuronetics, NeuroSigma, Restorative Therapies, Zynex Medical