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Neurotechnology Market Segmented By product type such as Imaging Modalities, Neurostimulation, Cranial Surface Measurement and Neurological Implants
Neurotechnology is a branch of science that is based on activity of the brain and includes technologies that are developed to enhance and repair functionality of the brain. Neurotechnology is in the continuous research and development phase to analyze the brain’s activity as well as technologies to control the functions.
The modernization of neurotechnology enables us to take over depression, sleep deprivation, over-activation, and many other disorders. The therapeutic applications can improve epilepsy, degenerative motor disorders such as Parkinson's disease, Huntington's disease, and ALS. Technological advancement in the areas of neurotechnology may include development and restoration approaches for a patient undergoing neurological issues.
The implementation of neurotechnology is diversified ranging from imaging modalities to stem cell therapies and pharmaceuticals. With increasing penetration of neurotechnology, has evolved pertaining industries to generate innovative products based on individual’s brain functionality.
The growth of global neurotechnology market is primarily driven by the introduction of new technological advancement products. In addition, factors such as increasing prevalence and incidences of neurological disorders, and increasing funding and grants by both public and private bodies are also gardening the growth of neurotechnology market.
For instance, according to the estimates of United Nation (UN), nearly 1 billion people are suffering from some type of neurological disorders. However, factors such as high cost of the products, complex regulatory framework, and ethical concerns such as privacy and cognitive liberty are the major obstacles to the growth of neurotechnology market.
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Neurotechnology holds a promising future in evolving human nature when applied fundamentally. The technologies available based on neurotechnology describes the brain’s activity but requires more extensive research for full implementation of available and upcoming technologies.
The adoption of neurotechnology in medical science allows researcher to connect to brain’s activity and understanding individuals’ personality and lifestyle patterns for potent diagnosis and prognosis of neurological disorders.
Geographically, global neurotechnology market can be segmented as North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The market in North America is anticipated to show the largest share for neurotechnology, followed by Europe, owing to the increasing prevalence and incidence of neurological disorders.
In addition, large patient population coupled with the geriatric population and increasing research and development funding by government bodies are also driving the growth of neurotechnology market.
The market in Asia-Pacific is estimated to grow at fastest CAGR during the forecast period owing to the modernization of medical and research facilities, and government are also taking initiatives by providing grants and fellowship to the researchers. However, the regions such as Latin America and Middle East and Africa show a steady growth during the forecast year owing to the scarcity of skilled professional and inadequate presence of research infrastructure.
Some of the market participants in the global neurotechnology market are General Electric Company, Siemens Healthcare Private Limited, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Shimadzu Corporation, Hitachi Medical Corporation, Elekta AB, Tristan Technologies, Inc., allengers, Natus Medical Incorporated, and Magstim.
The market of neurotechnology has witnessed consolidation among the key players such as collaboration, partnership, patent transfer, increasing research and development activities, product introduction, mergers and acquisition, and joint ventures among the international as well as domestic players are the distinctive trend of competition in the neurotechnology market.