New Market Study Says Neurotech Market Will Be $12.3 Billion by 2020
Neurotech Reports, the publisher of Neurotech Business Report, announced the release of a new market research report, The Market for Neurotechnology: 2016-2020. The report forecasts that the global market for neurotechnology products will be $7.6 billion in 2016 and grow to $12.0 billion by 2020, representing a 12 percent compound annual growth rate.
Neurotech Reports divides the market into four major product segments: neuroprosthetics, neuromodulation, neurorehabilitation, and neurosensing. The largest market segment is neuromodulation products, which will grow from $4.4 billion in 2016 to $7.3 billion in 2020, a 13 percent CAGR. The worldwide market for neuroprosthetics products will grow from $1.8 billion in 2016 to $2.8 billion in 2020, a 12 percent CAGR.
The report, released in February 2016, adds several new features. For the first time, neurotechnology product sales are broken down between U.S. and international sales. New product categories forecasted in the report include peripheral nerve stimulation systems, bioelectronic neuromodulation systems, and neurorobotics systems. The global market for neurorobotics systems, which include robotic exoskeletons used in neuroprosthetic applications and therapeutic neurorobotics systems used in rehabilitation applications, will reach $193 million by 2018, according to the report.
Unique features in this report include an in-depth and up-to-date discussion of the new competitive environment in the spinal cord stimulation segment, with the arrival of new players like Nevro, Nuvectra, and Stimwave. The report offers projections of market share in competitive segments like SCS, DBS, and cochlear implants. The report also offers a comprehensive list of venture capital financing rounds of neurotech startups from 2001 through 2015.
The Market for Neurotechnology: 2016-2020 is the only market research report covering the entire neurotechnology device market, including neurosensing devices. It is also the only report of its kind to offer in-depth, historical analysis of key public and privately held firms, including new players Nuvectra, LivaNova, and Nevro. The report is available for $1595 (single reader version) from Neurotech Reports.