Neurotech Devices Market Trends

Growth Drivers

• Rising investments in brain research - Already the greatest cause of disability and death worldwide, neurological illnesses are also the fastest-growing cause of mortality, and their expected burden of disease is poised to rise faster than that of the majority of other non-communicable conditions. These results focused funding on locations with the greatest levels of burden and encouraged research into the most debilitating illnesses. 
  
  For instance, leading neuroscientists and authorities in public health convened at the World Congress of Neurology organized by the World Federation of Neurology aimed to translate research findings into practical applications and underscore the global significance of brain health. From October 15–19, 2023, Montreal hosted the 26th biennial conference, which the Canadian Neurological Society (CNS) co-hosted.
• Increasing cases of disease, incapacity, and early deaths - Men are generally more disabled and experience health loss from neurological illnesses than women are, yet there are certain conditions, such as dementia or migraine, where women are disproportionately afflicted.
  
  According to an analysis, the total amount of neurological conditions-associated disability, illness, and premature death (careful in disability-adjusted life years, or DALYs) increased by 18% globally over the earlier 31 years, from nearly 375 million years of healthy life lost in 1990 to 443 million years in 2021.
• Increasing use of neurological devices worldwide - Over the past 30 years, there has been a significant increase in the number of people living with or passing away from neurological conditions such as meningitis, stroke, Alzheimer's disease, and other dementias worldwide. This increase can be attributed to a combination of factors including increased exposure to environmental, metabolic, and lifestyle risks, as well as population growth and aging.
  
  A study titled "New Advances in Neurostimulation for Chronic Pain" that was published in February 2021 by the IEEE Engineering in Medicine and Biology Society also revealed that Mainstay Medical was the designer of the ReActiv8 implantable restorative neurostimulation system, which is used to treat intractable chronic lower back pain.

Challenges

• Volatility in the end-use industry - Furthermore, neuroimaging technologies such as electroencephalography (EEG) and functional magnetic resonance imaging (fMRI) are fundamental to the knowledge of how the brain functions because they enable researchers to interpret brain activity and design individualized therapies.
  
  However, these neurotech devices are really expensive. Therefore, not all people can afford these devices which can further impede the market expansion.
• Shortage of competent neuroscientists - A recent study from the American Academy of Neurology (AAN) describes the shortage of neurologists in the US as a "grave threat" to the specialty of neurology and the provision of high-quality patient care.