Global Neurotechnology Market: Overview
Neurotechnology is defined as any technological innovation that allows the study or intervention into neurological processes. The nervous system controls every aspect of human biology, and helps it experience every nuance of the environment. Any disruption in this process can be dangerous for an individual. Hence, neurological study and intervention are necessary to alleviate the symptoms of such individuals and to further scientific study into the complex processes of the brain. It encompasses all such infrastructure, whether hardware or software that helps achieve this.
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A major use of such technology is aiding treatment of chronic neurological disorders. Also, a recent interest into workings of the brain for enhancement of daily life is noted. This, as per Transparency Market Research, is set to drive the neurotechnology market forward from 2020 to 2030.
Global Neurotechnology Market: Competitive Landscape
The global neurotechnology market is fragmented owing to the presence of a number of innovators and manufactures. These players are merging with various digital platforms and online service providers to increase outreach and capitalize on rising interest in this market.
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Global Neurotechnology Market: Key Trends and Drivers
A number of notable factors are lining the landscape of global neurotechnology market over the forecast period. As per Transparency market Research, these are propelling the market upward and forward. From the list of trends and drivers that are positively impacting growth in global neurotechnology market, prominent ones have been identified and some of them have been detailed out below:
- The number of people over the age of 80 years is expected to triple by 2050. With an increasing number of aged people, the incidence of degenerative diseases of the brain is anticipated to increase. Such individuals will need an increased amount of support to manage daily life. This will help the market grow substantially.
- Road accidents are a major contributor to injury and impairment worldwide, and are expected to be the third largest cause of global health impairment by 2050. Many survivors of such accidents are left with limb amputations or even loss of function of all limbs. With neurotechnology, the gap between injured neurons and prosthetic limbs can be covered. It is pertinent to note here prevention of such mishaps is also being explored by global think tanks making use of neurological research. Hence, this market is set to witness sustained growth in the future.
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Global Neurotechnology Market: Regional Analysis
North America and Europe are currently global leaders in the neurotechnology market owing to presence of robust technological infrastructure and world leading research facilities that make use of advanced machines to implement neurological research. As 1 in 4 persons in these regions would be aged 65 or above 65 by 2050 according to the World Health Organization, demand for neurotechnology is expected to steadily increase in these regions.
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The Asia Pacific (APAC) region is expected to register the fastest growth in the neurotechnology market in the coming years. As governments in the region give impetus to research and healthcare development, demand for advanced machines to implement these plans will give a boost to this market.
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