Posted on Feb 12, 2020, 1 p.m.
The inaugural Global NeuroTech Industry Landscape Overview 2020 report from Neurotech Analytics maps the market with their analysis to identify the top tech, trends, investors, R&D, sectors, big guns, startups, opportunities, risks, predictions, as well as social and ethical implications of NeuroTech in the global industry.
One of the more promising and prospective sectors in BioTech with potential for exponential growth is NeuroTech; annual growth and investment is at around 31% while the average growth for life science investment is at about 12%. Since 2000 NeuroTech companies have accrued over $19 million from private capital fund investments. Those who succeed in riding this wave of growth and development in NeuroTech stand to gain significant competitive edges that will help increase their presence in this market to gain a bigger audience and funding for development of their technologies.
Some of the sub-sectors are already established with products already on the market or set to launch within the next few years, while some of the sub-sectors are emerging some of those are being dominated by startups. Identifying these sectors that hold the potential of greatest prospect for growth is an important goal for all involved in the industry for various reasons.
1 in 6 patients suffer from brain related diseases around the globe and 1 in 3 will become disabled after reaching 80 years old; mental and neurological disorders are projected to increase along with the demographic aging as well as the globalization of the trend of following unhealthy lifestyles. Kavli Foundation data suggests that the global cost of neurological disease reached $2.5 trillion in 2010 and could increase to surpass $6 trillion by 2030 to have an economic burden higher than that of cancer, diabetes, and respiratory illnesses combined.
According to W.H.O over 25% of all years have been lived with disabilities, and the burden of disorders of the brain and central nervous system ranges from 35-38% of the total burden of all diseases compared to cancer representing 12.7% and cardiovascular disease representing 11.8% of the total burden of all diseases.
Neuropsychiatric disorders are hard to diagnose, during first visits 30% of those with Alzheimer’s and 10% of those with Parkinson’s disease are misdiagnosed due to symptoms being mild and nonspecific in early stages. As it stands there is no known cure for progressive neurodegenerative diseases, even with over $137 billion dollars being spent on neuro drug discovery a year. Changes in the brain are still not fully understood, and to compound that the pipeline for R&D is not very efficient taking more than 12 years and over $1 billion to bring a drug candidate to market. Before even starting clinical trials the initial phase of R&D can take 3.5 years.
Addressing the effects of aging remains a global concern and priority that has been driving the need for open science and data sharing. Global research, development, and regulation incorporate innovation and scientific decision making that requires much public investment which is reflected in the unprecedented investments that are being made in the R&D of NeuroTech.
This open access analytical report draws attention to advanced science and new technologies that are hoping to create new ways to understand and influence the fundamental functions of the brain, as well as breakthrough research that is being translated into products that could have a positive impact on society through NeuroTech applications.
Medical NeuroTech operates on a molecular and cellular level as well as involving the nervous system, and it encompasses molecular neuropharmacology, behavioral neuropharmacology, gene therapy, neuroinformatics, optogenetics, reprogramming cells, stem cells, cyberkinetics, neuromodulation, magnetic stimulation, neural prostheses, neurorecovery, brain computer interfaces, neuromonitoring, neuroimaging, neurofeedback, cognitive assessments, and cognitive enhancing. The cloud of NeuroTech applications includes, blood tests, therapy devices, eye tracking, drugs, exoskeletons, AI engines, gait trainers, retinal devices, surgery products, as well as both hard and soft evaluating platforms.
The global Brain Computer Interface Market published By Value Market Research predicts a value of $1.8 billion by 2024, with a CAGR of 9.9% increasing from $945 million in 2017. Credence Research reports the Neurofeedback market is set to reach $1.57 billion by 2026, with a CAGR of 7.5% increasing from $821 million in 2017. If the medical use of NeuroTech and other business that stand to benefit from it were taken into consideration this field could generate in excess of $150 billion in revenue annually.
There are over 8,000 active patents and over 5,000 pending patent applications with the product growth of 500% in just 10 years, which was driven mostly by activity within American and the EU. In 2000 there were 422 classifications and 899 in 2014, the number of unique USPTO patent subclasses indicates that NeuroTech is adaptable and expanding into more industries than ever before.
“With the publication of this comprehensive analytical report on the global NeuroTech Industry, we bring NeuroTech.com deeper into the realm of quantitative and tangible industry analysis, benchmarking and forecasting within the rapidly-developing and diversifying NeuroTech sector. Having gained a concrete understanding of the full shape of the industry globally, the insights and trends enabled by this report have laid the ground for even deeper subsector and technology-specific analytical case studies that will shed new light on the challenges and opportunities of the global NeuroTech space, and reveal how companies, investors and other industry participants can leverage their existing resources to maximize their strategic benefit in this complex arena” said Alon Braun, Co-Founder of NeuroTech Analytics.
“NeuroTech has enormous potential to disrupt a number of different industries and aspects of the human condition, from overcoming disability to enhancing cognitive performance, sleep, meditation, preventive health, Longevity and more. It is a rapidly developing frontier-technology driven sector complexified by its use of technologies like Artificial Intelligence, mathematics and data science that are evolving at breakneck speed.That complexity and multidimensionality poses significant challenges to effective strategic decision making. In order to neutralize these challenges, we took the complex, tangible and quantitative analytical frameworks first developed and deployed by NeuroTech Analytics’ strategic partners for other DeepTech industries and re-tuned them for applicability to the rapidly-complexifying NeuroTech sector, offering for the first time the benefits and insights of NeuroTech analytics, benchmarking and forecasting of equal complexity and multidimensionality as the industry, science and technologies they are applied to,” said Dmitry Kaminskiy, Co-Founder of NeuroTech Analytics.
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This article is not intended to provide medical diagnosis, advice, treatment, or endorsement.