SAN FRANCISCO, April 23, 2018 (GLOBE NEWSWIRE) -- A newly published market research report from Neurotech Reports predicts that the global market for neurotechnology products will be $8.4 billion in 2018 and grow to $13.3 billion by 2022, a 12-percent compound annual growth rate. The report, titled The Market for Neurotechnology: 2018-2022, tracks U.S. and worldwide sales of neurotechnology products in four major categories: neuromodulation, neuroprosthetics, neurorehabilitation, and neurosensing. Neurotech Reports has been tracking the growth of the neurotechnology market since 2001, longer than any other research firm in this space.

The largest segment of the global neurotechnology market is neuromodulation systems, which will grow from $4.7 billion in 2018 to $7.6 billion in 2022. Worldwide sales of neuroprosthetics systems will grow from $2.1 billion in 2018 to $3.3 billion in 2022, according to the report.

For the first time, Neurotech Reports projects that Medtronic is no longer the market leader in sales of spinal cord stimulation systems. Abbott, which acquired St. Jude Medical last year, will have the largest share of the crowded SCS market in 2018, with Boston Scientific, Medtronic, and Nevro close behind. Medtronic will retain its leadership in the deep brain stimulation market, but steadily lose market share to new players by 2020.

“The neurotechnology industry is currently undergoing dramatic changes in competitive landscape, more so than any other time in the 18 years that we have been covering this market,” said James Cavuoto, editor and publisher of Neurotech Reports. “With several new technologies and new applications on the horizon, we expect to see continued changes in the years ahead.”

The Market for Neurotechnology: 2018-2022 is available from Neurotech Reports for $2495 (single reader), $3295 (2-5 readers), or $4595 (6-10 readers). The report is available to premium subscribers of Neurotech Business Report at no additional charge. To order, visit http://www.neurotechreports.com/pages/reportsumm.html or contact Neurotech Reports at 415 546 1259.

MEDIA ONLY CONTACT:
James Cavuoto
Neurotech Reports
+1-415-546-1259
editorial@neurotechreports.com