Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) — Neural-interfacing flexible circuits have emerged as a ground breaking technological advancement within the realms of medical devices and neurology. These specialized circuits have been innovatively crafted to establish a direct link between the human nervous system and external devices. This linkage facilitates seamless communication and control mechanisms, marking a remarkable leap forward in the field.
The global market for neural-interfacing flexible circuits has experienced noteworthy growth in recent times. This growth can be attributed to a confluence of factors, including the increasing prevalence of neurological disorders, ongoing technological advancements, and a surging need for tailored healthcare solutions.
A pivotal driver of this market lies in the escalating occurrence of neurological disorders across the globe. Conditions like Parkinson’s disease, epilepsy, and spinal cord injuries exert a substantial impact on the quality of life for a substantial number of individuals. The integration of neural-interfacing flexible circuits offers a promising avenue for addressing these challenges. By creating a direct conduit between the nervous system and external devices, these circuits enable precise observation and manipulation of neural activity. This holds the potential to fundamentally transform the landscape of neurological disorder treatment and management, thereby catalyzing the demand for neural-interfacing flexible circuits.
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Technological progress has indeed played a pivotal role in propelling the expansion of the neural-interfacing flexible circuits market. The evolution of flexible and stretchable electronics has paved a transformative path for crafting circuits that can seamlessly conform to the anatomical contours of the human body, encompassing intricate regions such as the brain and spinal cord. These circuits are typically fashioned from biocompatible materials, ensuring compatibility with bodily systems, while also demonstrating resilience in the face of mechanical stresses induced by bodily movements.
Moreover, the incorporation of wireless communication capabilities has introduced an additional layer of advancement. This facet enables real-time transmission of data and the remote monitoring of neural-interfacing flexible circuits, thereby elevating their usability and overall efficacy.
Yet, the journey forward is not devoid of challenges. Foremost among these is the substantial cost linked to the development and manufacturing of these circuits. The intricate fabrication processes intertwined with the utilization of specialized materials contribute significantly to the overall expense. This economic factor, in turn, constrains the affordability and accessibility of neural-interfacing flexible circuits, limiting their broader adoption.
Furthermore, the medical landscape must grapple with concerns regarding the enduring safety and reliability of these devices. Addressing these concerns comprehensively is essential to cultivating wider acceptance within the medical community, thereby nurturing the sustained growth of this innovative technology.
As per a publication by the World Health Organization (WHO), the impact of neurological disorders spans across the globe, afflicting an estimated one billion individuals. This prevalence represents a significant 12% of the total global burden of disease. This substantial prevalence underscores the pressing imperative for pioneering interventions like neural-interfacing flexible circuits.
Additionally, a comprehensive study undertaken by the National Institutes of Health (NIH) illuminated the economic dimensions of neurological disorders. The findings indicated that the collective global economic cost linked to these disorders surpasses an astounding $1 trillion each year. This staggering financial burden serves to underscore the significant economic implications associated with these conditions.
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Scope of Research
|Market Size in 2022||USD|
|Revenue Forecast To 2032||USD|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||End-use, form, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Blackrock Neurotech., BrainGate, and ClearPoint Neuro, Inc., Neuralink, and Synchron|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global neural-interfacing flexible circuits market is consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global neural-interfacing flexible circuits market report are:
- Blackrock Neurotech
- ClearPoint Neuro, Inc.
- On 16 November 2022, Blackrock Neurotech announced its Neuralace next-generation neural interface for its BCI technology by creating a Neuralace platform as a flexible electrode with a high channel count. According to a press release, the business provides an introduction into the technology that will power its future BCIs.
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Some Key Highlights From the Report
- In 2022, the medical and healthcare segment accounted for the largest revenue share in the global neural-interfacing flexible circuits market. This segment has witnessed significant growth due to the increasing adoption of neural-interfacing flexible circuits in medical applications. These circuits are being used in various medical devices and treatments, such as brain-computer interfaces, neuroprosthetics, and neuromodulation devices. The ability of neural-interfacing flexible circuits to establish a direct interface with the human nervous system has opened up new possibilities in the field of medical technology, driving the demand and revenue generation in the medical and healthcare segment.
- In 2022, the wearable interface segment accounted for the largest revenue share in the global neural-interfacing flexible circuits market. Wearable interfaces are designed to be worn on the body, providing a non-invasive and user-friendly solution for neural interfacing. These interfaces can be integrated into various wearable devices, such as smartwatches, headsets, and fitness trackers, allowing for continuous monitoring and control of neural activity. The convenience and ease of use offered by wearable interfaces have contributed to their widespread adoption in both medical and consumer applications. As a result, the wearable interface segment has emerged as the dominant revenue-generating segment in the neural-interfacing flexible circuits market.
- North America has been a leading market for neural-interfacing flexible circuits. The region is characterized by a strong presence of key market players, technological advancements, and significant investments in research and development. The increasing prevalence of neurological disorders and the growing demand for advanced medical devices have been driving the market growth in this region.
- Europe is another prominent market for neural-interfacing flexible circuits. The region has a well-established healthcare infrastructure and a high adoption rate of advanced medical technologies. The presence of major neurology research institutes and collaborations between academia and industry have contributed to the growth of the market in Europe.
- The Asia Pacific region is witnessing rapid growth in the neural-interfacing flexible circuits market. Factors such as a large patient pool, rising healthcare expenditure, and increasing awareness about neurological disorders are driving the demand for neural-interfacing technologies in this region. Additionally, the presence of emerging economies like China and India, with their focus on technological advancements, is expected to fuel market growth in the coming years.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global neural-interfacing flexible circuits market on the basis of form, end-use, and region:
- Form Outlook (Revenue, USD; 2019–2032)
- Wearable Interface
- Implantable Interface
- End-Use Outlook (Revenue, USD; 2019–2032)
- Medical & Healthcare
- Consumer Electronics
- Military & Defense
- Regional Outlook (Revenue, USD; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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