A new report from NeuroInsights, the neurotechnology market authority, and sponsored by the Institute for Global Futures, reveals that seven of the ten leading neurotech regions are in the United States, with another two in Europe and one in Asia.
Some of the findings in NeuroInsights’ Neurotech Nexus Report include:
San Francisco Bay Area leads neurotechnology investment, research and product development with Boston in close second. San Diego and London- Cambridge ranked third and fourth respectively;
Three sectors of the neurotechnology industry are playing a critical role in regional economic development with $87 billion in revenues currently derived from neuropharmaceuticals, $2.8 billion from neurodevices, and $12 billion from neurodiagnostics;
While major pharmaceutical companies currently generate the majority of the neurotechnology industry’s revenue, they increasingly rely on licensing relationships with smaller regional companies for breakthrough treatments;
Munich (Germany), Montreal (Canada), Singapore, Tokyo (Japan), and Melbourne (Australia) are highlighted as Nascent Nexus’ where active government support is fostering the development of neurotech clusters.
According to the report, neurotechnology represents the largest untapped medical market and there are numerous opportunities available to communities that can leverage the dramatic growth of neurotechnology. Given the promise of new treatments, coupled with a patient population of over 1.5 billion people who suffer from a brain-related illness, neurotechnology has become the leading recipient of life science venture funding worldwide.