Building or backing a neurotech company? See who actually pays, and for what

Updated October 202670+ pagesPDF

Neurotech Business Models
Cover of NewMarketPitch's Neurotech Business Models report, 2026 edition
Is Neuralink, with no sales, now worth more than Inspire, which sells $900M a year? Yes, since 2025. Inspire, which sells implants against sleep apnea, was worth about $9.6B at its mid-2023 peak and $2.1B today. Neuralink, which sells nothing yet, went from about $5B to $9.0B at its June 2025 round. Chart from NewMarketPitch's Neurotech report.
How expensive are neurotech companies, measured by their sales? Not the listed ones. Neurotech stocks are worth 2 to 10 times their yearly sales, like most companies. The bubble is in brain implants, with China’s Neuracle at about 35 times its sales and Neuralink at $9B without sales. Chart from NewMarketPitch's Neurotech report.
Who actually makes money selling neurotech devices? The medical giants. Medtronic sells about $2.1B of spinal cord and brain stimulation devices a year, Boston Scientific and Abbott about $1B each. Among brain-computer interface start-ups, Neuracle sells about $15M a year, mostly brain recording equipment. Chart from NewMarketPitch's Neurotech report.
Are brain-computer interface start-ups worth five years of market sales? More than five years. The seven most valuable are worth about $15.2B together. Seven research firms put the whole market’s sales in 2026 at $0.3B to $3.75B, about $2.8B in the middle, mostly headsets and research equipment rather than implants. Chart from NewMarketPitch's Neurotech report.
Do implants take the money while headsets make the sales? Yes. Implants took about 70% of the $3.1B recently raised by brain-computer interface start-ups. Yet research firms say headsets and other devices that need no surgery make 60% to 88% of the market’s sales. Chart from NewMarketPitch's Neurotech report.
Is Neuralink, with no sales, worth more than neurotech firms that sell? Yes, more than at least four of them together. Inspire, Ceribell, BrainsWay and NeuroPace sell about $1.2B of devices a year and are worth about $4.1B on the stock market, while Neuralink was valued at about $9.0B. Chart from NewMarketPitch's Neurotech report.
Who is fighting whom in neurotech? Medtronic and LivaNova lead on sales, Neuracle on approval and Merge Labs on money. Neuralink and Synchron split the US race, Neuralink on patients, Synchron on published safety results. Chart from NewMarketPitch's Neurotech report.
Who is buying neurotech start-ups, and for how much? The medical giants that already sell stimulation devices. Boston Scientific paid $3.7B for Axonics in 2024, Medtronic $650M for SPR in 2026. No maker of brain implants has been bought recently. Chart from NewMarketPitch's Neurotech report.
How many people carry a brain implant from the best-funded start-ups? Very few, about 21 people for Neuralink and 10 for Synchron after raising hundreds of millions, and none for good at Precision. Two Chinese state-backed teams have implanted more. Chart from NewMarketPitch's Neurotech report.

70+ pages in the full report

Swipe· 70+ pages in the report

Inside the report

  • Which business models are winning
  • Who pays, and for what
  • Who makes money, who burns cash
  • Where revenue could come from
  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
$99$79one-time payment
Get the report

Verified data with sourcesUpdated in October 2026