Make better decisions on the neurotech market

Updated October 202670+ pagesPDF

Neurotech Reality Check
Cover of NewMarketPitch's Neurotech Reality Check report, 2026 edition
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.
Who is really ahead, Neuralink or China’s Neuracle? Neuracle got there first. China approved its brain implant in March 2026, and it has implanted 44 people and sold 13 devices. Neuralink reads the brain far more finely and is valued over 15 times higher, but nothing is approved yet. Chart from NewMarketPitch's Neurotech report.
Is Neuralink implanting as many people as Elon Musk promised? Far from it. In July 2024 he wrote that over 1,000 implants were achievable in 2026. From January to June 2026, Neuralink implanted about six more people, 26 in all, according to reports. Its investor plan now aims for 20,000 implants a year by 2031. Chart from NewMarketPitch's Neurotech report.
Does neurotech money go where the patients are? Not really. Start-ups working on paralysis recently raised about $1.8B, about $120 for each of the 15 million people living with a spinal cord injury. Depression, which affects 322 million people, drew about $160M, about 50 cents a person. Chart from NewMarketPitch's Neurotech report.
Has any brain implant been approved for sale yet? Only one complete implant, in China. Neuracle’s was approved for sale in March 2026 for people with a spinal cord injury. In the US, Precision’s electrodes are cleared for less than 30 days, and Neuralink and Synchron are still in trials. 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.
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.
Which neurotech start-ups are heading to the stock market? Mostly Chinese ones. BrainCo reportedly filed in confidence to list in Hong Kong in January 2026, and Neuracle filed on Shanghai’s STAR Market in June. In the US, Ceribell is the only big recent neurotech listing, and none of the big brain-implant start-ups has publicly filed. Chart from NewMarketPitch's Neurotech report.
Who is really ahead in brain chips, Neuralink or Synchron? A draw, 3 lines each. Neuralink has twice the patients, 64 times the electrodes and almost 4 times the money. Synchron goes in through a vein, has published its safety results and has funded its final trial. Chart from NewMarketPitch's Neurotech report.

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  • What has changed in the last 12 months
  • What works today, and what’s still hype
  • What are the biggest unsolved problems
  • What technologies are gaining traction
  • 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
  • Which business models are winning
  • Which investors are making the biggest bets
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026