Neurotechnology is where cutting-edge tech meets the human brain and nervous system, as devices that monitor or influence brain activity. This can mean anything from scanning the brain to detect a hidden seizure, to stimulating neural circuits to treat diseases, to even connecting brains with computers. The goal is to better diagnose neurological conditions, treat them in new ways, or augment human capabilities. Neurotechnology isn’t science fiction anymore; it’s a growing market expected to triple from about $17 billion in 2025 to $52 billion by 2034 as lab breakthroughs turn into commercial products.
The case for neurotech is clear. We have an aging population and rising cases of brain-related disorders, from Alzheimer’s to depression. Traditional treatments like drugs often fall short or come with bad side effects, leading doctors and patients to look for high-tech solutions. Governments and big investors are also backing brain research (e.g., the U.S. BRAIN Initiative and the still-private Neuralink). In particular, Neuralink’s experiments with implantable brain chips have brought a lot of attention to this field, sparking public imagination about things like controlling a computer with your mind.
While those sci-fi musings are still early, practical neurotech is already here – helping paralyzed people move, relieving severe depression without drugs, and more. In this report, we highlight the top neurotech stocks to watch in 2025—curated for their pure-play exposure to breakthroughs in neurodiagnostics, neuromodulation, brain-computer interfaces, and neural implants.
Neurodiagnostics & Monitoring
Being able to see what’s happening in the brain is the first step to treating any neurological problem. Neurotech stocks in this sector are all about measuring brain activity or health in real time – often in places or ways that weren’t possible before. This category includes electroencephalography (EEG) headsets, portable brain scanners, and other monitoring tools that help doctors catch conditions like seizures, strokes, or brain injuries quickly and accurately.
Ceribell, Inc. (NASDAQ: CBLL)
HQ: USA; Portable EEG brain monitor for “silent” seizure detection.
Ceribell makes a portable EEG brain monitor that functions like an “EKG for the brain,” designed for emergency and critical care use. Its headband device and AI-based software can spot silent seizures in minutes right at a patient’s bedside. The need is huge: an estimated one-third of ICU patients with neurological issues experience “hidden” seizures that don’t cause obvious convulsions. Ceribell’s system received FDA clearance and even special Medicare reimbursement for detecting these hard-to-diagnose types of seizures. That means regulators and payers recognize its value – a huge catalyst for adoption. As hospitals aim to improve outcomes for stroke, trauma, and ICU patients, Ceribell’s easy-to-use device offers a solution to a clear unmet need (rapid neurodiagnosis).
Ceribell is a bet on improving neurological emergency care – a niche that could become mainstream. As a first-mover with FDA-backed tech, Ceribell could become a standard tool in critical care. With an aging population and greater awareness of post-stroke and post-surgery seizures, demand for bedside brain monitoring is rising. If Ceribell executes well in scaling sales, it stands to grow rapidly from here.
Hyperfine, Inc. (NASDAQ: HYPR)
HQ: USA; The world’s first portable MRI scanner.
Hyperfine is pioneering the world’s first portable MRI scanner, called Swoop, which is FDA-cleared for brain imaging. Think of a mini-MRI on wheels that can be rolled to a patient’s bedside and plugged into a standard outlet. It produces brain scans within minutes, which is a game-changer for stroke and trauma cases where time is critical. Instead of rushing a fragile patient to the radiology department (or worse, having no MRI at smaller clinics), Hyperfine brings the scanner to the patient. The technology uses lower magnetic fields plus AI software to enhance images. Studies showing that its scans, while lower resolution than traditional MRI, are “good enough” for critical decisions in strokes/bleeds. Hyperfine also benefits from the push for cost-effective imaging in rural or developing areas.
Hyperfine is essentially creating a new market for point-of-care brain MRI, much like portable ultrasounds did in their domain. It’s still a small company with the usual startup losses, but it’s showing traction: in 2024 it reported 17% year-over-year revenue growth, thanks to new hospital adopters in the U.S. and Europe. If Swoop becomes common in neuro ICUs and stroke centers, Hyperfine could grow into a dominant player in bedside imaging.
Compumedics Limited (ASX: CMP)
HQ: Australia; Pediatric-friendly MEG scanner to map brain activity.
Compumedics is an Australian medtech company specializing in advanced neurodiagnostic systems – from EEG machines to sleep study equipment. Its crown jewel is a next-gen brain scanner called Orion MEG, a high-end tech meant to map brain activity. What makes this MEG scanner unique is that it’s pediatric-friendly, with a dual-helmet design that can accommodate both kids and adults. Typically, scanning a young child’s brain activity was notoriously hard (adult helmets are too big, kids squirm, etc.), but Compumedics’ solution cuts noise and improves fit, as validated by successful scans of toddlers in China. In turn, the company has made significant sales of these systems to top Chinese research hospitals and projects healthy revenue growth as more installations roll out. The company already has strong adoption in Asia and plans to expand in the US and Europe.
Compumedics is a picks-and-shovels play on global brain research and clinical neurology growth. It not only sells the hardware (MEG and high-density EEG) but also the software (their FDA-cleared CURRY platform) that analyzes brain signals and fuses them with MRI/CT data for surgical planning. This software edge creates an ecosystem lock-in and recurring revenue.
Neuromodulation & Neurostimulation
Neuromodulation is a big word for a simple idea: using electrical or magnetic stimulation to treat medical conditions by altering nerve activity. Instead of taking a pill that goes everywhere in your body, these therapies target the body’s electrical circuits directly – often with fewer side effects. Neurotech stocks in this sector build devices like magnetic stimulators for depression, implanted nerve stimulators for pain or sleep apnea, and deep brain stimulators for movement disorders.
Neuronetics, Inc. (NASDAQ; STIM)
HQ: USA; Non-invasive magnetic therapy for depression.
Neuronetics makes NeuroStar, a leading transcranial magnetic stimulation (TMS) device that uses magnetic pulses to the brain to treat depression. In practice, it offers hope for patients with major depression who haven’t found relief with medications. The therapy is non-invasive and has helped prove that TMS can genuinely help mood disorders. The company is almost a pure-play on this depression treatment niche; over 175,000 patients have been treated with NeuroStar TMS so far, delivering over 6 million treatment sessions. That real-world experience shows the technology works, with a high response rate around 83% in clinical outcomes, much higher than typical antidepressant success rates. Recent catalysts include broader insurance coverage – notably California’s Medi-Cal (Medicaid) decision to cover TMS for 14+ million patients statewide – which should spur other insurers to follow.
The thesis for Neuronetics centers on mental health care shifting towards device-based solutions. Depression is a huge market, and many patients are seeking drug-free treatments due to either side effects or lack of efficacy from meds. Neuronetics has the first-mover advantage in TMS, strong clinical data, and a growing installed base of systems. The company does face competition, but NeuroStar is well-known among practitioners and backed by extensive training and support programs.
Inspire Medical Systems, Inc. (NYSE: INSP)
HQ: USA; Innovative pacemaker for sleep apnea.
Inspire is a standout in neuromodulation, with a device that treats obstructive sleep apnea by electrically stimulating a nerve in the throat (the hypoglossal nerve) to keep the airway open during sleep. Think of it as a tiny implanted device, almost like a pacemaker, that you turn on at night to prevent snoring and dangerous apnea episodes. The company has captured a unique niche: tens of millions of people have moderate-to-severe sleep apnea, and many hate their CPAP machines. Inspire offers an effective alternative. The growth numbers speak volumes: in 2024, the company saw a 28% jump in revenue year-over-year, reaching roughly $803 million in sales. The company’s execution has been strong – consistently beating sales expectations – and has also been expanding globally.
Inspire is riding a wave of unmet need in sleep medicine. It has little direct competition in the implantable apnea device space, and the room for expansion is huge – they are still serving only a small fraction of eligible patients. Key tailwinds include growing awareness among physicians (more ENT surgeons and sleep doctors getting trained to implant it), insurance coverage (most major insurers including Medicare now cover Inspire for appropriate patients), and the ongoing CPAP device recall woes that have driven patients to seek alternatives.
Medtronic plc (NYSE: MDT)
HQ: Ireland, USA (operational); Blue-chip critical enabler of neurotech.
While Medtronic is a giant spanning many medical device fields, it’s also a critical enabler in neurotech with decades of experience and a global footprint. Medtronic pioneered deep brain stimulation (DBS) in the 1990s and remains the world leader in DBS therapy for Parkinson’s disease and other movement disorders – over 185,000 patients have received Medtronic DBS implants to date. Recently, the company has collaborated with Nvidia to incorporate AI into neurosurgery and brain device diagnostics. It also launched the world’s only closed-loop DBS system (adaptive DBS that senses brain signals and adjusts stimulation in real time) in Europe, showcasing its commitment to keeping leadership in neuro. Medtronic will likely be a big player in whatever the “neuro future” holds, whether that’s more advanced implants or AI-driven brain mapping, simply because it already has the infrastructure (sales in 150+ countries) and credibility with regulators and clinicians.
Compared to pure-play neurotech stocks, Medtronic is a more conservative angle, the steady “picks and shovels” backbone of the field. You get the upside of things like expanding DBS use and new product launches, without the binary risk of a single product startup. It’s also worth noting that Medtronic’s size allows it to do what smaller firms can’t: run large studies, navigate reimbursement across the globe, and ramp up manufacturing at scale.
Brain-Computer Interfaces & Neural Implants
This is the most futuristic segment of neurotech stocks: devices that directly connect with the nervous system or brain. Brain-Computer Interfaces (BCIs) allow the brain to communicate with external computers or prosthetics – for example, a paralyzed person moving a robotic arm by imagining it. Neural implants include things like cochlear implants for hearing or retinal implants for vision. This is a high-risk, high-reward area, with many companies still in R&D.
NeuroOne (NASDAQ: NMTC)
HQ: USA; Picks-and-shovels pure-play for BCIs and neural implants.
NeuroOne is a small U.S. company that develops thin, flexible electrode implants for recording and stimulating brain activity. In essence, they make the high-tech electrodes that could be used in next-gen brain-computer interfaces or advanced epilepsy monitoring. Traditional brain electrodes are stiff and thick; NeuroOne’s are ultra-thin film, which potentially makes them safer and able to cover larger brain areas like a conforming sheet. The company’s initial product, OneRF, is an electrode set for epilepsy that can both record brain signals and deliver radiofrequency ablation (to literally zap small areas causing seizures). But NeuroOne’s ambitions go further – they’re exploring whether these same implants can be used for targeted drug delivery into the brain (via tiny probes), which could open a new frontier in treating diseases behind the blood-brain barrier.
NeuroOne is a picks-and-shovels play in the BCI/neural implant space. They aren’t making a full BCI system like Neuralink; instead, they’re making enabling hardware that other neurotech companies might need. For instance, if brain implants for depression or paralysis become big, those will require high-quality electrodes – NeuroOne could be a supplier or partner.
NeuroPace, Inc. (NASDAQ: NPCE)
HQ: USA; Closed-loop RNS that acts as a pacemaker for the brain.
NeuroPace is a company that has already realized a sci-fi concept: an implantable brain device that can detect and counteract seizures in real time. Its RNS System (Responsive Neurostimulation) is like a pacemaker for the brain. It’s implanted in the skull of patients with refractory epilepsy. The device continuously monitors brain waves and if it senses an oncoming seizure, it delivers a small electrical pulse to nip it in the bud. This closed-loop system has been FDA-approved for years and is used in a growing number of severe epilepsy patients who don’t respond to drugs. Thus, NeuroPace is a leader in a high-need niche: refractory epilepsy affects ~1 million people in the US alone. The company is also studying using RNS for other conditions like depression and memory disorders. If those pan out, the addressable market could multiply.
NeuroPace is essentially a bet on the rise of “smart” implants that treat neurological disorders adaptively. Their technology sits at the intersection of neuromodulation and BCI – it’s reading brain activity (a bit like a BCI) and also stimulating the brain (neuromodulation) automatically. With FDA Breakthrough Device designation in hand and potentially expanding use cases, NeuroPace’s RNS is ahead of the curve in a world moving towards personalized medicine.
Cochlear Ltd (ASX: COH)
HQ: Australia; Restoring hearing to the deaf via neural implants.
Cochlear is an Australian company and the global leader in cochlear implants, which are among the most successful neural implants ever developed. A cochlear implant bypasses a damaged inner ear and directly stimulates the auditory nerve, allowing people with profound hearing loss to perceive sound. For thousands of adults and children, Cochlear’s devices have literally brought sound into their world; many who were completely deaf can now hear conversations, music, and live much fuller lives. Today, over 200,000 people in the U.S. have cochlear implants, and over a million globally. Going forward, the company is leveraging its expertise to possibly branch into other areas, including partnering with GN Group to leverage AI in its hearing aids and implants.
Compared to other neurotech stocks in this sector, Cochlear is a more established company that has been in business for decades. It’s one of the “Big 3” in hearing implants and has a huge installed base that provides recurring revenue via upgrades, accessories, and services. Yet, it’s not standing still; Cochlear is also part of R&D in newer neuro prosthetics like vestibular implants for balance.
ONWARD Medical (EBR: ONWD)
HQ: Netherlands; Brain-computer interfaces for paralysis recovery.
ONWARD Medical is a European company at the frontier of brain-computer interfaces to restore movement in people with spinal cord injuries. The company’s approach, called ARC-BCI, combines a brain implant that reads a person’s intent to move with a spinal cord stimulator that activates the muscles – effectively creating a “digital bridge” between brain and body. In 2023-2024, ONWARD achieved a milestone: five paralyzed patients were able to take steps or move thanks to this BCI-driven system. The implications of this are profound, as this could be life-changing for people with paralysis. While still in clinical trials, ONWARD has Breakthrough Device designation from the FDA and is racing to be first to market with a thought-controlled movement therapy. The company also has a simpler product (ARC-EX) which is a non-invasive spinal stimulator for improving mobility that’s nearer to commercial launch, providing a nearer-term revenue stream.
ONWARD is early-stage (not yet profitable, mostly in R&D phase), but the upside if they succeed is enormous; ONWARD could become the “Intuitive Surgical” of neurorehabilitation. Spinal cord injury has no cure, and millions live with paralysis worldwide. ONWARD isn’t selling a gadget for a mild condition; it’s tackling one of the hardest medical challenges. It already leads in clinical experience for BCI in humans, setting it apart from many lab-stage BCI players.
Private Neurotech Companies to Watch
A number of private startups are pushing the boundaries of brain-computer interfaces (BCIs) and related neurotechnologies. While not publicly traded yet, these are the startups that are worth watching in case of future IPO:
Implantable BCI and Neural Implant Startups
- Neuralink (USA) – Elon Musk’s neurotech venture developing ultra high-bandwidth brain implants to connect human brains with computers. Neuralink has already implanted its wireless chip in a human patient, aiming to enable device control by thought and eventually treat neurological disorders like paralysis and blindness.
- Synchron (Australia/USA) – Developer of the first minimally invasive BCI implant delivered via the bloodstream (the “Stentrode”), avoiding open brain surgery. In 2023 Synchron enabled a patient with ALS to control an Apple Vision Pro headset using only brain signals, a breakthrough that showcases its implant’s hands-free communication potential for the severely paralyzed.
- Paradromics (USA) – Creator of the high-channel-count Connexus implant, often described as “broadband for the brain.” Paradromics’ fully implanted chip can record single-neuron activity with very high resolution and long-term stability, an approach geared toward restoring communication for patients who cannot speak due to paralysis.
- Precision Neuroscience (USA) – Pioneering a thin, flexible BCI called the Layer 7 Cortical Interface that rests on the brain’s surface. This ultrathin electrode array (1,024 channels) can be inserted through a tiny sub-millimeter slit in the skull, offering a minimally invasive way to record and stimulate neural activity at high fidelity; the device earned FDA clearance for short-term clinical use in 2025.
- Blackrock Neurotech (USA) – A longtime BCI innovator known for its Utah Array implants, Blackrock develops brain-signal-powered medical devices to help people with paralysis and neurological disorders.
- StairMed (China) – A fast-rising Chinese BCI startup, StairMed is developing implantable brain chips and specialized surgical robots. It touts ultra-flexible neural electrodes (just a fifth the size of Neuralink’s) designed to be so soft and thin that brain tissue barely “feels” their presence.
- INBRAIN Neuroelectronics (Spain) – INBRAIN uses graphene – an atom-thin, highly conductive material – to build next-gen neural interfaces with extreme signal fidelity. In 2024, it achieved the world’s first human trial of a graphene-based BCI, during which its graphene electrode implant helped surgeons distinguish healthy brain tissue from tumor tissue at micrometer precision.
Non-Invasive and Wearable Neurotech Startups
- Kernel (USA) – Founded by tech entrepreneur Bryan Johnson, Kernel is pioneering non-invasive brain recording with its Kernel Flow headset. This wearable device uses pulses of light to monitor brain activity by measuring blood-flow oxygenation changes in the cortex, packing lab-grade optical brain imaging technology into a helmet.
- MindMaze (Switzerland) – One of Europe’s first neurotech unicorns, MindMaze has built a “neuro‑inspired” computing platform that fuses neuroscience with virtual reality and AI. Best known for its FDA-cleared VR neurorehabilitation systems for stroke patients, MindMaze is expanding intuitive brain-machine interfaces into broader domains, like gaming and human-machine interaction.
- Cognixion (USA) – Cognixion stands out with an assistive BCI headset that combines brain signals with augmented reality. The company’s Cognixion One device is a wearable, AI-powered neural interface (no implants needed) that uses EEG brainwaves plus eye-tracking in an AR display to enable communication for people who can’t speak. Now in clinical trials with late-stage ALS patients.