Neuromodulation for MDD is building on an established TMS base. The market is now shifting through adolescent label expansion, accelerated protocols, and the first FDA-approved home-use devices.

Over the past 12 months, disclosed funding across a 17-company BCI snapshot reached $1.75 billion. This amount exceeds the total raised by the same set of companies across all prior years combined. Five companies account for the majority of this capital.