Neuroscience Market: Global Industry Analysis And Forecast (2023-2029)

Neuroscience Market size was valued at US$ 5.18 Bn. in 2022 and the total Neuroscience revenue is expected to grow at 3.9 % through 2023 to 2029, reaching nearly US$ 38.18 Bn.
Neuroscience Market Overview:
The structure and operation of the nervous system are the focus of the field of research known as neuroscience. The study includes behavioural, computational, and cognitive neuroscience as well as the history, development, physiology, cellular & molecular biology, anatomy & pharmacology of the nervous system. Tests for several common illnesses, such as Down syndrome, Parkinson's disease, brain tumours, and stroke consequences including language loss, are conducted using tools like MRI scans and computerised 3-D models.To know about the Research Methodology :- Request Free Sample Report

The ageing population is expected to rise, government spending on healthcare infrastructure in developed nations is expected to increase, and technological improvements are expected to accelerate the growth of the neuroscience market.

In this report, the Neuroscience market's growth reasons, as well as the market's many segments (Technology, Component, End-User, and Region.), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Neuroscience market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the Global Neuroscience market situation.
Neuroscience Market Dynamics:
The best imaging diagnostic and neurological research tool is MRI. It delivers the highest spatial resolution morphological images, the best soft tissue contrast, and the distinct functional data of the central nervous system (CNS). One of the most frequently conducted tests in neurology, brain evaluations are performed at 97 % of MRI locations and account for one in four MRI images. The identification of infections, vascular abnormalities, and brain and spinal cord malignancies, all of which can result in strokes, is one of the neurological uses of MRI equipment.

In addition to monitoring degenerative diseases like multiple sclerosis, MRI can also detect problems and even document traumatic brain injury. Therefore all these factors are expected to drive the overall Neuroscience market growth.

Certain factors that are driving the Neuroscience market growth includes rising disease burden of brain-associated disorders, advancement in the field of neuroscience and neuro-technology and increasing R&D expenditure and government funding. Neurovascular disease is a leading cause of adult disabilities and death and includes any abnormality of the blood vessels within or supplying blood to the brain and spine. This includes narrowing of the arteries, which decreases blood flow to the brain and increases the risk of a stroke. Additionally, a neurovascular disease may cause the weakening of the arteries that can lead to brain aneurysms and other conditions that increase the risk of a stroke.

The increasing number of deaths due to various neurological disorders, such as Parkinson's disease, Alzheimer's, schizophrenia, and other brain-related conditions, represents the primary factor driving the market growth. Besides this, the escalating demand for neuroimaging devices and the ongoing brain mapping research and investigation projects are other major growth-inducing factors.

Additionally, the governments of various nations are taking favorable initiatives to spread awareness about neurological diseases and the available treatment options. Along with this, the rising usage of microscopy, optogenetics, magnetic resonance imaging (MRI), and electrophysiology instruments in the diagnosis of several neurological disorders is catalyzing the market growth.

To increase their product portfolio and obtain a competitive advantage, the top players are also creating novel medical devices that offer improved effectiveness and patient compliance. Additionally, the market is growing as more people become aware of the advantages of cutting-edge neuroscience technologies over traditional standalone imaging devices, such as the combination of various imaging devices with the MRI and neuro microscopes.

A positive boost to the market growth is also being provided by other factors, such as the rising government funding for research and development (R&D) activities, developments in the neuroscience and neurotechnology fields, rising healthcare costs, an increase in the number of geriatric people, and better healthcare infrastructure.

The market is expected to be dominated by the rising incidence of brain-related illnesses and the number of developed healthcare systems. In North America, there are many organisations, universities, and institutes that are dedicated to various programmes and tasks that support R&D in the neuroscience field. Furthermore, government agencies are concerned about the number of deaths in the United States. Therefore, there has been an increase in government funding to support the development of the neuroscience market.

Presently, laser helmets are being used to calculate brain activity. A laser helmet operates by sending the laser beams into the brain to calculate oxygen levels. This helps to identify the mental process and is currently being called functional near-infrared spectroscopy. Kernel flow helmet began its sale to scientists and researchers this year. The demand for the product is expected to grow in the near future and contribute to the growth of the neuroscience market.

Another medical science device helping neuroscientists is studded with electrodes to detect tiny nerve impulses on the wrist. The electrode bracelet uses electromyography to monitor signals that travel from the brain to hand muscles. The technology is currently developing with various institutions working on it. Once launched, the devices are likely to witness high demand from various developed economies, fueling the market for neuroscience.
Neuroscience Market Segment Analysis:
By Technology, The market is segmented into Brain Imaging, Neuro-Microscopy, Electrophysiology, Neuroproteomic Analysis, Animal Behaviour Analysis and Others. These applications include the identification of neural networks involved in cognitive processes, understanding disease pathways, and early disease diagnosis. It enables the study of disease progression at a molecular level, thereby leading to greater usage by researchers in order to develop novel medicines and treatment strategies for nervous disorders.

By End-User, Based on Application, The market is bifurcated into Hospitals, Diagnostic Laboratories, Research Institutes, and Others. Hospitals are anticipated to become the fastest-growing market in the forecast period. The increasing preference of patients towards hospitals for better diagnosis of their neurological disorders is one of the major factors driving the hospital segment. The quality treatment facilities offered by the hospitals and the availability of advanced equipment have positively increased the growth of the segment.
Regional Insights:
The United States has the greatest market share in the region of North America. The Centers for Disease Control and Prevention (CDC) estimate that 1 in 20 deaths in the United States are caused by stroke, which kills around 140,000 people annually. According to estimates, there is at least one stroke in the United States every 40 seconds, and a stroke-related death occurs every four minutes. The majority of strokes—about 87 % of them—are ischemic strokes, in which the brain's blood supply is cut off.

As per stated by the Brain Aneurysm Foundation, an estimated 6.5 million people in the United States have an unruptured brain aneurysm, or 1 in 50 people. The annual rate of rupture is approximately 8-10 per 100,000 people. There are almost 500,000 deaths worldwide each year caused by brain aneurysms, and half the victims are younger than 50 years. Therefore, the increasing demand for the neuroimaging devices and the growing research activities in the field of neuroscience contribute to the growth of the market in North America.

MEA: Due to the region's growing medical infrastructure, the instrument sector is anticipated to continue to dominate the MEA neuroscience market in terms of revenue over the forecast period. Over the forecast period, the MEA neuroscience market is expected to experience a moderate CAGR of 5.1%. The Rest of MEA market is anticipated to have a slow CAGR over the forecast period in terms of value.

APAC: Due to rising rates of CNS illnesses among the ageing population in the region, China has dominated the APAC neuroscience market over the course of the forecast period. During the forecast period, the APAC neuroscience market is anticipated to grow significantly at a CAGR of 7.0 %.

The objective of the report is to present a comprehensive analysis of the Neuroscience market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Neuroscience market dynamics, and structure by analyzing the market segments and projecting the Neuroscience market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Neuroscience market make the report investor’s guide.
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Neuroscience Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.18 Bn.


Forecast Period 2023 to 2029 CAGR:
3.9 %
Market Size in 2029:
US $ 38.18 Bn.


 Segments Covered:
by Technology
Brain Imaging
Neuro-Microscopy
Electrophysiology
Neuroproteomic Analysis
Animal Behaviour Analysis
Others


by Component
Instruments and Consumables
Software and Services


by End-User
Hospitals
Diagnostic Laboratories
Research and Academic Institutes
Others



Neuroscience Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Biobserve GmbH
2. Doric Lenses Inc.
3. GE Healthcare
4. Kendall Research Systems LLC
5. Laserglow Technologies
6. Mightex Systems
7. NeuroNexus Technologies
8. Noldus Information Technology
9. Prizmatix Ltd.
10. Siemens Helthineers
11. Other Key Players

FAQs:

1. What is the market size of the Neuroscience Market in 2022?
Ans. Neuroscience Market size was valued at US$ 5.18 Bn. in 2022.

2. What is the Forecast Period of the Neuroscience Market?
Ans. Forecast Period for Neuroscience Market in 2023-2029.

3. What is the projected market size & growth rate of the Neuroscience Market?
Ans. Neuroscience Market is expected to grow at 3.9 % through 2023 to 2029, reaching nearly US$ 41.52 Bn.

4. What segments are covered in the Neuroscience Market report?
Ans. The segments covered are Technology, Component, End-User, and Region.