Neuroscience Market: Rise in Number of Deaths Due to Neurological Disorders Fuels Market Growth
Neuroscience Market: Introduction
According to the report, the global neuroscience market was valued at US$ 28.5 Bn in 2020 and is projected to expand at a CAGR of ~4% from 2021 to 2031. Increase in patient population with neurological disorders such as dementia, Alzheimer's disease, and Parkinson's disease and advancements in the field of neuro-technology and neuroscience are anticipated to drive the global neuroscience market from 2021 to 2031.
North America is expected to account for a significant share of the global neuroscience market during the forecast period. Growth of the market in the region can be attributed to well-established healthcare infrastructure, early adoption of technologically advanced products, surge in patient population with various neurological disorders, and high per capita healthcare expenditure. The market in Asia Pacific is likely to expand at a high CAGR from 2021 to 2031. Increase in patient awareness about various neurological disorders and rise in healthcare expenditure in countries such as China, Japan, and India are projected to drive the neuroscience market in the region.
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Rise in Burden of Brain-related Disorders to Propel Market
Brain-related disorders primarily include Alzheimer’s, dementia, brain cancer, epilepsy, seizures, mental disorders, Parkinson’s, and other movement disorders, stroke, and transient ischemic attack (TIA). Genetic disorders, congenital abnormalities, lifestyle or environmental health problems, including malnutrition, spinal cord injuries, brain injury, and nerve injury are primary causes of neurological problems.
According to the World Health Organization, epilepsy is a highly common serious brain disorder across the world, and an estimated two million new cases occur each year globally. Dementia is one of the major causes of disability, and it affects elderly people. Hence, increase in geriatric population leads to rise in the number of patients, which, in turn, drives the market. Nearly 50 million people have dementia and around 10 million new cases are recorded globally every year. Alzheimer's disease is a highly common form of dementia, and accounts for 60% to 70% of cases worldwide. According to the Blue Cross Blue Shield Association, around 90,000 commercially insured adults between the ages of 30 and 64 were diagnosed with Parkinson’s disease in 2017.
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Mental illness is common in the U.S. Nearly one in five U.S. adults lives with mental illness. According to the National Institute of Mental Health, an estimated 51.5 million adults aged above 18 suffered from mental illness in the U.S. in 2019, and the prevalence is higher among females. Therefore, rise in prevalence of brain-related disorders is anticipated to propel the global market.
Whole Brain Imaging Technology to Dominate Global Market
In terms of technology, the global neuroscience market has been classified into whole brain imaging, neuro-microscopy, electrophysiology, neuroproteomic analysis, animal behavior analysis, neuro-functional analysis, and others. The whole brain imaging segment is expected to dominate the global neuroscience market by 2031. The emergence of advanced technologies such as electroencephalography, fMRI, and magnetoencephalogram is likely to fuel the growth of the segment.
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Instruments to be Preferred over Other Components
Based on component, the global neuroscience market has been categorized into instrument, software, and services. The instrument segment is projected to dominate the global neuroscience market during the forecast period due to establishment of advanced technologies and high cost of neuroscience instruments.
Diagnostic Laboratories to be Major End Users
In terms of end user, the global neuroscience market has been divided into hospitals, diagnostic laboratories, academic & research institutions, and others. The diagnostic laboratories segment is anticipated to account for a significant share of the global neuroscience market by 2031. Rise in awareness about early diagnosis is expected to augment the segment. Moreover, increase in the number of diagnostic centers with a range of service offerings is likely to boost the segment.
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Competition Landscape
The report provides profiles of leading players operating in the global neuroscience market. These include Doric Lenses, GE Healthcare, Siemens Healthineers, Laserglow Technologies, Mightex Systems, NEURALINK, Kernel, BrainCo, Inc., MindMaze, Paradromics, NeuroPro, NeuroSky, EMOTIV, Cercare Medical A/S, Plexon, Inc., Noldus Information Technology bv, Femtonics Ltd., and Neuralynx.
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