The global neuroscience market value reached at US$ 28.3 Bn in 2020 and predicted to surpass around US$ 41.4 billion by 2030, expanding at a noteworthy CAGR of 4.1% from 2021 to 2030.
The global neuroscience market value reached at US$ 28.3 Bn in 2020 and predicted to surpass around US$ 41.4 billion by 2030, expanding at a noteworthy CAGR of 4.1% from 2021 to 2030.
Increase in patient population with neurological disorders such as dementia, Alzheimer’s disease, and Parkinson’s disease, advancements in the field of neuro-technology and neuroscience, and surge in government funding and initiatives in neuroscience are the key factors projected to fuel the growth of the global neuroscience market during the forecast period.
The report provides an elaborate executive summary, which comprises a snapshot of various segments of the global neuroscience market. The report also provides information and data analysis of the global neuroscience market about segments based on technology, component, end user, and region.
The overview section of the report provides detailed qualitative analysis of drivers and restraints impacting the global neuroscience market, along with opportunities in the global market.
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Additionally, the global neuroscience market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competition landscape in the global neuroscience market.
The report includes data analysis on the neuroscience market attractiveness by region and segments.
The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global neuroscience market. It elaborates on the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global neuroscience market.
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.
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.
Neuroscience Market to Witness Steady Growth with Rapid Development of COVID-19 Vaccines
One of the enduring challenges is the ongoing COVID-19 pandemic that is limiting many types of physical applications of neuroscience. The risk of catching a virus is restricting many individuals to assess their symptoms. It is also hampering the research and tests for upgraded devices. Thus, COVID-19 is expected to hinder the growth of the market. However, the rapid development of vaccines to fight the virus is helping the neuroscience market to steadily grow in the upcoming years. Additionally, there is an increasing health consciousness among people resulting in increased demand for mental and physical health check-up devices. These factors are expected to drive the market during the forecast period.
Awareness Programs for Neuroscience Driving Neuroscience Market
In previous years, influenced by the research and development in neuroscience, the limits within various practices dimmed. Technology for brain imaging can allow a biological perspicacity into mental illnesses, which results in faster analysis, more accurate diagnosis, and enhanced monitoring of patient progress over time. Moreover, many neuroscientists and large organizations are spreading awareness and knowledge through events regarding the brain system in public as well government offices.
Many countries have regulations against the use of animals for research and testing. Animals are needed for testing some neurological devices, which can limit the growth of the neuroscience market. However, scientists can use Vitro methods (using human cells and tissues), or Silico models (computer-modeling techniques) for research to overcome the restraining factors related to animal use.
Neuroscientists, Researchers Eager for Innovations in Medical Devices Industry
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 expansion 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 global market for neuroscience.
Report Highlights
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, MRI, and magnetoencephalogram is likely to fuel the growth of the segment.
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.
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.
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.
Key Players
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.
Market Segmentation
- By Technology
- Whole Brain Imaging
- Neuro-microscopy
- Electrophysiology
- Neuroproteomic Analysis
- Animal Behavior Analysis
- Neuro-functional Analysis
- Others
- By Component
- Instrument
- Software
- Services
- By End User
- Hospitals
- Diagnostic Laboratories
- Academic & Research Institutions
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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