by The neuroscience market manufactures and develops technologies and tools for brain mapping, neuroimaging, electrophysiology, neurochemistry and neuropsychology. Neuroscience helps understand diseases like Alzheimer’s, Parkinson’s, schizophrenia and other neurological disorders. The tools and techniques help researchers examine the nervous system and treat conditions affecting the brain and spinal cord.
The global Neuroscience Market is estimated to be valued at US$ 32.75 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the neuroscience market is the increasing adoption of neuroimaging techniques. Advanced neuroimaging tools allow non-invasive mapping of the structural and functional organization of the brain. Techniques like MRI, fMRI, PET, CT and EEG provide high-resolution brain images with precise localization of activity. This helps gain insights into neurological conditions and develop targeted therapies. Moreover, the integration of multi-omics data with neuroimaging is expected to boost personalized medicine approaches for neuropsychiatric disorders. The market is also witnessing R&D in novel biomarker discovery from neuroimaging data through machine learning and artificial intelligence. This helps identify signatures of disease pathology, progression and treatment response.
SWOT Analysis
Strength: The neuroscience market has advantages such as growing adoption of neuromonitoring in clinical practice and increasing investment in neuroscience research. Advancements in neuromodulation and neuroprotection also offer growth opportunities.
Weakness: High costs associated with neuroscience equipment and procedures hinder broader adoption. Lack of skilled professionals poses a challenge.
Opportunity: Rising incidence of neurological disorders creates demand. Growing applications of neurostimulation and neuroprosthetics present an opportunity for market expansion.
Threats: Stringent regulations for new product approvals can delay market entry. Reimbursement issues in some countries challenge market growth.
Key Takeaways
The Global Neuroscience Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period, due to increasing demand for neuroscience instruments and rising government investments in neuroscience research programs and Institutes. North America is anticipated to dominate the global neuroscience market owing to extensive research initiatives and rising prevalence of neurological disorders in the region. Key players operating in the neuroscience market are Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, Trifoil Imaging Inc.
Regional analysis
North America is projected to dominate the global neuroscience market during the forecast period owing to increasing research activities for neurological disorders, growing prevalence of neurological conditions, and presence of major market players in the region. The Asia Pacific neuroscience market is anticipated to witness the fastest growth owing to rising healthcare expenditure, increasing awareness regarding neurological disorders. Countries like China, India, and South Korea are expected to offer lucrative growth opportunities for market players in the region.
Key players
Key players operating in the neuroscience market include Alpha Omega, Inc., which offers EEG and MEG systems for neuroscience research. GE Healthcare provides neurodiagnostic solutions including CT, MRI, molecular imaging systems etc. Axion Biosystems, Inc. focuses on developing bioelectric assays for pain research. Siemens Healthineers offers neurology portfolio including ultrasound, MRI, CT solutions. Other prominent players include Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
