Neuroscience Market - Forecast(2024 - 2030)

Overview

The Global Neuroscience Market size is forecasted to reach $36.27 billion by 2024, growing at a CAGR of 3.49% during the forecast period 2019-2024. Several initiatives undertaken by the government as well as the healthcare community is set to impact the overall market growth. The market is also impacted with the rising prevalence of neurological disorders as well.

Key Takeaways

• The North America region has been estimated to be the dominating region for the Neuroscience Market owing majorly to the availability of advanced healthcare systems. Information on other major regions also given in final report.
• The global growth in prevalence of various neurological disorders is set to fuel market growth. Other major market drivers explained in neuroscience market report.
• Ethical regulations regarding testing on animals is considered as a major challenge to the market. Other challenges and information on how they affect the overall market mentioned in the final report.

Technology - Segment Analysis

Neuroscience is associated with nervous system study. Based on research areas and subjects of study, neuroscience is multidisciplinary. The study of how the nervous system functions, typically using physiological techniques, such as stimulation with electrodes, light-sensitive channels, or ion- or voltage-sensitive dyes is known is neurophysiology. A number of technology that can be used for imaging have been estimated to hold a larger segment of the market. This is owing to the increasing accuracy of such devices from technological advancements. In this segment, Neuro-Microscopy is estimated to grow the fastest due to technological advancements and increasing applications.

Component - Segment Analysis

The instrumentation segment have been estimated to account for the majority market share in this segment. This is owing to the substantial use of these devices in the diagnosis of several neurological disorders. However, the Data Analysis and Service Segments are estimated to have a larger CAGR of 4.23% owing to the increasing number of research firms that provide pre-clinical data analysis services as well as the rapid development of various technology for analysis.

Geography - Segment Analysis

The North America Region has been estimated to hold dominance for the market with an overall market share of 35% owing to the availability of developed healthcare systems as well as the presence of neuroscience based research entities and the rising prevalence of neurological disorders in the region. This region also has a variety of organizations, universities and institutes that create various initiatives and events to promote Research and Development into neuroscience. However, the APAC region was found to have a larger CAGR. This is owing to the continually improving healthcare in the region as well as the increasing target population.

Drivers – Neuroscience Market

·         Growing Prevalence of  Various Neurological Diseases Globally

The prevalence of various neurological conditions is increasing globally and could be considered as a major market driver. Timely diagnosis and effective treatment is required for neurological disorders and devices that help in the identification and proper treatment of such neurological diseases are gaining importance. This is set to drive the overall market.

·         Initiatives Taken by the Government

A variety of new initiatives are undertaken by the various governmental bodies in order to provide proper awareness to people regarding neurological disorders and how to identify and treat them. This can result in the overall market growth as an increasing number of people are made aware of various devices used for neurological disorders and how to treat them.

Challenges – Neuroscience Market

·         Ethical Regulations

For some countries, there are ethical regulations regarding the use of animals for clinical testing. This factor has the potential to limit the overall market as animal models needs to be used for the testing of some neurological devices. This can slow down the research of such devices.

Neuroscience Industry Outlook

Partnerships and Product Launches are the key strategies adopted by the major players in the neuroscience market. In 2018, the neuroscience market share is consolidated by the top companies present in the market. Neuroscience Top 10 Companies are Doric Lenses Inc., GE Healthcare, Seimens Healthcare GmbH, Noldus Information Technology, Biobserve GmbH, NeuroNexus Technology, Alpha Omega, Plexon Inc. and Blackrock Microsystems LLC, among others.

Partnerships/Product Launches

• On July 2019, Seimens Healthineers and the University of Missouri with its hospital system had announced the formation of a brand new strategic alliance. This 10 year collaboration will bring the partners expertise together to promote education as well as to launch research initiatives.
• On March 2017, Biobserve had launched a new viewer software that can be used to monitor animal behavior continuously. It has a variety of features that allow it to work under continuous illumination changes as well.