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.
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.
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.
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.
The Neuroscience market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Neuroscience market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Neuroscience market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Neuroscience market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Neuroscience market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Neuroscience capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Neuroscience by regions (countries) and application.
In this study, the years considered to estimate the market size of Neuroscience are as follows:
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Neuroscience market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Neuroscience market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Neuroscience market.
Market Segments: This part of the report discusses about product, application and other segments of the Neuroscience market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
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