Neuroscience Market

Global Neuroscience Market Size (2023 to 2028)

The global market size for neuroscience is forecasted to grow at a CAGR of 5.12% from 2023 to 2028 and will be worth USD 42.89 billion by 2028 from USD 33.41 billion in 2023.

Neuroscience is concerned with studying the nervous system and involves evaluating and visualizing brain function. "neuroscience" refers to the study of the nervous system's molecular, cellular, developmental, structural, functional, evolutionary, computing, psychological, and pharmacological components. Neuroscience is evolving due to advances in biology, pharmaceutical science, medicine, cognitive science, and biomedical engineering. Neuroscience is used in a wide range of fields to understand better the pathogenesis and symptoms of chronic neurological diseases such as epilepsy and Alzheimer's disease.

MARKET DRIVERS:

Proteomic technologies have critical applications in neuroscience, and the demand for them is fast increasing due to their widespread availability. Technological advancements are assisting in advancing neuro-microscopy and hence the growth of the global neuroscience market. Furthermore, several advances in brain technology have been made, and continued research for better outcomes and accuracy is one of the important reasons driving the market growth. Significant government support for the continuation of such research is projected to keep the market stable, and novel product creation due to continuous R&D is expected to drive market expansion throughout the forecast period.

The growth of the global neuroscience market is further likely to be fuelled by factors such as ongoing brain mapping research and investigation projects, government-led neuroscience efforts, and developments in neuroscience-related algorithms. Throughout the forecast period, these factors are expected to boost revenue creation by encouraging product adoption in this market. While light and electron microscope neuron microscopy techniques are utilized for longer periods for research, two-photon microscopy in combination with optogenetics-based simulation technology is predicted to rise rapidly as a new section of the market. Furthermore, the presence of a disproportionately large number of products and services in behavior analysis utilizing various animal models is projected to drive the growth of the market.

MARKET RESTRAINTS:

However, during the forecast period, the neuroscience market's growth will likely be limited by the high initial cost of instruments and their installation. There are ethical guidelines for the use of animals in clinical trials in several countries. Because animal models are required to test several neurological devices, this factor can potentially challenge the entire market. This may cause the development of such devices to be slowed.

Impact of COVID-19 on the global neuroscience market:

The continuous COVID-19 pandemic, which is limiting many sorts of physical applications of neuroscience, is one of the long-term problems. Many people cannot examine their symptoms due to the risk of contracting a virus. It also makes research and testing for improved devices more difficult. As a result, COVID-19 is projected to restrict market expansion for the next few days. COVID-19, on the other hand, has been linked to neurological and mental health issues such as psychosis, agitation, and stroke. People with pre-existing mental, neurological, or substance-abusing disorders are also more vulnerable to SARS-CoV-2 infection, with a higher chance of severe consequences and even death. The quick discovery of vaccinations to combat the virus, on the other hand, is aiding the neuroscience market's steady growth during the forecast period. Furthermore, individuals are becoming more health-conscious, increasing in demand for mental and physical health check-up equipment. During the forecast period, these factors are expected to drive the expansion of the global neuroscience market.

REPORT COVERAGE:

This research report on the global neuroscience market has been segmented and sub-segmented based on technology, component, end-user, and region.

Neuroscience Market – By Technology:

• Brain Imaging
• Neuro-Microscopy
• Electrophysiology
• Neuro Proteomic Analysis
• Animal Behaviour Analysis

Based on technology, the brain imaging segment accounted for the leading share of the global neuroscience market in 2022. The best instrument for diagnostic imaging and neurological research is magnetic resonance imaging (MRI). It gives high-resolution morphological images with unrivaled soft tissue contrast, as well as unique functional information about the central nervous system (CNS). The brain examination is performed at 97 percent of MRI locations, and one out of every four MRI scans is of the brain, making it one of the most common exams in neurology. MRI systems are used in neurology to diagnose malignancies in the brain and spinal cord, infections, and vascular abnormalities that can lead to stroke.

Neuroscience Market – By Component:

• Instruments and Consumables
• Software and Services

Based on the component, the instruments and consumables segment led the global neuroscience market in 2022. Optogenetics instruments, electrophysiological instruments, microscopy devices, and MRI instruments are among the instruments used in neuroscience. The widespread use of these in the diagnosis of a variety of neurological illnesses has resulted in increased market penetration and share in 2016. The term "consumables" refers to a variety of items that are necessary for neuroscience investigations. Over the forecast period, rising demand for consumables is expected to fuel the consumables market and demonstrate its lucrative nature, owing to the increasing advent of experimentation in neuroscience technology.

Neuroscience Market – By End-User:

• Hospitals
• Diagnostic Laboratories
• Research and Academic Institutes
• Others

During the forecast period, the diagnostic laboratories segment is expected to lead the worldwide neuroscience market.

Neuroscience Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American regional market played a leading role in the world market in 2022 and is primarily driven by the increasing number of brain-related disorders and the number of developed healthcare systems. Numerous organizations, universities, and institutes in North America are focused on various programs and activities to stimulate neuroscience research and development. Furthermore, the number of deaths in the United States concerns government officials. As a result, there has been an increase in government financing to support the growth of the neuroscience market. The further expansion of the neuroscience market is likely to be aided by increased government spending on healthcare infrastructure in developed regions. Because of the Affordable Care Act's considerable influence on health insurance coverage, national health spending in the United States is expected to climb at 5.8% yearly.

People in the Asia Pacific are becoming more aware of various neurological illnesses due to the region's expanding population. Healthcare spending is increasing in countries like India, China, and Japan, according to the market. During the projected period, the Asia Pacific market is expected to grow substantially. Other key causes, such as the widespread nature of numerous neurological diseases, will likely increase demand for new diagnoses and treatments.

KEY MARKET PARTICIPANTS:

Companies such as Alpha Omega Co. USA Inc., Axion BioSystems Inc., Biobserve GmbH, Blackrock Microsystems LLC., Bruker Corporation, Doric Lenses Inc., Femtonics Ltd., GE Healthcare, Intan Technologies, LLC., Kendall Research Systems, LLC (KRS), Laserglow Technologies, LaVision BioTec GmbH, Med Associates, Inc., Mediso Medical Imaging Systems, Mightex Systems, Multi-Channel Systems MCS GmbH, Neuralynx, Inc., NeuroNexus and Newport Corporation are dominating the global neuroscience market.

RECENT HAPPENINGS IN THIS MARKET:

• Siemens Healthineers and the University of Missouri Hospital System announced the development of a new strategic relationship in July 2019. This ten-year partnership combines the partners' skills to promote education and initiate research activities.
• To boost its business in the software segment, Koninklijke Philips N.V. purchased TomTec Imaging Systems GmbH (TOMTEC), a renowned developer of intelligent image analysis software, in July 2017.
• Philips and Hong Duc General Hospital in Ho Chi Minh City, Vietnam, signed a seven-year cooperation agreement in April 2019, under which Philips would provide the latest medical imaging, patient monitoring, and healthcare IT solutions to Hong Duc General Hospital.