Neuroscience Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
The neuroscience market has been estimated to grow at a CAGR of 3.9% during the forecast period from 2020 to 2030. This rapid growth in the neuroscience market has been owing to rising cases of neurological disorders.
These disorders include Parkinson’s disease, Alzheimer’s, and some other dementias. So, based on these factors, the neuroscience market has been projected to grow at a significant speed in the coming years.
Parkinson’s disease has been the second most common neurodegenerative disorder that is based on age. Alzheimer’s disease holds the first position in these types of disorders. Further, the neuroscience market has been valued at US$ 27,630.13 million in the year ending 2018.
The Middle East & Africa, Europe, Latin America, North America, and the Asia Pacific are the key global areas in which the neuroscience market has been operating. The rising incidences of product launches have been expected to bolster growth opportunities in the neuroscience market in the following years.
North America has been projected to retain a dominating position in the neuroscience market throughout the forecast period because of increased growth in the healthcare industry in the region.
The key players serving in the neuroscience market are putting efforts to launch the novel product in the regional market. So, based on these factors, the neuroscience market is likely to grow rapidly.
The brain mapping research along with the investigation projects, as well as the technological developments in tools and algorithms that are being implemented in neuroscience space are among the primary factors contributing to the progress of the global neuroscience market.
The neuroscience-based initiatives by government bodies are further driving product adoption in the global market. Various organizations and institutes such as Max Planck Florida Institute, the University of Pennsylvania, Ontario Brain Institute, NIH, University of Utah, and NeuroScience Canada are playing a vital role in developing the neuroscience-based research and development to increase the efficiency of patient outcomes in those suffering from neurological disorders.
The global neuroscience market features a fragmented landscape owing to the strong presence of several key players in the market. These leading companies in the global market are constantly focusing on manufacturing technologically advanced products that will enhance efficiency and patient compliance. Naturally, the competition on the basis of pricing in the market quite high and is working in favor of the development of the global market. The existing market players are deploying various strategies and advanced techniques to develop novel processes to improve the outcomes of patients suffering from neurological disorders.
Some of the leading companies in the global neuroscience market include names such as GE Healthcare, Kendall Research Systems LLC, Med Associates Inc, Multi-Channel Systems MCS GmbH, Blackrock Microsystems, NeuroNexus, Sutter Instrument Company, and Prairie Technologies (Bruker Corporation) among others.
Some of the notable developments in the global neuroscience market are given below:
The extensive use of microscopy instruments, optogenetics instruments, MRI instruments, and electrophysiology instruments in the diagnosis of several neuroscience disorders is propelling the rise in the penetration of the global neuroscience market. Imaging techniques are being employed in a wide range of applications in neuroscience-based research which are attributing to the substantial share of whole-brain imaging and include identification of neural networks involved in understanding disease pathways, early disease diagnosis, as well as cognitive processes. It is facilitating the study of disease progression at a molecular level and enabling better usage by researchers to improve novel medicines and treatment strategies for nervous disorders. The increased precision of imaging provided and neuron simulation from optogenetics are boosting the advancement of the global neuroscience market.
The global neuroscience market has five main regions that provide the reader with the intricate details of the working dynamics of the regional landscape. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global neuroscience market is being dominated by the regional segment of North America. Multiple factors such as the availability of well-developed healthcare systems, increasing prevalence of neurological disorders, a significant number of neuroscience-based research entities, and funding by government, as well as other organizations are contributing to the regional segment of North America growing at a remarkable pace in the global neuroscience market. The Asia Pacific region is also progressing at a remarkable pace owing to the presence of the substantial target population along with a developing healthcare system in the region.
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