Burlingame, May 19, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global neuroscience market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 4.1 % during the forecast period (2023-2030).
Analysts’ Views on Global Neuroscience Market:
Increasing cases of neurological disorders including Alzheimer’s, Parkinson’s diseases, and other dementias is expected to drive the global neuroscience market growth over the forecast period. For instance, according to Alzheimer's Disease Association, in 2022, neurodegenerative diseases affect millions of people worldwide. Alzheimer’s disease and Parkinson’s disease are the most common neurodegenerative diseases. According to National Institute of Health (NIH) 2021 U.S., 6.2 million people suffered with Alzheimer Disease and nearly millions of americans had parkisons disease.
Global Neuroscience Market – Driver
Inorganic Strategies Adopted by the Major Players
Major market players are focusing on adopting inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, and this is expected to drive the market growth over the forecast period. For instance in march 2022, AbbVie inc., a pahramceutical company has completed the acquisition of Syndesi Therapeutics SA, which will help to expand AbbVie's neuroscience portfolio. This acquisition gives AbbVie Inc., access to Syndesi's portfolio of novel modulators of the synaptic vesicle protein 2A (SV2A), including its lead molecule SDI-118.
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Global Neuroscience Market - Restraint
High cost of Instruments is expected to hinder the market growth
For instance, according to data published by The National Center for Biotechnology Information (NCBI) in Augest 2019, the cost of fixed and mobile CT scanner, as well as the purchasing and establishing cost of the fixed CT scanner, range from US$ 524,182-757,742.
Global Neuroscience Market - Opportunity
Incresing collaboration of market players for drive the of neuroscience market
Global neuroscience market is expected to witness significant growth over the forecast period, Increasing collaboration of market players for neurological diseases managment. For instance, in January 10, 2023 Axol Bioscience, is a customer service provider for iPSC-based neuroscience, immune cell, and cardiac modeling for drug discovery company announce a strategic partnership with NETRI to launch organs-on-chip kits including both NETRI’s neuro-organs-on-chip devices and Axol’s human induced pluripotent stem cells (hiPSC) with reagents to boost pharmaceutical industry access to organs on chip.
Neuroscience Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 32.75 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 4.1% | 2030 Value Projection: | US$ 43.32 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Neuroscience Market- Key Trends
Incresing in product launches by the market players expected to aid in market growth
Introduction of new products is liket drive the growth of market. Fos instace, in Febuary, 2023, accoding to the BioInteractions, Biotechnology company, announced has partnership offering at MD&M , developed into one of the leading medical device trade shows in the US. launches expanded medical devices TridAnt, as well as the widely proven Astute and Assist solutions.
Global Neuroscience Market- Cross Sectional Analysis
Increasing product launches by market players is expected to drive the market growth. North America is expected to dominate the market due to robust healthcare sector in this region. Key firms are concentrating on launching new products to maintain their position in the industry. For instance, on 17 january 2023, Siemens Healthcare Private Limited, is a German medical device company has announced the launch of Centre of Excellence for Immunoassay Instrument for used to detect infectious diseases, cancer and blood disorders.
Global Neuroscience Market - Segmentation
Global neuroscience market report is segmented into componant type, end user, and region.
Based on Component, the market is segmented into instrument, software and services. Out of which, instrument segment is expected to dominate the global neuroscience market during the forecast period, owing to increasing usage of instrument in a diagnosis of disease.
Based on End User, global neuroscience market is segmented into hospital, diagnostic laboratories, research institutes, and academic institutes. Out of which, hospital segment is expected to dominate the global neuroscience market over the forecast period, due to a rise in the prevalence of neuronal imbalance diseases and market demand
Based on Region, the global neuroscienece market is segmented in North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. Out of which, North America region is expected to dominate the global neuroscience market over the forecast period, owing to increasing demand of manufacturing diagnosis instrument in the neuroscience market.
Global Neuroscience Market: Key Developments
In Septmber 2022, Sutter Instrument, is manufacture of specialized biomedical research instrumentation company has announced it will added WaveMetrics its developer of Igor Pro software, it set to build software applications for neuroscience.
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Key Market Take aways:
Global Neuroscience Market is expected to exhibit a CAGR of 4.1% during the forecast period, due to increasing product launches by the key market players. For instance, in Febuary 2023, Pfizer Inc., an U.S.-based multinational pharmaceutical and biotechnology corporation, announced that The Lancet Neurology has published nasel spray is used for the acute treatment of migraine in adults.
Among end user, the hospital segment is estimated to hold a dominant position in the global neuroscience market over the forecast period. For instance, in April 2022, Geisinger, is health and wellness organization and Eisai Inc is a Japanese pharmaceutical company has anoounce to collaborative effort to study the potential effectiveness on artificial intelligence (AI) tools in the detection of cognitive impairment that could identify dementias and Alzheimer’s disease (AD).
The companies launched a range of programs intended to support access for all qualified patients including traditionally underserved populations. These initiatives aim to help patients and their families understand the disease, navigate the diagnostic journey, secure culturally competent care and afford treatment.
Competitive Landscape:
Key players operating in the global neuroscience market include 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, and Trifoil Imaging Inc
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Market Segmentation:
- Global Neuroscience Market, Component
- Instrument
- Software
- Services
- Global Neuroscience Market, By End User
- Hospitals
- Diagnostic Laboratories
- Research Institutes
- Academic Institutes
- Global NeuroscienceMarket, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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