NEW YORK, US, March 10, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Neuroscience Market Size, Share, Growth Analysis Report By Component Type (Instruments, Software, and Services), By End User (Hospitals, Diagnostics Laboratories, Research Institutes, and Academic Institutes), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global neuroscience market size & share was valued at approximately USD 31.80 billion in 2021. The market is expected to grow above a CAGR of 3.50% and is anticipated to reach over USD 39.09 billion by 2028.”
The report analyzes the neuroscience market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
Neuroscience Market Overview:
Neuroscience has links to many other scientific disciplines, including chemistry, philosophy, psychology, and the study of language and computing. Cellular, operational, behavioural, molecular, evolutionary, and therapeutic viewpoints are all used to study the neurotic system. The neuroscience industry offers a variety of devices for imaging the nervous system. The precision of the tools used by neuroscientists is expected to drive the neuroscience market's growth over the course of the forecast period. The segment employs a range of techniques, such as proteomic analysis and neuro-microscopy.
Proteomic technologies, which are in high demand because to their accessibility, are actively utilised in neuroscience. Technological advancements support the development of neuro-microscopy and the growth of the neuroscience market. Researchers and neuroscientists are employing more sophisticated imaging techniques to investigate illness pathways, early disease diagnosis, and cognitive processes. The rise in deaths from various neurological disorders, such as Parkinson's disease, Alzheimer's disease, schizophrenia, and other brain-related conditions, is the main factor fueling the market expansion. The increasing demand for neuroimaging technologies and the ongoing research and investigation into brain mapping are two additional key growth-inducing factors.
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Market Dynamics:
Growth Drivers
- Rising demand for neuroimaging technology for neuro-related diseases
The rise in fatalities from several neurological disorders, such as Parkinson's disease, Alzheimer's disease, schizophrenia, and other brain conditions, is the main factor driving the market's expansion. The increasing demand for neuroimaging technologies and the ongoing research and investigation into brain mapping are two additional key growth-inducing factors. Also, the governments of several nations are actively working to increase public understanding of neurological diseases and the many treatment options.
Also, the industry is growing as more neurologic disorders are being diagnosed using methods from microscopy, optogenetics, magnetic resonance imaging (MRI), and electrophysiology. To diversify their product offerings and acquire a competitive edge, the top businesses are also creating cutting-edge medical gadgets with improved efficacy and patient compliance.
Restraints
- Expensive instruments and ethical rules governing the use of animals in clinical trials are major restraints
It is anticipated that ethical guidelines controlling the use of animals in clinical trials will to some extent limit the availability of animal models for neuroscience research projects. In many countries, it is against the law to use animals for testing or study. The need for animal testing for some neurological devices may limit the market's growth. Scientists can use in vitro processes or Silico models (computer modelling approaches) to circumvent arguments against using animals in research (using human cells and tissues). The development of the neuroscience sector may also be constrained by significant factors including pricey equipment and animal testing.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 31.80 Billion |
| Projected Market Size in 2028 | USD 39.09 Billion |
| CAGR Growth Rate | 3.50% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | SCarl ZEISS AG, Danaher Corporation (Leica Microsystems), GE Company, Siemens AG, Koninklijke Philips N.V., Toshiba Corporation, Hitachi Medical Corp., Esaote SpA, HAAG-STREIT Group, Opto fine Instruments Pvt. Ltd., Synaptive Medical, Operating Microscopes, Pridex Medicare Pvt. Ltd., and Others |
| Key Segment | By Component Type, End User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Key questions answered in this report:
- What is the size of the neuroscience market and what is its expected growth rate?
- What are the primary driving factors that push the neuroscience market forward?
- What are the neuroscience Industry's top companies?
- What are the different categories that the neuroscience Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the neuroscience market sample report and company profiles?
Key Insights from Primary Research
- As per the analysis, the neuroscience market is likely to grow above a CAGR of around 3.50% between 2022 and 2028.
- The Neuroscience market size was worth around US$ 31.80 billion in 2021 and is estimated to hit approximately US$ 39.09 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Growth-inducing elements in Neuroscience Market include the rising demand for neuroimaging technologies and the ongoing research and investigation efforts into brain mapping.
- The diagnostic laboratories market segment is anticipated to dominate the worldwide neuroscience market during the projected period.
- On the basis of region, the “North America” will likely overtake the global market.
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Neuroscience Market: COVID-19 Impact Analysis
The COVID-19 outbreak is predicted to cause all non-emergent brain imaging procedures and other procedures to cease, which is predicted to have a negative impact on the neuroscience industry. To demonstrate how the pandemic has impacted the market under study, numerous research papers have been published. Due to this pandemic, there is now a higher pressure to strengthen mental health services in the majority of countries. The COVID-19 pandemic has also hindered clinical trial procedures, R&D, and pipeline products, and despite a strong late-stage pharmaceutical pipeline, these factors are expected to have an impact on growth during the projected time.
People also typically experience anxiety because they are concerned about getting infected, losing loved ones, and the general unpredictability of the epidemic. As a result, there is an increased need for methods and therapies to assist people in controlling their anxiety when participating in a CIVID. Due to the problem's increased visibility and opportunity for competitors to enter the market.
Neuroscience Market: Segmentation Analysis
The Neuroscience Market is segregated based on component type and end users.
The market is divided into Instruments, Software, and Services based on component type. The instrumentation segment produced a significant number of sales in comparison to software and services. Despite this, this market for neuroscience components has a sizable market share because of its high prices and accessibility to cutting-edge technology.
Based on end users, the market is divided into Hospitals, Diagnostics Laboratories, Research Institutes, and Academic Institutes. The fastest market growth is anticipated for hospitals during the projected time frame. The increased need from patients for hospitals to provide a more accurate diagnosis of their neurological issues is one of the major factors driving the hospital segment. Also, the segment has grown favourably due to hospitals' high standards of care and easy access to cutting-edge technologies.
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Regional Analysis:
- North America is expected to hold the largest market share over the forecast period
The incidence of brain-related diseases is expected to increase, and there are likely to be more developed healthcare systems. Several institutions, universities, and organisations in North America are specialized to undertaking a variety of duties and projects that promote R&D in the neuroscience industry. Also, the number of deaths in the United States worries government organisations. In order to assist the growth of the neuroscience industry, the government has increased funding. Growth of the market is projected over the forecast period as a result of efforts made by major market players to introduce technological innovation. Product approval is a different factor that affects market expansion.
The increase in population in Asia and the Pacific has raised awareness of several neurological disorders. As a result, the business is being impacted by rising healthcare spending in China, Japan, and India. In the Asia Pacific area, a sizable market expansion is predicted throughout the projection period. Another significant problem that is expected to increase the demand for proper diagnosis and therapy is the incidence of different neurological diseases. As a result, the market for neuroscience is anticipated to expand.
Competitive Players
The report contains qualitative and quantitative research on the global neuroscience market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global neuroscience market include
- Carl ZEISS AG
- Danaher Corporation (Leica Microsystems)
- GE Company
- Siemens AG
- Koninklijke Philips N.V.
- Toshiba Corporation
- Hitachi Medical Corp.
- Esaote SpA
- HAAG-STREIT Group
- Opto fine Instruments Pvt. Ltd.
- Synaptive Medical
- Operating Microscopes
- Pridex Medicare Pvt. Ltd.
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Recent Industry Developments:
- In February 2022, NeuroNexus Technologies unveiled the NeuroNexus Summa Framework. For experienced electrophysiologists and life scientists that need to swiftly incorporate electrical signal readouts from biological cells and tissues into their research process, a solution has been developed.
- The Brain Tumor Foundation will be able to provide free brain scans to everybody in the nation starting in December 2021 thanks to the start of a new cooperation. Hyperfine, Inc., a pioneering manufacturer of medical devices, created Swoop, the first portable magnetic resonance imaging (MRI) system to get FDA clearance.
The global neuroscience market is segmented as follows:
By Component Type
- Instruments
- Software
- Services
By End User
- Hospitals
- Diagnostics Laboratories
- Research Institutes
- Academic Institutes
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Component Type, End User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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