The neuroscience market involves understanding the nervous system and its various disorders. The use of techniques like neuroimaging and microelectrodes help gain insights into brain function and diseases. Advances in areas like artificial intelligence are further augmenting research in neuroscience.
The global Neuroscience Market is estimated to be valued at US$ 32.75 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the neuroscience market is the increasing integration of artificial intelligence. AI helps analyze vast amounts of neuroimaging and other biomedical data to gain unseen perspectives into the brain. Through machine learning, AI models can be trained to identify subtle patterns in datasets that indicate normal and abnormal function. This improves diagnostic accuracy and aids in drug discovery. AI also helps in developing brain-computer interfaces that may restore lost functions in patients with conditions like paralysis. Such non-invasive interfaces read and interpret brain signals to control external devices. The use of AI is thus revolutionizing methods in neuroscience research.
Segment Analysis
The global neuroscience market is dominated by the diagnostic devices sub-segment. Diagnostic devices account for over 40% share of the market due to the growing prevalence of neurological disorders and increasing applications of diagnostic devices for testing and monitoring purposes. Technological advancements in diagnostic tools such as magnetic resonance imaging (MRI) systems, electroencephalography (EEG) systems, and magnetoencephalography (MEG) systems have boosted their adoption across research institutes and hospitals.
Key Takeaways
The Global Neuroscience Market Demand is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of neurological disorders and rising investments in neuroscience research.
Regional analysis
North America currently dominates the global neuroscience market, accounting for over 35% share. High healthcare expenditure, presence of leading neuroscience research institutes and companies, and supportive government funding have made North America an attractive market for neuroscience products and services. Asia Pacific is expected to witness the highest growth during the forecast period owing to increasing healthcare investments, rising neurological patient pool, and growing collaborations between academic research institutes and neurotech startups in countries such as China and India.
Key players
Key players operating in the neuroscience market are 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, and Thomas Recording GmbH. These companies have a widespread product portfolio serving research, diagnostic, and therapeutic applications in neuroscience.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the neuroscience market include Doric Lenses Inc; GE Healthcare; Siemens Healthineers, Laserglow Technologies; Mightex Systems, Prizmatix, Kendall Research Systems LLC, Noldus Information Technology, Med Associates Inc, Phoenix Technology Group, NeuroNexus.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on ""Global Neuroscience Market Research Report"" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/neuroscience-market/download-sampleMarket DynamicsThe global neuroscience market is projected to emerge as a promising market.
Different approaches are used to study the nervous system at different scales, from molecular and cellular studies of neurons to imaging of sensory, motor, and cognitive tasks in the brain.
Escalating mental disorders prevalence, significant initiatives are undertaken by the healthcare communities, and expanding elderly population who are more prone to various central nervous systems are expected to fuel the global neuroscience market.
However, low importance given to the mental disorder patient and ethical regulations about using animals in clinical studies is expected to hinder the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
