Global Neuroscience Market Size, Share & Industry Trends Analysis Report By Component (Instruments, Consumables, and Software & Services), By Technology, By End User, By Regional Outlook and Forecast, 2023 - 2030

Global Neuroscience Market Size, Share & Industry Trends Analysis Report By Component (Instruments, Consumables, and Software & Services), By Technology, By End User, By Regional Outlook and Forecast, 2023 - 2030

The Global Neuroscience Market size is expected to reach $64 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period.

Neurological diseases are common among older adults, with a prevalence rate ranging from 5% to 55% in individuals aged 55 and above. These conditions account for over 37% of the years of healthy life lost due to disability among adults aged 15 and above. Therefore, the Stereotaxic Surgeries segment would capture 1/5th share in the market by 2030. Stereotaxic neurosurgery (or stereotactic brain surgery) is the method of finding surgical targets within the brain relative to an external frame of reference. Previously, accomplishing this required momentarily fastening a mechanical frame to the patient's scalp or skull. Typically, this surgery aims to eliminate an anomaly identified by an MRI or CT scan. Recent developments in computing are enhancing these methods to enable greater surgical planning and intraoperative information.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, GE HealthCare Technologies, Inc. signed a partnership with Elekta to provide radiation therapy solutions within the Indian market. The partnership expands GE HealthCare's oncology offerings and would allow it to provide an efficient cancer care portfolio to Indian customers. Additionally, In January, 2023, Koninklijke Philips N.V. partnered with Masimo, to integrate its patient monitoring portfolio with Masimo W1.

Based on the Analysis presented in the KBV Cardinal matrix; Danaher Corporation and Abbott Laboratories are the forerunners in the Market. Companies such as Terumo Corporation, Medtronic PLC, Stryker Corporation are some of the key innovators in the Market. In April, 2023, Medtronic PLC partnered with Qure.ai, to provide advanced solutions for stroke management in the Indian market.

COVID-19 Impact Analysis

The COVID-19 pandemic had a severe impact on the world's economy. The outbreak has affected almost all industries, either positively or negatively. The market was negatively impacted by the pandemic outbreak in the initial months. Most countries faced more pressure to improve their mental health services because of the pandemic. Despite an established late-stage pharmaceutical pipeline, the COVID-19 pandemic also hampered clinical trial procedures, R&D, and pipeline products, and these factors had a negative effect on the growth of the market. Therefore, despite the negative impact on the market during the early stages, the market will experience rapid growth in the coming years.

Market Growth Factors

Favorable reimbursement for treatments and neuroimaging

Rising government spending on healthcare infrastructure in developed nations is predicted to drive the growth of the market. For example, Medicare spending increased by 8.4% to $900.8 billion in 2021, or 21% of all national health expenditure (NHE), and Medicaid spending increased by 9.2% to $734.0 billion, or 17% of all NHE, according to the Centers for Medicare and Medicaid Services. In the U.S., interest in all medical devices, including brain equipment, will rise due to this rising trend in government spending. Therefore, the availability of reimbursement of neuroscience treatment in most nations is significant factor propelling the growth of the market.

Developments in neurological R&D activities

The most effective imaging and neuroscience research tool is magnetic resonance imaging (MRI). In addition to the exceptional functional details of the central nervous system (CNS), it offers morphological images with the highest quality spatial resolution and unmatched soft tissue contrast. A project to develop and implement a novel real-time functional magnetic resonance imaging (rt-fMRI)-based neurofeedback (NF) training paradigm was initiated, according to a research study titled "A Novel Brain-Computer January 2021 publication of "Interface Virtual Environment for Neurofeedback During Functional MRI." Therefore, the rising research and development in this filed is expected the drive the growth of the market.

Market Restraining Factors

Complexity of the brain

The brain appears to be the most complex compared to other human bodily organs. Research indicates that a significant portion of the human genome contributes to the development of brain structure, connectional patterns, and neurochemistry. The brain is responsible for many functions, including movement induction, sensation mediation, and control over other bodily organs. Its operation provides the basis for perception, cognition, emotion, and creative expression. Neuroscience also needs to account for the variations among people brought on by environmental and inherited variables. Hence, the complexity of how these components interact and contribute to different brain processes presents a significant obstacle that limits market expansion.

Component Outlook

On the basis of component, the market is segmented into instruments, consumables, and software & services. In 2022, the instruments segment dominated the n market with the maximum revenue share. The growth of the segment is due to the arrival of new instrument equipment for detecting and treating neurological illnesses. A specific kind of instrument used in neuroscience is an optogenetics device. Other types include microscopy devices, electrophysiological instruments, and MRI equipment.

Technology Outlook

Based on technology, the market is fragmented into brain imaging, neuro-microscopy, stereotaxic surgeries, neuro-proteomic analysis, neuro-cellular manipulation, and others. The neuro-microscopy segment garnered a significant revenue share in the in 2022. The demand for neuro-microscopy is rising due to the increasing rate of technological development in areas like genetic cell labeling and optogenetics. To observe the nervous system at the cellular and subcellular levels and to contextualize any molecular modifications, microscopy techniques are essential.

End User Outlook

By end-user, the market is classified into hospitals, diagnostic laboratories, and research & academic institute. In 2022, the diagnostic laboratories segment registered the highest revenue share in the market. The broad range of neurological devices' applications in diagnostic laboratories and the public's growing awareness of the benefits of early disease diagnosis are attributed for the growth of the segment. Using electroencephalograms (EEG), electromyograms (EMG), CT scans, MRIs, and other neurological diagnostic tools is common in diagnostic facilities.

Regional Outlook

Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. The growth of the market in this region can be attributed to the region's significant concentration of companies involved in creating, manufacturing, and distributing technologies used to diagnose and treat neurological patients. The primary drivers of market expansion in this region are the rise in disease prevalence and awareness, as well as the presence of key market participants.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carl Zeiss AG, Danaher Corporation, Koninklijke Philips N.V., GE HealthCare Technologies, Inc., Terumo Corporation, B. Braun Melsungen AG, Medtronic PLC, Stryker Corporation, Boston Scientific Corporation and Abbott Laboratories

Recent Strategies Deployed in Neuroscience Market

Partnerships, Collaborations & Agreements:

Jul-2023: GE HealthCare Technologies, Inc. signed a partnership with Elekta, a radiation therapy solutions provider, to provide radiation therapy solutions within the Indian market. The partnership expands GE HealthCare's oncology offerings and would allow it to provide an efficient cancer care portfolio to Indian customers.

Apr-2023: Medtronic PLC partnered with Qure.ai, a medical AI solutions provider, to provide advanced solutions for stroke management in the Indian market. The partnership would facilitate the two companies in developing efficient workflow solutions that would help in improving stroke care across India.

Jan-2023: Koninklijke Philips N.V. partnered with Masimo, a medical device manufacturing company, to integrate its patient monitoring portfolio with Masimo W1. The products and solutions developed in the course of the partnership would facilitate physicians around the world to facilitate patient care around the world.

Jun-2022: Stryker Corporation announced a partnership with Carmeda, a medical technology company, to integrate its diverter technology with Carmeda’s active heparin coating. The combined expertise of the two companies would lead to better care for patients with brain aneurysms.

Apr-2022: GE HealthCare Technologies, Inc. entered a partnership with Medtronic, a medical device manufacturing company, to develop advanced patient care solutions. The partnership would facilitate the two companies in providing solutions for efficient productivity in Office Based Labs (OBLs) and Ambulatory Surgery Centers (ASCs).

Feb-2022: Terumo Corporation signed a distribution partnership with Corazon, Inc., a neurovascular disease management solutions provider. Through the partnership, Terumo would gain a strong foothold in the digital healthcare solutions market.

Nov-2021: Medtronic PLC signed a research partnership with Rune Labs, a neurological disease treatment drug developer, to gain insights on neurostimulation effects. The partnership features the integration of the two companies’ offerings and would facilitate brain surgeons around the world in better decision-making processes for patient care management.

Jun-2021: B. Braun Melsungen AG partnered with Merck, a pharmaceutical company, to develop advanced bioelectronic devices. The partnership would enable B. Braun to gain insights and improve the performance of its functional neurosurgery offerings.

Apr-2021: Medtronic PLC came into partnership with Surgical Theater, a surgical VR solutions provider, to integrate its StealthStation S8 surgical navigation system with Surgical Theater's SyncAR augmented reality (AR) technology. The partnership would facilitate the development of solutions that would facilitate the surgeons to get improved visualization for brain surgeries.

Jan-2021: Carl Zeiss AG came into partnership with Max Planck Florida, a neuroscience research institute, to integrate its Airyscan 2 with GRadient INdex (GRIN) lenses for neuroscience research. The partnership would provide meaningful insights to Zeiss that would facilitate a better product creation process.

Mergers & Acquisition:

Aug-2022: Boston Scientific Corporation took over Obsidio, Inc., a pharmaceutical company. The acquisition enhances Boston Scientific's interventional embolization and oncology offerings.

Sep-2021: Abbott Laboratories acquired Walk Vascular, LLC, a blood clot removal solutions provider. The acquisition complements Abbot's vascular device portfolio and would further enable it to provide innovative endovascular therapy solutions.

Jun-2021: Danaher Corporation announced the acquisition of Aldevron, a biotechnology company. The acquisition enhances Danaher's genomic medicine capabilities.

Jun-2021: Danaher Corporation acquired Precision Nanosystems (PNI), a biotechnology company. The acquisition strengthens Danaher's lipid service offerings by adding PNI’s GenVoy delivery technology to its portfolio.

Product Launches and Product Expansions:

Jul-2023: Stryker Corporation introduced The Q Guidance System, a software used for facilitating surgeons in carrying out cranial procedures. The Q Guidance System can be paired with Stryker's cranial software for usage in transsphenoidal and skull base procedures. Additionally, the system features Stryker's high-quality cameras for tracking during surgical procedures.

Jun-2023: Carl Zeiss AG released ZEISS Volutome, an in-chamber ultramicrotome for use in ZEISS field emission scanning electron microscopes. The ZEISS Volutome features a ZEISS Volume BSD image detector for high-contrast image capture even in low-voltage situations. Additionally, it has a ZEISS Volutome stage that is used for capturing large volumes of EM datasets.

May-2023: Koninklijke Philips N.V. announced the launch of Philips CT 3500, an AI-powered computed tomography (CT) system. The system features internal and external proactive monitoring sensors for gaining insights into vital performance indicators. Additionally, it has Philip's flat panel detector technology for low-cost treatment of patients.

Trials and Approvals:

Jul-2023: The US Food and Drug Administration (FDA) approved Boston Scientific Corporation's Vercise Neural Navigator 5 Software. The Vercise Neural Navigator 5 Software is a deep brain stimulation (DBS) solution used for the treatment of Parkinson’s disease or tremors.

Mar-2023: Abbott Laboratories received approval from The US FDA for its Alinity I laboratory traumatic brain injury (TBI) blood test. The Alinity I laboratory traumatic brain injury (TBI) blood test is used for the measurement of biomarkers in blood plasma and serum for the detection of brain injury.

Scope of the Study

Market Segments covered in the Report:

By Component

• Instruments
• Consumables
• Software & Services

By Technology

• Brain Imaging
• Stereotaxic Surgeries
• Neuro-Microscopy
• Neuro-Proteomic Analysis
• Neuro-Cellular Manipulation
• Others

By End User

• Diagnostic Laboratories
• Hospitals
• Research & Academic Institute

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Carl Zeiss AG
• Danaher Corporation
• Koninklijke Philips N.V.
• GE HealthCare Technologies, Inc.
• Terumo Corporation
• B. Braun Melsungen AG
• Medtronic PLC
• Stryker Corporation
• Boston Scientific Corporation
• Abbott Laboratories

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