Neuroscience Market: Current Analysis and Forecast (2022-2030)

Neuroscience Market: Current Analysis and Forecast (2022-2030)

Neuroscience is a multidisciplinary field that incorporates phonetics, calculation, theory, brain science, and science. Neuroscience investigates the cellular, operational, behavioral, molecular, evolutionary, and therapeutic aspects of the neurotic system. Neuroscience research involves a variety of techniques, including brain imaging, electrophysiology, and genetic engineering, and is driving new discoveries in areas such as neurodegeneration, neuropsychiatric disorders, and neural engineering. Moreover, growing mergers and acquisitions between players or investments in research activities will also drive the growth of this market. For instance, in December 2020, Eli Lilly and Company announced that it will buy Win Therapeutics for USD 800 million in a drug bargain. As a result of the acquisition agreement, Eli Lilly & Company will develop a new method for drug discovery and development. This new gene therapy initiative will expand the company's research activities.

The neuroscience market is expected to grow at a steady rate of around 4% owing to the growing prevalence of neurological disorders and advancements in neuroscience research. Furthermore, the growth of this market is also driven owing to the rising incidence and prevalence of neurological disorders, rising awareness of neurodegenerative diseases, and growth in the number of traumatic brain injuries. For instance, as per WHO, more than 55 million people were diagnosed with dementia in 2021, and there are nearly 10 million new cases every year. Also, in 2019, globally, 50 million people were diagnosed with epilepsy.

• Based on component, the market is segmented into instruments, software, and services. The Instruments category is to witness a higher CAGR during the forecast period. These instruments provide accurate and detailed information about the brain, enabling clinicians to diagnose and treat neurological disorders more effectively. Moreover, advances in instrument technology have led to the development of brain-computer interfaces (BCIs), which allow patients with paralysis and other neurological conditions to communicate and control devices with their thoughts. The increasing demand for advanced instruments in neuroscience research and clinical applications is driving the growth of the neuroscience market.
• On the basis of end-user, the market is categorized into hospitals, diagnostic laboratories, research, and academic institutes, and others. Among these, the hospitals held a significant share of the market in 2021. This is mainly due to the high preference of patients for hospitalization to have a more accurate diagnosis of their neurological diseases, increasing prevalence of neurological disorders, coupled with the rising demand for personalized medicine, is driving the growth of the healthcare provider segment in the neuroscience market.
• For a better understanding of the market adoption of the neuroscience industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of neurological disorders, rising healthcare expenditure, and the growing adoption of advanced neuroscience technologies in the region. Additionally, +
• Some of the major players operating in the market include Carl ZEISS AG; Leica Microsystems; General Electric; Siemens; Koninklijke Philips N.V.; TOSHIBA CORPORATION; Hitachi, Ltd.; ESAOTE SPA; HAAG-STREIT GROUP; and Optofine Instruments Pvt. Ltd.