Global neuroscience market expected to reach approximately USD 34,800 million by 2024 and is growing at a CAGR of more than 3.5% between 2017 and 2024. The increase in the number of central nervous system (CNS) diseases and the growth in the advanced technological advancements are the primary factors that are driving the neuroscience market.
Neuroscience is a subdivision of biology that comprises the study of the development and function of nervous system and diseases related to it. Neuroscience is a point where the biology meets psychology of human brain. The neurologists are engaged in the much broad scope of fields than earlier. Their study involves evolutionary, molecular, medical, and functional aspects of the nervous system. The neuroscience market is increasing as the percentage of CNS diseases are increasing globally.
The global neuroscience market was valued at around USD 26,350 million in the year 2016 and it is expected to reach approximately USD 34,800 million by 2024. The global neuroscience market is expected to exhibit a CAGR of more than 3.5% between 2017 and 2024.
Drivers and Restraints
The rise in the occurrences of the neurological disorders globally has triggered the growth of the neuroscience market. There has been a rapid increase in the cases of neurological disorders such as cerebral stroke, Alzheimer's disease, epilepsy, and Parkinsonism which has increased the demand for the developments in the field of neuroscience. The demand for the CNS-related diagnostic procedures has increased which has positively affected the growth of the market. Other factors that are expected to drive the market growth positively are favorable reimbursement policies and the growing government spending on the healthcare infrastructure.
The high cost of neurological devices such as magnetic resonance imaging systems will majorly limit the growth of neuroscience market during the forecast period.
By component, the instrument segment accounted for the largest market share in 2016. In instruments segment, the components such as MRI imaging systems, neuro – microscopy, and others accounted for the largest market share. The high cost of these instruments has contributed to the increased revenue contribution of this segment in the neuroscience market. Owing to the increased use of the instruments for the diagnosis and treatment of the neurological disorders has positively affected the growth of the instruments segment.
However, software segment is expected to grow with the highest CAGR of more than 35% during the forecast period. Rising trade of neuroscience devices with integrated software for imaging and diagnostics purpose is driving the demand for the software in the neuroscience market.
By end-user, hospitals dominated the end-user segment in 2016 by holding a major market share of above 35%. The increasing preference of patients towards hospitals for better diagnosis of their neurological disorders is one of the major factors driving the hospital segment. The quality treatment facilities offered by the hospitals and the availability of the advanced equipment has positively increased the growth of the segment
However, it is anticipated that the diagnostics laboratories segment will register the highest CAGR during the forecast period. Growing neurological disorders and the development of the technologies are the major factors contributing to the growth of the segment.
North America contributes the largest share in the global neuroscience market. The region dominated the market by accounting for more than 38% of market share in 2016 and is also expected to retain its dominance during the forecast period. Increasing demand for the neuroimaging devices and the growing research activities in the field of neuroscience contribute to the growth of the market in North America.
The Asia Pacific is anticipated to be the most lucrative region for the neuroscience market, owing to the increasing healthcare infrastructure, rising incidences of CNS disorders among the aging population, and increasing health awareness among the population regarding neurological disorders and treatments will boost the growth of the neuroscience market in the Asia Pacific over the forecast period. Asia Pacific anticipates registering highest CAGR of more than 3.7% during the forecast period.
The report includes detailed profiles of the prominent market players that are trending in the neuroscience market. The list of the players that are compiled in the report Alpha Omega, Axion Biosystems, Blackrock Microsystems LLC, Femtonics Ltd., Intan Technologies, LaVision Biotec GmbH, Mediso Medical Imaging Systems, Neuralynx Inc., NeuroNexus Technologies, Neurotar Ltd., Newport Corporation, Plexon Inc., Scientifica Ltd., Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc., among others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In December 2014, Blackrock Microsystems launched wireless neural activity monitoring system. This development liberated the neuroscientists from the cumbersome wires and cables that have burdened their research for decades.