Neuroscience Market: Introduction
According to the report, the global Neuroscience Market was valued at $ 28.5 billion in 2020 and is expected to grow with a CAGR of ~ 4% from 2021 to 2031 -Technology and Neuroscience are expected to power the global neuroscience market from 2021 to 2031.
North America is expected to account for a significant share of the global neuroscience market during the forecast period. The growth of the market in the region can be attributed to a well-established health infrastructure, an early introduction of technologically advanced products, an increase in the patient population with various neurological diseases, and high health spending per capita. The Asia-Pacific market is forecast to grow at a high annual rate from 2021 to 2031. The increase in patient awareness of various neurological diseases and the increase in health spending in countries such as China, Japan and India are expected to fuel the neuroscience market in the US region.
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Increase in exposure to brain-related disorders to stimulate the market
Brain-related disorders primarily include Alzheimer’s, dementia, brain cancer, epilepsy, seizures, mental disorders, Parkinson’s and other movement disorders, stroke, and transient ischemic attack (TIA). Genetic disorders, congenital abnormalities, lifestyle or environmental problems, including malnutrition, spinal cord injuries, brain injuries, and nerve injuries, are the leading causes of neurological problems.
According to the World Health Organization, epilepsy is a very common serious brain disease around the world, and an estimated two million new cases occur worldwide each year. Dementia is a leading cause of disability and affects the elderly. Hence, the increase in the geriatric population leads to an increase in the number of patients, which in turn drives the market. Almost 50 million people have dementia and around 10 million new cases are registered worldwide each year. Alzheimer’s disease is a very common form of dementia, accounting for 60 to 70% of cases worldwide. According to the Blue Cross Blue Shield Association, around 90,000 commercially insured adults between the ages of 30 and 64 were diagnosed with Parkinson’s disease in 2017.
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Mental illness is widespread in the US Almost one in five US adults lives with a mental illness. According to the National Institute of Mental Health, an estimated 51.5 million adults over the age of 18 suffered from mental illness in the US in 2019, with the prevalence being higher in women. Hence, the rise in the prevalence of brain-related disorders is expected to boost the world market.
Whole brain imaging technology will dominate the world market
In terms of technology, the global Neuroscience Market in Whole Brain Imaging, Neuromicroscopy, Electrophysiology, neuroproteomic analysis, animal behavior analysis, neurofunctional analysis and others. The whole brain imaging segment is expected to dominate the global neuroscience market by 2031. The advent of advanced technologies such as electroencephalography, fMRI and magnetoencephalogram is likely to fuel the growth of the segment.
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Instruments preferable to other components
Based on the components, the global Neuroscience Market has been segmented into Instruments, Software, and Services. The Instruments segment is expected to dominate the global Neuroscience Market during the forecast period due to the introduction of advanced technologies and high cost of Neuroscience Instruments.
Diagnostic laboratories are becoming the most important end users
In terms of end-users, the global Neuroscience Market has been segmented into hospitals, diagnostic laboratories, academic and research institutions, and others. The Diagnostic Laboratories segment is expected to represent a significant share of the global neuroscience market by 2031. It is expected that awareness of early detection will increase. In addition, the increase in the number of diagnostic centers with a wide range of services should give the segment a boost.
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The report includes profiles of leading players in the global Neuroscience Market. These include Doric Lenses, GE Healthcare, Siemens Healthineers, Laserglow Technologies, Mightex Systems, NEURALINK, Kernel, BrainCo, Inc., MindMaze, Paradromics, NeuroPro, NeuroSky, EMOTIV, Cercare Medical A / S, Plexon, Inc., Noldus Information Technology bv, Femtonics Ltd. and neuralynx.
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