Neuroscience involves the study of the nervous system and brain functions. It deals with understanding how the nervous system develops, its structure and function, and diseases and disorders associated with it. Neuroscience research uses techniques and tools from multiple disciplines including biology, psychology, chemistry, physics and biomedical engineering to understand the brain. The global neuroscience market encompasses technologies and tools used to study the nervous system and brain including imaging systems, endoscopic devices, Electroencephalography (EEG) systems, neuromodulation devices, clinical diagnostic devices and other instruments.
The global Neuroscience Market is estimated to be valued at Us$ 37.73 Bn or Mn in 2024 and is expected to exhibit a CAGR Of 21% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of the neuroscience market is increasing prevalence of neurological disorders. Neurological disorders affect billions of people worldwide and impose a massive global health burden. Some of the most common neurological disorders include Alzheimer's disease, Parkinson's disease, traumatic brain injury, spinal cord injury, epilepsy, and stroke. According to World Health Organization, neurological disorders accounted for 12% of global deaths in 2019 making them one of the leading causes of death globally. Growing geriatric population which is more prone to neurological conditions is also contributing to the increasing disease burden. However, growth of the neuroscience market can be hampered due to high costs associated with development of novel diagnostic and treatment solutions for neurological disorders. Substantial investments are required for development of advanced neuroscience technologies which poses challenges for smaller players to enter the market.
SWOT Analysis
Strength: The neuroscience market offers significant opportunities for innovative research and developments that can lead to treatment of complex neurological diseases. It has witnessed strong investments from both private and public sectors due to high unmet needs. Several new technologies such as brain imaging, neuron microscopy have allowed deeper understanding of brain which is driving the market growth.
Weakness: Neuroscience research faces numerous technical challenges due to the complexity of central nervous system. Understanding complex brain circuitry and developing effective therapeutics require extensive long term research efforts. High costs associated with R&D and clinical trials can deter small players from entering this space.
Opportunity: Rising prevalence of neurological disorders worldwide presents potential growth prospects. Advancements in areas of artificial intelligence, machine learning, predictive analytics, nanotechnology, epigenetics are likely to transform neuroscience research. Growing focus on personalized medicine also provides opportunities to develop targeted therapies.
Threats: Stringent regulations for clinical research and product approvals poses risk to timelines and investments. Delay in demonstration of safety and efficacy data can be detrimental. Emerging economies attempting to develop biosimilars pose pricing pressure in long run.
Key Takeaways
The Global Neuroscience Market Demand is expected to witness high growth over the forecast period due to rising burden of neurological diseases. Advancing technologies are allowing deeper understanding of brain which is driving innovative research and developments.
Regional analysis shows that North America currently dominates the neuroscience market owing to presence of major players and high healthcare spending. However, Asia Pacific region is expected to grow at fastest pace due to large patient pool, growing research activities and increasing healthcare investments in countries like China and India.
Key players operating in the neuroscience market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players
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