Global Neuroscience Market is Likely to Grow at a CAGR Value of 3.50% By 2028

02-Aug-2022 | Facts and Factors

According to Facts and Factors, the Neuroscience Market size market was worth USD 31.80 billion in 2021 and is estimated to grow to USD 39.09 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.50% over the forecast period. The report analyzes the Neuroscience market’s drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the Neuroscience Market.

Numerous scientific fields, including language, computation, philosophy, psychology, and chemistry, are related to neuroscience. The neurotic system is studied from a cellular, operational, behavioral, molecular, evolutionary, and therapeutic perspective. Several technologies are available in the neuroscience market that is used to image the nervous system. The neuroscience market is anticipated to expand over the forecast period due to the accuracy of the equipment used by neuroscientists.

The segment uses a variety of methods, including neuro-microscopy and proteomic analysis. Neuroscience relies heavily on proteomic technologies, which are in high demand due to their accessibility. The development of neuro-microscopy is aided by technological advances, fostering the expansion of the neuroscience market. Owing to technological advancement, the market is estimated to grow at a CAGR of 3.50% during the forecast period.

Browse the full “ Neuroscience Market Size, Share, Growth Analysis Report By Component Type (Instruments, Software, and Services), By End User (Hospitals, Diagnostics Laboratories, Research Institutes, and Academic Institutes), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/neuroscience-market

The key reason driving the market expansion is the rising fatalities caused by various neurological disorders, including Parkinson's disease, Alzheimer's disease, schizophrenia, and other brain-related conditions. Other significant growth-inducing elements include the rising demand for neuroimaging technologies and the ongoing research and investigation efforts into brain mapping. The governments of numerous countries are also making positive efforts to raise awareness about neurological illnesses and the available therapeutic choices.

Additionally, the market is expanding due to the increased use of microscopy, optogenetics, magnetic resonance imaging (MRI), and electrophysiology tools in diagnosing various neurological illnesses. However, the expensive cost of some instruments and ethical issues with animal testing is anticipated to impede market expansion.

Segmental Overview

The Neuroscience Market is segregated based on component type and end users.  

The market is divided into Instruments, Software, and Services based on component type. Compared to Software and services, the instrumentation segment generated a sizeable portion of sales. Nevertheless, this segment has a considerable market share due to its high pricing and availability of cutting-edge technology compared to other markets for neuroscience components.

Based on end users, the market is divided into Hospitals, Diagnostics Laboratories, Research Institutes, and Academic Institutes.  Hospitals are expected to experience the fastest market growth in the predicted time frame. One of the key elements propelling the hospital segment is the growing desire of patients for hospitals to have a better diagnosis of their neurological problems. In addition, hospitals' high standard of care and the accessibility of cutting-edge technology has favorably influenced the segment's growth.

Regional Overview

Over the course of the forecast, North America is anticipated to hold the biggest market share. The increase in financing for various neurodegenerative disease research projects, the rise in disease prevalence and awareness, and the existence of significant market participants are the main drivers of market expansion in the investigated area. Key firms are concentrating on launching new items in the area to maintain their industry position.

Additionally, due to an increase in product launches, Asia Pacific is predicted to grow considerably. Thanks to its continuously expanding healthcare infrastructure and sizable target market, China and Japan are leading the charge in the same. Additionally, facilities for brain-related research are being expanded.

For instance, the Mumbai, India-based artificial intelligence company Qure.ai recently unveiled new AI-driven technology that facilitates brain interpretation. The platform assists in using CT images to detect internal organ or tissue haemorrhages, fractures, and other serious anomalies in the head.

Report Scope

Key Players Insights

Key players functioning in the global Neuroscience market include Carl ZEISS AG, Danaher Corporation (Leica Microsystems), GE Company, Siemens AG, Koninklijke Philips N.V., Toshiba Corporation, Hitachi Medical Corp., Esaote SpA, HAAG-STREIT Group, Opto fine Instruments Pvt. Ltd., Synaptive Medical, Operating Microscopes, Pridex Medicare Pvt. Ltd., and Others.

Recent developments:

• NeuroNexus Technologies introduced the NeuroNexus Summa Framework in February 2022. The solution was created for life science researchers and seasoned electrophysiologists who want to quickly integrate electrical signal readouts from biological cells and tissues into their research workflow.
• With the launch of a new partnership in December 2021, the Brain Tumor Foundation can offer free brain scans to anyone in the country. Swoop, the first portable magnetic resonance imaging (MRI) system to receive FDA clearance, was developed by Hyperfine, Inc., a pioneering medical device company.

The global Neuroscience market is segmented as follows:

By Component Type

• Instruments
• Software
• Services

By End User

• Hospitals
• Diagnostics Laboratories
• Research Institutes
• Academic Institutes

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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