Neuroscience Market

According to Stratistics MRC, the Global Neuroscience Market is accounted for $45.6 billion in 2023 and is expected to reach $75.9 billion by 2030 growing at a CAGR of 7.5% during the forecast period. Neuroscience is the multidisciplinary study of the nervous system, exploring its structure, function, development, and impact on behavior and cognition. It encompasses various fields like psychology, biology, and medicine, delving into neurons, neural circuits, and brain processes to understand perception, memory, emotions, and disorders. Neuroscience aims to decipher the complexities of the brain and nervous system, unraveling fundamental principles guiding human thought and behavior. 

According to the National Center for Biotechnology Information (NCBI), each year, 22.6 million people suffer from neurological injuries or disorders, of whom 13.8 million require surgical treatment.

Market Dynamics: 

Driver: 

Increasing prevalence of brain-related disorders

The burgeoning prevalence of brain-related disorders acts as a catalyst, propelling the growth of the neuroscience market. With conditions like Alzheimer's, Parkinson's, and various mental health disorders on the rise, there's an amplified demand for innovative diagnostic tools, therapies, and treatments. This surge fuels extensive research, encouraging investment in neuroscience to unravel the complexities of the brain. Additionally, advanced technologies, coupled with a deeper understanding of neural mechanisms, drive the development of targeted interventions, fostering the market's expansion.

Restraint:

Expenses associated with specific instruments

Cutting-edge technologies integral to neuroscience research, such as high-resolution imaging devices, advanced electrophysiology equipment, and specialized analytical tools, often come with exorbitant costs. These financial barriers impede smaller research facilities, academic institutions, and even some industry players from accessing or affording these crucial instruments. Moreover, the cost-intensive nature of these instruments escalates the overall expenses in research and development, impacting budget allocations and potentially diverting resources from other essential areas of study.

Opportunity:

Progression in neuroscience and neuro-technological advancements

The continuous evolution and breakthroughs in neuroscience, coupled with the rapid advancement of neuro-technological innovations, present a remarkable opportunity within the neuroscience market. These progressions open avenues for groundbreaking discoveries, fostering a deeper understanding of the complexities of the brain and its functionalities. Advanced imaging techniques, brain-computer interfaces, and neuromodulation devices are among the revolutionary technologies enhancing diagnosis, treatment, and research methodologies. Such advancements not only facilitate precise mapping of neural networks but also enable more targeted interventions for neurological disorders and brain-related conditions.

Threat:

Concerns about ethics in animal experimentation

Ethical apprehensions surrounding animal experimentation pose a significant threat to the neuroscience market. Heightened societal concerns regarding the welfare and ethical implications of using animals in research can lead to stringent regulations, limitations, or even bans on certain experimental practices. This restricts the scope of research methodologies and potential avenues for understanding neural mechanisms. Such limitations can impede scientific progress, hindering the development of treatments and therapies, thereby limiting the scope and depth of neurological research and its applications within the market.

Covid-19 Impact: 

The COVID-19 pandemic exerted a considerable influence on the neuroscience market. With diverted resources, disrupted research activities, and redirected focus toward combating the virus, many neuroscience projects faced delays or funding challenges. Clinical trials for neurological disorders were impacted, affecting patient recruitment and data collection. However, the pandemic also spurred innovation, emphasizing the need for telehealth solutions and accelerating digital health tools in neuroscience.

The diagnostic laboratories segment is expected to be the largest during the forecast period

The diagnostic laboratories segment is anticipated to lead the neuroscience market due to its pivotal role in advancing neurological diagnostics. These labs employ cutting-edge technologies, including genetic testing, biomarker analysis, and neuroimaging techniques like MRI and PET scans, enabling precise identification and understanding of neurological disorders. With an emphasis on early detection and personalized medicine, these labs play a crucial role in enhancing diagnostic accuracy, prognostic assessments, and therapeutic advancements. Additionally, their comprehensive testing services and research initiatives are propelling segment expansion.

The instruments segment is expected to have the highest CAGR during the forecast period

The Instruments segment is poised for the highest CAGR in the neuroscience market due to escalating demand for advanced and specialized equipment. This segment encompasses a wide array of cutting-edge devices, including neurostimulation devices, brain mapping systems, neurosurgical instruments, and imaging technologies. The surge in neurological research, coupled with the need for precise diagnostic and therapeutic tools, fuels the growth. Moreover, continuous innovation in instrument technology, fostering minimally invasive procedures and enhanced precision, drives the market's expansion.

Region with largest share:

North America is projected to dominate the market, capturing the largest share of the neuroscience market. This is attributed to the region's robust healthcare infrastructure, extensive research and development activities, and a high prevalence of neurological disorders. The presence of key market players, significant investments in healthcare, and advanced technological adoption contribute to North America's leadership in the neuroscience market. Moreover, increasing awareness and favorable reimbursement policies further solidify the region's position in the market.

Region with highest CAGR:

The Asia-Pacific region is poised for remarkable growth in the neuroscience market owing to expanding healthcare infrastructure, rising investments in research, and a burgeoning patient population with neurological disorders. Increasing awareness, government initiatives supporting healthcare advancements and the adoption of advanced technologies contribute to this growth trajectory. Additionally, a growing focus on addressing unmet medical needs, coupled with collaborations between regional and international players, positions the Asia Pacific region in a robust position.

Key players in the market

Some of the key players in Neuroscience Market include Abbott Laboratories, ACADIA Pharmaceuticals, Alkermes, Axsome Therapeutics, Biogen, Cerevel Therapeutics, Cortexyme, Eli Lilly and Company, Intra-Cellular Therapies, Johnson & Johnson, Lundbeck, Merck & Co., Neurocrine Biosciences, Novartis, Pfizer, Roche, Sage Therapeutics, Takeda Pharmaceutical Company, UCB Pharmaceuticals and Voyager Therapeutics.

Key Developments:

In November 2023, An international team of scientists has uncovered the vital role of microglia, the immune cells in the brain that acts as its dedicated defense team, in early human brain development. By incorporating microglia into lab-grown brain organoids, scientists were able mimic the complex environment within the developing human brain to understand how microglia influence brain cell growth and development.

In September 2023, H. Lundbeck A/S (Lundbeck) announces new clinical data supporting the efficacy and tolerability of Lu AG09222 for the preventive treatment of migraine at the International Headache Congress (IHC) 2023 in Seoul, Korea. The presentations also include additional data from a proof-of-mechanism study showing that Lu AG09222 can halt PACAP38-triggered vasodilation and headaches.

In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes. The transaction expands Abbott's presence in diabetes care, building on its world-leading FreeStyle Libre® portfolio of continuous glucose monitoring technology and furthering the company's efforts to develop connected solutions for making diabetes management even more personal and precise.

Components Covered:
• Instruments
• Consumables
• Software and Services

Technologies Covered:
• Whole Brain Imaging
• Neuro-Microscopy
• Electrophysiology
• Neuro Biochemical Assays
• Neurocellular Manipulation
• Neurofunctional Visualization
• Neuroproteomic Analysis
• Stereotaxic Surgeries
• Animal Behavior Analysis
• Other Technologies

End Users Covered:
• Hospitals
• Diagnostic Laboratories
• Research and Academic Institutes
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances