NEUROSCIENCE MARKET ANALYSIS

Global neuroscience market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 4.1% during the forecast period (2023-2030).

Analysts’ Views on Global Neuroscience Market:

Increasing collaborations for the development of neuroscience based devices by various market players and startups is expected to drive the global neuroscience market growth. For instance, In Septmber 2022, NETRI, manufacturing device base company; and Axion BioSystems, clinical stage biotech company; announced has a collaboration for develop compartmentalized microfluidic devices. This device which coupled with high-throughput compatible MultiElectrode Arrays (MEAs) an advanced technology will allow to neuroscientists to noninvasively measure the electrical activity of neural cells in complex in vitro models and accelerate therapeutic discovery.

Figure 1. Global Neuroscience Market Share (%), By Component, 2023

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Global Neuroscience Market – Drivers

Increasing Research and development by key market players

increasing research activities for the development of new drugs are estimated to drive the market growth. For instance, in May, 2022, AbbVie Inc., a pharmaceutical company, submitted the new drug application to the U.S. Food and Drug Application (FDA) for investigation of ABBV-951 (Foscarbidopa/Foslevodopa) for the treatment of Parkinson’s Disease. 

Inorganic Strategies Adopted by the Major Players

Major market players are focusing on adopting inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, and this is expected to drive the market growth over the forecast period. For instance, on January 6, 2023, Eisai Co., Ltd., and Biogen global biotechnology company, combine efforts to treat neurodegenerative illness. The anti-Alzheimer's disease antibody Leqembi (lecanemab) has been given approval by the American FDA.

Market players are focusing on advancement of MRI technology through market development strategies. For instance, in November 2019, Canon Medical Systems,it’s a ful range of diagnostic medical imaging solutions acquired Skope Magnetic Resonance Technologies AG, a MRI research and development company, to promote advanced research and development of MRI systems. Therefore, all these factors are expected to drive the overall market growth.

Figure 2. Global Neuroscience Market Share (%), By Region, 2023

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Global Neuroscience Market - Regional Analysis

Increasing product launches by market players is expected to drive the market growth. North America is expected to hold a dominant position in the market, owing to large healthcare industry in the region. Market players are focused on launching new products in the region. For instance For instance,In July 2021, GE Healthcare,is a leading global medical technology company, launched Revolution Apex, a new computed tromatography CT scanner in its Revolution product portfolio. This device provides Quantix 160 X-Ray tube and deep learning imaging reconstruction system, a system built on GE’s Edison, and an artificial intelligent platform to produce high quality images.

Global Neuroscience Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization has declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand for equipments and instruments, and by creating disruptions in distribution channels, and through its financial impact on firms and financial markets.

Developing technologies for examining brain-associated disorders are expected to drive the global neuroscience market growth. In September 2021, NeuroWave Systems Inc., it is a manufacture & market innovative monitoring & drug delivery medical devices company, its  received approval from Food and Drug Administration for NeuroSENSE NS-901 Monitor. It is a brain function monitor for assessing the adequacy of anesthesia and sedation in clinical settings, and monitoring the state of the brain in anesthetized patients (18 years of age and older).

In September 2020, True Digital Surgery (TDS) Computer-Guided Microsurgery, and Aesculap, Inc., Braun company, founded in 1867 in Tuttlingen, Germany, launched the Aesculap Aeos Robotic Digital Microscope for neurosurgery and other surgical procedures. Similarly, in June 2020, Canon Medical Systems Corporation, signed an agreement for establishment of a joint venture with a leading  healthcare provider, for the sales and maintenance of diagnostic imaging equipment manufactured by Canon Medical Systems Corporation. Such technological innovation will help in brain monitoring during critical surgeries, and thus, is expected to drive the market growth.

Global Neuroscience Market - Segmentation

Global neuroscience market is segmented into component, end user, and region.

Based on Component, the market is segmented into instrument, software, and services. Out of which, the instrument segment  dominated the global market during the forecast period. For instance in January 2022, Soterix Medical Inc, develops devices and accessories based on neuromodulation and brain stimulation technologies company announce has to provided the tDCS equipment used for Tolerability and feasibility research at home is a key usability advantage to support scaling for pivotal clinical trials.

Based on End User, the market is segmented into hospitals, diagnostic laboratories, research institutes, and academic institutes. Out of which, diagnostic laboratories segment is expected to dominate the market over the forecast period, For instance octmber 2020, accoding to Renoun Health, is the largest locally owned not-for-profit healthcare company has announce has neuro-diagnostic lab at Renown Regional Medical Center has been re-accredited by the American Board of Registration of Electroencephalographic and Evoked Potential Technologists (ABRET).

Based on Region, the global neuroscience market is segmented in North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. Out of which,  North America is expected to dominate the global neuroscience market over the forecast period, owing to increasing  usage of instrument, and rising demand for devices  in the market.

Global Neuroscience Market Cross Sectional Analysis:

In Component type segment, instrument hold a dominant segment in North America region due to the increasing prevalence of neurological disorder, For instance, according to National Centre for Biotechnology Information.Neurological disorders were the leading cause 276 million patient per year and  second leading cause of deaths 9·0 million death per year The absolute number of deaths and DALYs from all neurological disorders combined increased (deaths by 39%  and DALYs by 15%)whereas their age-standardised rates decreased (deaths by 28% and DALYs by 27%) between 1990 and 2020.

Global Neuroscience Market: Key Developments

On January 25, 2023, Precision Neuroscience Corporation, a brain computer interface (BCI) company that develop implants for high resolution, announced the completion of US$ 41 million series B funding round led by forepoint capital patners  

On April 4, 2023, Earable Neuroscience and Excelpoint, a innovative and breakthrough company in the field of wearable devices has announced Strategic Partnership to Accelerate Commercialisation of the World's First AI-powered Consumer Wearable, FRENZ Brainband, to Solve Global Sleep Pandemic.

 Global Neuroscience Market- Key Trends

Incresing the collaboration of major key players to development of inorganic statergy

In June 2022, Noldus Information Technology BV, develops, markets, and supports innovative software, instruments, integrated systems, and services company has announced collaborative aggriment with Inscopix, is a brain imaging platform company. This aggriment done for EthoVision XT video tracking software for able to perform precise time correlations between rodent brain activity and behavior.

Global Neuroscience Market: Restraint

High Cost Associated With Neuroscience Diganostic Equipment

The major factors that can hamper the global neuroscience market growth over the forecast period include high cost of the treatment. Pharmaceutical and biotechnological industries prefer alternatives for low maintenance of the equipments.Hence, but the cost factor is very high.

Global Neuroscience Market: Key Players 

Major market players include Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc.

*Definition: Neuroscience is a multidisciplinary field that includes linguistics, computation, philosophy, psychology, and chemistry. The neurotic system’s cellular, operational, behavioral, molecular, evolutionary, and therapeutic features are all studied in neuroscience. Several tools for imaging the nervous system are available in the neuroscience sector. Neuroscience is the study of the nervous system, and it is concerned with analyzing and visualizing the activity of the human brain.