NEUROSCIENCE MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.