NEUROSCIENCE MARKET ANALYSIS

Neuroscience MarketSize and Trends

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).

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.

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.

Market - 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.

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.