Global Neuroscience Market, By Component (Instrument, Software and Services), By End User (Hospital, Diagnostic Laboratories, Research Institutes, and Academic Institutes), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing cases of neurological disorders is expected to drive the market growth over the forecast period. For instance, according to the National Library of Medicine, in 2021 around 6.2 million people of age 65 and older are living with Alzheimer's dementia in U.S.
Global Neuroscience Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic impacted the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions Since they make it simple for healthcare providers to link EHR, patient management, and care management solutions with solutions for healthcare payers, such as claim management and payment management systems, solutions for managing neurological diseases have proven to be extremely helpful in this regard. Most industries across the world have been negatively impacted over the last 18 months. This can be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns, as well as other restrictions that were enforced by governing authorities across the globe.
The same applies to the global Neuroscience market. Moreover, consumer demand has also subsequently reduced as individuals are now more keen on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals have been severely affected by this outbreak.
These above elements are expected to burden the revenue trajectory of the global Neuroscience market over the forecast timeline.
Global Neuroscience Market: Key Developments
Increasing the Research and Developments of Diagnostic Equipment
According to a research study “A Novel Brain-Computer Interface Virtual Environment for Neurofeedback During Functional MRI”, published in January 2021, a project was initiated to develop and implement a novel real-time functional magnetic resonance imaging (rt-fMRI)–based neurofeedback (NF) a training method that was afterwards tested on the individuals in virtual environments for shooter games
Increasing focus on research leads to the development of effective neurofeedback systems, and thus, this is expected to drive the market growth.
In October 2022, Biogen Inc., global biotechnology company, and Denali Therapeutics Inc, clinical-stage bio-pharmaceutical company, announced that global Phase 3 LIGHTHOUSE study to evaluate the efficacy and safety profile of BIIB122 (DNL151), as compared to placebo in approximately 400 participants with Parkinson’s disease and a confirmed pathogenic mutation in the leucine-rich repeat kinase 2 (LRRK2) gene.This factor are boost the neuroscience market in future.
Browse 22 Market Data Tables and 18 Figures spread through 178 Pages and in-depth TOC on “Global Neuroscience Market”- Forecast to 2030, by Comoponant (Instrument, Softwere and Services) by End user (Hospital, Diagnostic Laboratories, Research Institutes and Academic Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neuroscience-market-2487
Key Takeaways of the Global Neuroscience Market:
- Increasing healthcare expenditure, and the emergence of biologics & biosimilars is expected to drive the market growth. For instance, Febuary 21,2023 According to the European Union (EU), France (12.2%) and Germany (12.8%) had the greatest healthcare expenditure relative to Gross domestic product (GDP) in 2020, among EU Member States. Furthermore, the presence of a favorable regulatory environment, and reimbursement policies are expected to increses the pharmaceutical product demand hat leads to the expansion of the global neuroscience market.
- Among region, North America is expected to held a dominantposition in the global neuroscience market, owing to increasing technological advancement by key market players, in order to expand their product portfolio and strengthen their market presence. For instance, in May 2021, SP Industries, a life science equipment manufacturer, announced one of the largest simultaneous equipment, which is going to used in the production of diagnostic tests.
- Major players operating in the global neuroscience market 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
