Neuroscience Market to Hit USD 65.8 Billion by 2030 Owing to Increasing Prevalence of Neurological Disorders and Collaborative Research Initiatives | Research by SNS Insider

According to SNS Insider’s research, with technological advancements, a focus on addressing neurological disorders, collaborative research initiatives, and increased investment in R&D, the neuroscience market is poised for substantial growth.

Pune, Nov. 20, 2023 (GLOBE NEWSWIRE) — “The SNS Insider report indicates that the size of Neuroscience Market was projected to be USD 42.6 billion in 2022, with an anticipated growth to USD 65.8 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5.6% within the forecast period of 2023-2030.”

Market Overview

Neuroscience, a multidisciplinary field that merges biology, psychology, physics, and computer science, is dedicated to unraveling the mysteries of the nervous system and the intricate workings of the brain. As one of the most rapidly advancing scientific disciplines, neuroscience plays a pivotal role in understanding the complexities of human cognition, behavior, and neurological disorders. At its core, neuroscience explores the structure and function of the nervous system, encompassing the brain, spinal cord, and peripheral nerves. Researchers in this field utilize an array of techniques, from advanced imaging technologies to molecular biology, to dissect the mechanisms that underlie neural processes.

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Market Analysis

The continuous evolution of cutting-edge technologies, such as functional magnetic resonance imaging (fMRI), optogenetics, and brain-machine interfaces, has propelled neuroscience research to unprecedented heights. These innovations not only enable researchers to observe and manipulate neural activity with greater precision but also foster the development of novel therapeutic interventions for neurological conditions. The collaborative nature of neuroscience research, involving partnerships between academia, industry, and government institutions, accelerates the pace of discovery. Increased collaboration fosters knowledge exchange, access to diverse resources, and the pooling of expertise, all of which are instrumental in advancing neuroscience and expanding the neuroscience market. Governments, private organizations, and pharmaceutical companies are increasingly recognizing the importance of neuroscience research. This has led to a surge in funding for R&D initiatives, providing researchers with the resources needed to explore new frontiers in understanding the brain and developing innovative solutions for neurological disorders.

Key Company Profiles Listed In this Report are:

The major key players are Carl Zeiss AG, Danaher Corporation, GE Healthcare, Siemens Healthcare Private Limited, Koninklijke Philips N.V., Canon Inc., B. Braun SE, Medtronic, Stryker, Boston Scientific Corporation, ABBOTT, Terumo Corporation, and Others.

Neuroscience Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 42.6 Bn
Market Size by 2030  US$ 65.8 Bn
CAGR  CAGR of 5.6% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Regions/Countries North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Market Dynamics Analysis

In the dynamic landscape of neuroscience, various factors contribute to shaping the market dynamics, encompassing a multitude of drivers, restraints, challenges, and threats. The rapid advancements in technology, particularly in imaging and diagnostic tools, stand out as prominent drivers propelling the neuroscience market forward. The growing prevalence of neurological disorders, such as Alzheimer’s and Parkinson’s disease, also fuels demand for innovative solutions, fostering research and development activities. Moreover, increasing awareness and a surge in government initiatives to support neuroscience research further amplify market growth. However, the field faces substantial restraints, notably the high costs associated with neuroscientific research and the development of new therapies. Limited understanding of the complex neural mechanisms and the intricacies of the human brain poses a significant challenge, hindering the pace of breakthrough discoveries. Additionally, the ethical concerns surrounding certain research practices and the potential social implications of neuroscientific advancements introduce a layer of restraint that necessitates careful navigation. Challenges in the market extend to the translational phase, where the transition from preclinical research to clinical applications encounters hurdles. Regulatory complexities and the need for stringent approvals contribute to delays in bringing novel neurological treatments to market.

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Neuroscience Market Key Segmentation:

By Component

  • Instruments
  • Consumables
  • Software & Services

By Technology

  • Brain Imaging
  • Neuro-Microscopy
  • Stereotaxic Surgeries
  • Neuro-Proteomic Analysis
  • Neuro-Cellular Manipulation
  • Others

By End User

  • Hospitals
  • Diagnostic laboratories
  • Research and Academic Institute

Key Regional Developments

One of the key aspects influencing the neuroscience market is the regional variance in research focus. In North America, particularly in the United States, substantial investments in research and development have propelled the region to the forefront of neuroscience advancements. In Europe, the neuroscience landscape is characterized by a strong emphasis on interdisciplinary research. Countries like Germany, the United Kingdom, and the Netherlands have established themselves as hubs for collaborative efforts, fostering partnerships between neuroscientists, clinicians, and industry stakeholders. Asia-Pacific is emerging as a key player in the market, with countries such as China, Japan, and South Korea making significant strides. Rapid economic growth, increased healthcare expenditure, and a focus on building research infrastructure are driving advancements in neuroscience research.

Impact of Recession on Neuroscience Market Growth

The neuroscience market heavily relies on research funding from both public and private sources. However, during times of economic downturn, governments and funding bodies may prioritize other critical sectors, leading to a reduction in financial support for neuroscience projects. This, in turn, affects research initiatives, hindering progress and potentially stalling groundbreaking discoveries. While economic recessions pose challenges, they also present opportunities for innovation and adaptation. Neuroscience professionals may explore alternative funding sources, such as philanthropy and public-private partnerships. The crisis may also stimulate creative thinking, prompting researchers to discover new ways of conducting experiments, collaborating, and bringing neuroscientific solutions to market.

Key Takeaway from Neuroscience Market Study

  • The instruments segment within the market encompasses a diverse range of tools and devices designed to facilitate precise and comprehensive study of the brain. From advanced microscopes capable of capturing neural activity at the cellular level to sophisticated electrophysiological recording systems, these instruments enable researchers to delve into the complexities of brain function.
  • The brain imaging segment stands as a cornerstone in the neuroscience market, providing researchers with invaluable insights into the structure and function of the brain. Non-invasive imaging techniques have revolutionized the study of neurological disorders and cognitive processes.

Recent Developments

  • WaveDancer and Firefly Neuroscience have officially announced a merger agreement. The strategic collaboration aims to combine the unique strengths and expertise of both companies, paving the way for unprecedented advancements in the field.
  • In a strategic move to catalyze innovation in the field of neuroscience, Corundum Neuroscience has unveiled its Neuroscience Venture Builder & Fund. This initiative is set to play a pivotal role in driving forward groundbreaking ideas and projects within the neuroscience domain.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Neuroscience Market Segmentation, By Component

9. Neuroscience Market Segmentation, By Technology

10. Neuroscience Market Segmentation, By End User

11. Regional Analysis

12. Company Profile

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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