July 18, 2024
Neuroscience Market

Increasing Demand For Neurology Devices To Boost The Growth Of Neuroscience Market

The neuroscience market comprises of devices and solutions that help understand the human brain and nervous system. These include imaging systems, neuro-microscopes, electrophysiology technologies, behavioral analysis solutions and neural implant technologies. Neuroscience finds vast applications across research, diagnostics, and therapeutics of neurological disorders. Neuroimaging systems allow non-invasive analysis of internal structures and functions of the brain. Electrophysiology technologies are used to record electrical activities in the nervous system and brain. With growing cases of neurological diseases, demand for improved diagnostics and treatment is increasing rapidly.

The global Neuroscience Market is estimated to be valued at US$ 32.75 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the neuroscience market is the growing adoption of multimodal imaging systems. These advanced systems combine different imaging modalities like MRI, CT, PET etc. to provide superior anatomical and functional details of the brain. Another prominent trend is the development of minimally invasive neural interface technologies. Companies are focusing on reducing the size of implants for improved biocompatibility. Increased funding for brain research and growing application of neural technologies in developing brain-computer interfaces are also boosting the neuroscience market growth.

Porter’s Analysis

Threat of new entrants: The neuroscience market has moderate entry barriers due to its reliance on advanced technology and extensive research and development. However, new manufacturers entering the space may disrupt the market dynamics over time.

Bargaining power of buyers: Buyers in the neuroscience market, such as research organizations and hospitals, have moderate bargaining power due to the specialized and advanced nature of products in this industry. However, the presence of several manufacturers provides buyers with alternatives.

Bargaining power of suppliers: A few large suppliers globally dominate key components for neuroscience research equipment. This provides them with stronger bargaining power against manufacturers.

Threat of new substitutes: There are limited substitution threats currently for core neuroscience research tools. However, new digital neurotechnologies may pose a disruption threat in the long run.

Competitive rivalry: The neuroscience market witnesses intense competition among existing players to gain market share through new product launches and strategic collaborations.

Key Takeaways

The Global Neuroscience Market Demand is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing investment in neuroscience research from private and public organizations. The market size is estimated to reach US$ 32.75 Bn by 2023.

Regional analysis: North America dominates the neuroscience market currently due to heavy investments in neuroscience research from universities and government organizations in the region. Asia Pacific is expected to be the fastest growing market, driven by rising research expenditures in countries such as China and India.

Key players operating in the neuroscience market are 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. These players are focusing on new product launches through partnerships to expand their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it