February 25, 2024
Neuroscience Market

The Neuroscience Market is Expected to be Flourished by Growing Incidence of Neurological Disorders

The neuroscience market encompasses a wide range of products related to the study and application of neuroscience in areas such as neurobiology, neurophysiology, neurochemistry and neuroendocrinology. Neuroscience finds applications in developing effective treatments for neurological disorders such as epilepsy, Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, stroke and migraine. Rising prevalence of neurological diseases driven by increasing global geriatric population and changing lifestyle trends is expected to drive the demand for neuroscience research and related drug development activities.

The global neuroscience Market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing incidence of neurological disorders across the world is one of the key drivers expected to flourish the neuroscience market over the coming years. According to the World Health Organization, neurological disorders cause over 10% of global mortality and pose a significant health and socio-economic burden across the globe. It is estimated that neurological disorders affect over 1 billion people worldwide with Parkinson’s disease and Alzheimer’s disease being the most common neurological conditions affecting millions of people globally. The increasing prevalence of neurological conditions driven by aging population and changes in lifestyle is expected to result in higher demand for neuroscience research and effective treatment options during the forecast period of 2023 to 2030. Furthermore, increasing R&D investments by biopharmaceutical companies and growing government funding for neuroscience research in both developed and developing countries is also expected to fuel the market growth. However, high costs associated with neuroscience research activities and clinical trials may restrain the market during the forecast period.

Segment Analysis
The neuroscience market is primarily segmented into imaging modalities, non-invasive modalities and molecular diagnostics. Among these, the imaging modalities segment currently dominates, accounting for over 35% share of the global market in 2023. Magnetic resonance imaging (MRI) technology is the largest sub-segment within imaging modalities due to its wide usage for diagnostic purposes without exposing patients to radiation.

PEST Analysis
Political: Government regulations supporting neuroscience research and funding for treating neurodegenerative diseases will aid market growth. However, stringent regulations for product approval may slightly impact the market.
Economic: Rising healthcare expenditure and availability of insurance coverage for neurology procedures will drive the market. However, high costs of neuroscience equipment and procedures can restrain market growth to some extent.
Social: Increasing incidence of neurological disorders due to changing lifestyle and growing geriatric population is a major factor fueling the market. However, social stigma around some neurological conditions acts as a challenge.
Technological: Advancements in neuroimaging, tissue engineering, molecular diagnostics and stem cell therapies are expanding applications and improving treatment outcomes. Development of portable diagnostic tools will also support market growth.

Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 45.13 Bn by 2030 from US$ 32.75 Bn in 2023.

Regional analysis: North America currently dominates the global market accounting for over 35% share in 2023 due to superior healthcare infrastructure and large patient pool. However, Asia Pacific is estimated to showcase the fastest growth during the forecast period owing to rising medical tourism, increased healthcare spending and growing incidence of neurological disorders.

Key players operating in the neuroscience market are Johnson & Johnson (US), Procter & Gamble (US), Kimberly-Clark (US), Essity Aktiebolag (publ) (Sweden), Kao Corporation (Japan), Daio Paper Corporation (Japan), Unicharm Corporation (Japan), Premier FMCG (South Africa), Ontex (Belgium), Hengan International Group Company Ltd. (China), Drylock Technologies (Belgium), Natracare LLC (US), First Quality Enterprises, Inc. (US), Bingbing Paper Co., Ltd. (China). Key players are focusing on new product launches and expanding their regional presence through mergers and acquisitions to gain a competitive edge in the market.

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