February 28, 2024

The Neuroscience Market Is Expected To Be Flourished By Growing Adoption Of Neuroscience Research

Neuroscience is an interdisciplinary science that deals with the structure and function of the nervous system and brain. It aims to understand how the nervous system develops, its structure, and what is occurring within it. Neuroscience employs the approaches and findings of fields such as biology, physics, chemistry, computer science, and engineering to understand behavior and the mind.

The global Neuroscience Market is estimated to be valued at Us $37.73 Billion in 2024 and is expected to exhibit a CAGR Of 21% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

The global neuroscience market comprises products related to proteomics, genomics, transcriptomics, and metabolomics used across academic research institutes, neurology clinics, hospitals, diagnostic centers, CROs, and pharmaceutical companies. Neuroscience products find application across neurological disease diagnosis and drug discovery & development. Growing incidence of neurological disorders across the globe is a key driver bolstering the adoption of neuroscience research, diagnosis and therapeutics. Technological advancements and increasing funding for neuroscience research is also encouraging the adoption of neuroscience tools & technologies.

 

Market Dynamics:

Growing incidence of neurological disorders across the globe is driving the growth of the neuroscience market. According to the World Health Organization (WHO), neurological disorders affect over 1 billion people globally per year. Strokes, migraine disorders, and Alzheimer’s disease account for maximum proportion of neurological conditions in various regions worldwide. Rising initiatives by governments and non-profit organizations to spread awareness about neurological disorders and funding for neuroscience research are fueling the development of advanced and specialized neuroscience tools and technologies. Growing adoption of advanced tools such as next generation sequencing, microelectrode arrays, optogenetics, Deep Brain Stimulation among others is also driving market growth. Along with increasing adoption, technological advancements in neuroscience tools and integrated solutions are further promoting the market growth over the forecast period.

 

Segment Analysis

The neuroscience market is segmented into research type, products and applications. By research type, the clinical research segment dominates the market and is expected to continue its dominance during the forecast period due to rising prevalence of neurological disorders. This segment is followed by the pre-clinical research segment.

PEST Analysis

Political: Governments of various countries are supporting neuroscience research through funding which is positively impacting the market growth.

Economic: Rising healthcare spending and growing economy in emerging countries is fueling the market expansion.

Social: Increasing public awareness about neurological disorders and heavy R&D investments from government and private organizations are propelling the market growth.

Technological: Advancements in neuroimaging technologies, genomic/proteomic tools and bioinformatics are providing new opportunities for researchers to study complex brain disorders.

Key Takeaways

The Global Neuroscience Market Demand  is expected to witness high growth owing to rising neurological disease burden worldwide.

North America remains the largest regional market due to presence of key players and advanced healthcare infrastructure. Asia Pacific is poised to be the fastest growing region on account of growing geriatric population, increasing healthcare spending and rising patient awareness.

Key players operating in the neuroscience market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players.

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