by The neuroscience market encompasses discovery and development of therapeutics, instruments, and diagnostics to advance understanding and treatment of conditions impacting the nervous system. Key products in the market are imaging systems, such as MRI and CT scanners used for neurological disorder diagnosis and research, PCR instruments for genetic testing, histology stains, and live cell imaging tools aiding drug development efforts. Advancing technologies in areas such as CRISPR, genome sequencing, AI and in vitro neuronal models hold promise to accelerate discoveries and care. The global neuroscience Market is estimated to be valued at US$ 32.75 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the primary drivers augmenting growth of the neuroscience market is rising global prevalence of neurological disorders. According to the World Health Organization (WHO), neurological disorders affect over a billion people worldwide annually with conditions such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease seeing sharp upticks in incidence rates in recent years. Ongoing research aims to better understand disease mechanisms and identify novel therapeutic targets and biomarkers utilizing multi-omics approaches combined with advanced imaging and neuronal cell models. Enhanced insights are helping spur development of more effective therapies, thereby supporting expansion of the neuroscience product and technology landscape.
SWOT Analysis
Strength: Neuroscience market has strong growth driven by rising prevalence of neurological disorders and technological advancements in neuroscience research.
Weakness: High costs involved in neuroscience research and lack of patient awareness in some regions.
Opportunity: Untapped growth opportunities in emerging markets. Rising funding for neuroscience research from public and private organizations.
Threats: Stringent regulatory requirements, lengthy product approval timelines and increasing competition.
Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth driven by increasing incidence of neurological disorders worldwide.
Regional analysis: North America currently dominates the market due to presence of major market players in countries like the US and technological advancements. Asia Pacific region is expected to provide lucrative growth opportunities owing to growing medical tourism, rising healthcare expenditure and improving healthcare infrastructure in emerging countries like China and India.
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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
