by Neuroscience is a complex scientific domain that involves the study of the nervous system and brain function. Key areas of neuroscience research include neurobiology, neurophysiology, neurochemistry, neuroanatomy, neuropharmacology, and cognitive and behavioral neuroscience. Advancements in neuroimaging technologies, brain mapping techniques, and detection of biomarkers are enabling deeper understanding of complex neurological disorders. These emerging technologies are fueling innovation in neuroscience tools, diagnostics, therapies, and other areas.
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 key trends:
Emerging technologies in the field of neuroscience are driving significant growth in the market. Technological advancements are enabling precise mapping and imaging of the brain and nervous system. Brain mapping techniques such as MRI, fMRI, PET, CT scans, EEG, MEG and others are enhancing neuroscience research. These technologies provide insights into neurological processes, assist in disease diagnosis, and enable development of neuroscience tools and treatments. For instance, fMRI is increasingly being used for research in developmental cognitive neuroscience, social neuroscience, neuroeconomics and decision-making. In addition, the use of neuroimaging coupled with cognitive science is advancing our understanding of how the mind works. These technological trends are expected to present lucrative opportunities for players in the neuroscience market during the forecast period.
SWOT Analysis
Strength: The neuroscience market has seen significant growth in research and development of new drugs and therapies for neurological disorders. Growing government funding for neurological research is also a major strength.
Weakness: High costs associated with drug development and clinical trials pose challenges. Lack of approved therapies for many conditions is also a weakness.
Opportunity: Rise in neurological disorders globally due to aging population and lifestyle changes presents opportunities. Growing awareness about brain health also opens up opportunities.
Threats: Patent expiries of blockbuster drugs pose threats from generic competitors. Stringent regulatory approvals and standards also threaten market growth.
Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for neuroscience was valued at US$ 32.75 billion in 2023 and is estimated to reach over US$ 50 billion by 2030, registering a CAGR of 4.8%.
Regional analysis shows that North America currently dominates the neuroscience market due to advanced research facilities and growing neurological disorders. However, Asia Pacific is poised to grow at the fastest pace owing to rising healthcare expenditure, large patient pools, and increasing focus on brain health.
Key players operating in the neuroscience market are Johnson & Johnson, Procter & Gamble, Kimberly-Clark, Essity Aktiebolag, Kao Corporation, Daio Paper Corporation, Unicharm Corporation, Premier FMCG, Ontex, Hengan International Group Company Ltd., Drylock Technologies, Natracare LLC, First Quality Enterprises, Inc., and Bingbing Paper Co., Ltd. Major players are focusing on new product launches, geographical expansion and mergers & acquisitions to consolidate their market position.
*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.
