Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Neuroscience Market – The Boon for Neurology Sector
Increasing cases of neurological disorders, which include Alzheimer’s, Parkinson’s diseases, and other dementias are expected to boost the neuroscience market growth over the forecast period. For instance, according to according to the World Alzheimer Report 2015 published by Alzheimer’s Disease International (ADI), in 2015 the new dementia cases in the regions were 4.9 million (49.0%) in Asia, 2.5 million (25.0%) in Europe, 1.7 million (18.0%) in the Americas, and 0.8 million (8.0%) in Africa. Furthermore, according to the Parkinson's UK, in 2015 there were around 137,000 people suffered from Parkinson’s in the U.K.
Parkinson’s disease is the second most common age-related neurodegenerative disorder after Alzheimer’s disease. For instance, according to the Parkinson's UK, in 2015, estimated number of people suffering with the Parkinson’s disease in Northern Ireland were 241, amongst which 157 were male and 85 were female
The global neuroscience market size was valued at US$ 27,630.13 million in 2018, and is expected to exhibit a CAGR of 3.9% over the forecast period (2019-2027).
Figure 1. Global Neuroscience Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2020)
Inorganic strategies adopted by the major players is expected to drive growth of the market over the forecast period
Major market players are focused on adopting inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions which are expected to boost the market growth over the forecast period. For instance, in April 2019, Philips and Hong Duc General Hospital in Ho Chi Minh City in Vietnam entered into a seven-year partnership agreement, under which Philips will offer Hong Duc General Hospital with the latest medical imaging, patient monitoring, and healthcare IT solutions.
Moreover, in August 2017, Charles River Laboratories International, Inc. acquired Brains On-Line, a contract research organization (CRO), for expansion of Charles River’s portfolio of Central Nervous Systems (CNS) services.
Figure 2. Global Neuroscience Market Share (%), by Component, 2019 and 2027
Source: Coherent Market Insights Analysis (2020)
Global Neuroscience Market- Regional Insights
Rising product launches by market players are expected to drive growth of the market. North America is expected to hold dominant position in the market, owing to large healthcare industry in the region. To retain its position in the market key players are focused on launching new products in the region. For instance, in November 2018, GE Healthcare launched Revolution Apex, a new CT scanner in its Revolution product portfolio. This device features Quantix 160 X-Ray tube and deep learning imaging reconstruction, a system built on GE’s Edison, an artificial intelligent platform to produce high quality images in challenging cases.
Moreover, Europe is expected to hold the second largest market share over the forecast period, owing to product launches in the market. For instance, in January 2018, Philips launched a new line of AI-powered imaging devices in India named Access CT 32 Slice, Ingenia Prodiva 1.5T MRI, and Dura Diagnost F30 Digital X-ray.
Moreover, Asia Pacific is expected to witness significant growth in the market, owing to increasing product launches in the market. For instance, in April 2018, Qure.ai, an artificial intelligent company based in Mumbai, India launched new AI-powered technology, which supports interpretation of brain. The platform supports in identifying bleedings in the internal organ or tissue, fractures, and other critical abnormalities in head through the CT scans.
Key Players
Major players operating in the global Neuroscience market include 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, and Trifoil Imaging Inc.
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