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Press Release: Neuroscience Market to Surpass US$ 38.9 Billion by 2027
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.
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.
Neuroscience is the study of nervous system, which is related to evaluating and imaging of the brain activity. Neuroscience is a broad term, which focuses on molecular, cellular, developmental, structural, functional, evolutionary, computing, psychosocial, and medical aspects of the nervous system. The advancement in biology, pharmaceutical science, medicine, cognitive science, biomedical engineering is evolving neuroscience. Neuroscience have application in variety of areas for better understanding of pathophysiology and symptoms various for chronic neurological disease such as epilepsy, and Alzheimer disease. This in turn aids in developing novel treatment for these diseases.
Various research activities such as investigating neural activity, disease modeling, safety and toxicity studies, and drug discovery are performed with the help of neuroscience instruments such as CT scan, MR Imaging, microscopes, signal processing system, brain neuron interface system, other recording, and stimulation solutions.
Furthermore, growing number of neurological disorder cases are expected to boost growth of the market over the forecast period. For instance, according to the World Health Organization, in September 2019 there were around 50 million people who had dementia and around 10 million new cases are added every year.
Market Dynamics
The neuroscience market is expected to witness significant growth over the forecast period, owing to increasing number of neurological disease cases. For instance, according to the World Alzheimer Report 2015 published by Alzheimer’s disease International (ADI), states that globally there were nearly 9.9 million new cases of dementia in 2015 and 46.8 million people were living with dementia in 2015 worldwide. The World Alzheimer Report 2015, also estimates that the number of cases will reach around 74.7 million by 2030 and 131.5 million by 2050.
Product approvals by regulatory authorities are expected to drive growth of neuroscience market over the forecast period. For instance, in August 2017, Siemens Healthineers received certification mark (CE) approval for the 7 Tesla magnetic resonance (MR) scanner Magnetom Terra, an ultra-high-field MR scanner for neurological and musculoskeletal examinations. Moreover, in June 2018, Royal Philips received the 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Ingenia Elition 3.0T MR solution and two clinical applications, Philips Compressed SENSE and 3D APT. This solution helps clinicians to perform examination up to 50.0% faster, increase diagnostic efficacy, and enhance the patient experience.
Market players are focused on launching technologically advanced products in the market, which is expected to fuel the market growth over the forecast period. For instance, in November 2018, GE Healthcare launched Edison platform with artificial intelligent applications at Radiological Society of North America (RSNA) 2018 This novel platform with AI apps will support hospitals to develop algorithms and manage data for imaging and precision medicine. These apps includes AIRx, tool for MRI brain scanning and others.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 23 market data tables and 26 figures on "Neuroscience Market - Global forecast to 2027”.
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