Global Neuroscience Market, by Component (Instrument, Software, and Services), by End User (Hospital, Diagnostic Laboratories, Research Institutes, and Academic Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Neurological disorders are the diseases of central and peripheral nervous system. These disorders include epilepsy, Alzheimer disease and other dementias, cerebrovascular diseases including stroke, migraine, and other headache disorders, multiple sclerosis, Parkinson's disease, neuroinfections, brain tumors, traumatic disorders of the nervous system due to head trauma, and neurological disorders as a result of malnutrition. These diseases are also affected by various infections such as bacterial (Mycobacterial tuberculosis and Neisseria meningitides), viral (Human Immunodeficiency Virus (HIV), Enteroviruses, West Nile Virus, and Zika), fungal (Cryptococcus, and Aspergillus), and parasitic (malaria and Chagas). These pathogens has potential to affect the nervous system, which leads to neurological symptoms due to the infection itself or weaken immune response of the individuals.
Increasing incidence of neurological disorders is expected to propel growth of the market over the forecast period. For instance, according to the World Health Organization (WHO), a report published, in 2016, globally there are 7.7 million new cases of dementia every year. Moreover, Alzheimer disease-being the most common cause of dementia, contributes to 60.0-70.0% of such cases. Furthermore, according to the Mindgardens Neuroscience Network, in 2017, in Australia, the leading cause of disability is mental health and neurological disorders, which accounted for 20.5% of total Australian daily adjusted life years (DALYs).
Key players in the market are focused on launching new products, which in turn is expected to boost the market growth during the forecast period. For instance, in August 2017, GE Healthcare launched Signa Premier, a new wide bore 3.0T magnetic resonance imaging (MRI) system in the U.S. This system delivers a new level of clinical performance with additional research-focused capabilities, especially for neurology and oncology research.
Browse 23 Market Data Tables and 26 Figures spread through 165 Pages and in-depth TOC on “Neuroscience Market” - Global forecast to 2027, by Component (Instrument, Software, and Services), by End User (Hospital, Diagnostic Laboratories, Research Institutes, and Academic Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Asia Pacific is expected to offer lucrative market opportunity in the Neuroscience market over the forecast period, owing to rising incidences of CNS disorders in the region. For instance, according to the National Center for Biotechnology Information (NCBI), an article published in 2018 reports that the burden of dementia in Japan is growing and it is expected that 1 in 5 elderly people will suffer from dementia in Japan by 2025.
Moreover, increasing patient pool of neurological disorders in this region is expected to drive growth of the market over the forecast period. For instance, according to the Mindgardens Neuroscience Network, the total prevalence of neurological disorders in 2017 in Australia were 10.6 million (43.0%) followed by mental health disorders of 4 million (16.3%), and substance disorders of 0.8 million people (3.2.0%).
Key Takeaways of the Neuroscience Market: