Neuroscience Market to Surpass US$ 37.2 Billion by 2026

Published On : Feb 15, 2019

The 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$ 26,593 million in 2017, and is projected to exhibit a CAGR of 3.9% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.

Neuroscience is the study of nervous system in which measuring and imaging of the brain activity is performed. Neuroscience is 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 may also help in developing novel treatment for these disease. 

Various research activity which includes investigating neural activity, disease modeling, safety and toxicity studies and drug discovery which is performed by neuroscience instruments such as CT scan, MR Imaging, microscopes, signal processing system, brain neuron interface system, recording and stimulation solutions etc.

Increasing Patient Base Suffering from Neurological Disorders

Increasing prevalence and deaths due to neurological disorders would be major factor boosting the neuroscience Market. For instance, in August 2012, National Center for Biotechnology Information (NCBI) stated Alzheimer disease as the most frequent cause of dementia in Western societies and estimated around 5.5 million cases in the U.S. and the prevalence worldwide is estimated to be as high as 24 million.

New Product Launch by Key Players

Key players in the market are focused on launching new instruments, which in turn is expected to boost the market growth during the forecast period. For instance, in August 2017, GE Healthcare announced launch of 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. Similarly, in 2015, Codman Neuro (DePuy Synthes) launched CODMAN CERTAS plus programmable valve. It is an MRI-resistant programmable valve with eight different pressure settings.

Browse 23 Market Data Tables and 26 Figures spread through 165 Pages and in-depth TOC on “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)- Global forecast to 2026”

To know the latest trends and insights prevalent in the neuroscience market, click the link below:

https://www.coherentmarketinsights.com/market-insight/neuroscience-market-2487

Key players in the market are focused on adopting partnership strategies with academic institutes to expand their product portfolio. For instance, in 2014, Blackrock Microsystems LLC entered into an agreement with Brown University to license and commercialize a wireless neural activity monitoring system.  In 2014, Blackrock Microsystems entered into partnership with PhenoSys and NAN Instruments to offer a fully-integrated suite of electrophysiology research products.

Key Takeaways of the Neuroscience Market:

  • The global neuroscience market is expected to exhibit a CAGR of 3.9% over the forecast period, owing to increasing research and development activities for better understanding of brain functioning and pathophysiology of various chronic brain disorders. The growth is also attributed to increasing focus of several pharmaceutical and biotech companies towards development of novel therapeutic agents for the treatment of various neurological disorders.
  • Among component, the instruments segment is expected to hold dominant position in the market, owing to increasing launch of novel instruments and the ability of these instruments to efficiently address the neuroscience research needs
  • North America is expected to hold dominant position in market, followed by Europe and Asia Pacific. The U.S. has quality ecosystem of basic and applied neuroscience in its academic universities and commercial research centers. Increasing research and development activities in the healthcare industry, specifically to understand correct causes behind chronic neurological diseases such as Alzheimer’s disease is expected to boost growth of the market in North America. Moreover, increasing funding by various government agencies such as National Institutes of Health (NIH) and research grants by charity foundations is also expected to contribute to the market growth in the region.
  • Key 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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