Neuroscience Market (Technology: Whole Brain Imaging, Neuro-microscopy, Electrophysiology, Neuroproteomic Analysis, Animal Behavior Analysis, Neuro-functional Analysis, and Others; Component: Instrument, Software, and Services; and End User: Hospitals, Diagnostic Laboratories, Academic & Research Institutions, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Progress in Neurological R&D Activities
Neuroscience relates to more than one branch of science, such as linguistics, computation, philosophy, psychology, and chemistry. The study for neuroscience includes cellular, operative, behavioral, molecular, evolutionary, and therapeutic aspects of the neurotic system. The neuroscience market includes several technologies that are used for imaging the nervous system. Owing to the accuracy of devices used by neuroscientists, the neuroscience market is expected to grow during the forecast period. The segment involves multiple technologies such as proteomic and neuro-microscopy. Proteomic technologies have crucial applications in neuroscience and their demand is growing rapidly due to their easy availability. The advancement in technology is contributing to the progress of neuro-microscopy, helping in the growth of the neuroscience market. Moreover, there have been many advancements in brain tech, and the ongoing research for better results and accuracy are some of the key factors contributing to market growth.
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Rise in Number of Deaths Due to Neurological Disorders Fuels Market Growth
The escalating incidents of neurological complications, which include Alzheimer’s, Parkinson’s, and other brain-related dysfunctions are anticipated to encourage stakeholders in the neuroscience market to help fight such diseases. In 2018, more than one hundred thousand deaths were recorded due to Alzheimer's in the U.S. The Government is increasing the medical expenditure to help improve medical facilities in neuroscience resulting in the expansion of the neuroscience market.
According to the report 'The burden of neurological diseases in Europe', in 2017, the WHO European region recorded more than a million deaths due to neurological diseases. It concluded toward a heavy demand for the development of neuroscience. The medical devices industry has witnessed rapid growth due to technical advancements in recent years. Hence, the global neuroscience market is projected to grow at a CAGR of ~4% from 2021 to 2031.
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Neuroscientists, Researchers Eager for Innovations in Medical Devices Industry
Presently, laser helmets are being used to calculate brain activity. A laser helmet operates by sending the laser beams into the brain to calculate oxygen levels. This helps to identify the mental process and is currently being called functional near-infrared spectroscopy. Kernel flow helmet began its sale to scientists and researchers this year. The demand for the product is expected to grow in the near future and contribute to the expansion of the neuroscience market.
Another medical science device helping neuroscientists is studded with electrodes to detect tiny nerve impulses on the wrist. The electrode bracelet uses electromyography to monitor signals that travel from the brain to hand muscles. The technology is currently developing with various institutions working on it. Once launched, the devices are likely to witness high demand from various developed economies, fueling the global market for neuroscience.
Involvement of Countries Needed to Support Neuroscience Development
The increasing number of brain-related disorders and the number of developed healthcare systems are evaluated to hold dominance in the overall market. There are numerous organizations, multiversity, and institutes in North America that are focused on several initiatives and functions to encourage R&D in neuroscience. Moreover, the number of deaths in the U.S. is a cause of concern among governing bodies. Hence, there has been a surge in government funding to help the neuroscience market to grow.
Due to the growing population in Asia Pacific, there is an increased awareness among people about different neurological disorders. The market is witnessing a rise in healthcare expenditure in countries such as India, China, and Japan. The market in Asia Pacific is expected to expand rapidly during the forecast period. Other major factors, including pervasiveness of various neurological diseases are likely to fuel the demand for innovative diagnosis and effective treatment. This is set to propel the market for neuroscience.
Awareness Programs for Neuroscience Driving Neuroscience Market
In previous years, influenced by the research and development in neuroscience, the limits within various practices dimmed. Technology for brain imaging can allow a biological perspicacity into mental illnesses, which results in faster analysis, more accurate diagnosis, and enhanced monitoring of patient progress over time. Moreover, many neuroscientists and large organizations are spreading awareness and knowledge through events regarding the brain system in public as well government offices.
Many countries have regulations against the use of animals for research and testing. Animals are needed for testing some neurological devices, which can limit the growth of the neuroscience market. However, scientists can use Vitro methods (using human cells and tissues), or Silico models (computer-modeling techniques) for research to overcome the restraining factors related to animal use.
Neuroscience Market to Witness Steady Growth with Rapid Development of COVID-19 Vaccines
One of the enduring challenges is the ongoing COVID-19 pandemic that is limiting many types of physical applications of neuroscience. The risk of catching a virus is restricting many individuals to assess their symptoms. It is also hampering the research and tests for upgraded devices. Thus, COVID-19 is expected to hinder the growth of the market. However, the rapid development of vaccines to fight the virus is helping the neuroscience market to steadily grow in the upcoming years. Additionally, there is an increasing health consciousness among people resulting in increased demand for mental and physical health check-up devices. These factors are expected to drive the market during the forecast period.
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The ever-rising demand for healthcare and technological headways in neuroscience assures growth of the neuroscience market during the forecast period. The ongoing development in neurotic research and technologies such as whole-brain imaging is boosting the market across multiple continents. The present market is dominated by North America and Europe. However, Asia Pacific is expected to surpass other regions during the forecast period. Additionally, government-involved activities and funding are likely to raise awareness about brain diseases, assuring an increased growth of the global neuroscience market. Major factors including high-cost instruments and animal testing can hamper the growth of the neuroscience market. However, as the production increases, companies are anticipated to reduce prices, and with the technological alternatives to animal tests, the neuroscience market is estimated to rapidly grow during the forecast period.
Neuroscience Market: Overview
- This report analyzes the current and future prospects of the global neuroscience market. Increase in patient population with neurological disorders such as dementia, Alzheimer's disease, and Parkinson's disease, advancements in the field of neuro-technology and neuroscience, and surge in government funding and initiatives in neuroscience are the key factors projected to fuel the growth of the global neuroscience market during the forecast period.
- The report provides an elaborate executive summary, which comprises a snapshot of various segments of the global neuroscience market. The report also provides information and data analysis of the global neuroscience market about segments based on technology, component, end user, and region.
- The overview section of the report provides detailed qualitative analysis of drivers and restraints impacting the global neuroscience market, along with opportunities in the global market
- Additionally, the global neuroscience market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competition landscape in the global neuroscience market
- The report includes data analysis on the neuroscience market attractiveness by region and segments
- The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global neuroscience market. It elaborates on the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global neuroscience market.
Neuroscience Market: Segmentation
- In terms of technology, the global neuroscience market has been classified into whole brain imaging, neuro-microscopy, electrophysiology, neuroproteomic analysis, animal behavior analysis, neuro-functional analysis, and others
- The whole brain imaging segment held a major share of the global neuroscience market in 2020
- Based on component, the global neuroscience market has been divided into instrument, software, and services
- The instrument segment is projected to dominate the global neuroscience market during the forecast period
- In terms of end user, the global neuroscience market has been categorized into hospitals, diagnostic laboratories, academic & research institutions, and others. The diagnostic laboratories segment is anticipated to lead the global neuroscience market during the forecast period.
- The market size and forecast for each of these segments have been provided from 2017 to 2031. The CAGR of respective segment has also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year.
Neuroscience Market: Regional Outlook
- In terms of region, the global neuroscience market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
- The report provides market size and forecast for each region and country/sub-region from 2017 to 2031. Compound annual growth rates (CAGR) of each of these regions and countries have also been provided for the forecast period from 2021 to 2031, considering 2020 as the base year. The neuroscience market study also covers the competitive scenario in these regions.
Companies Mentioned in Report
- Key players in the global neuroscience market have been profiled based on key aspects such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
- Major companies profiled in the global neuroscience market report are
- Doric Lenses
- GE Healthcare
- Siemens Healthineers
- Laserglow Technologies
- Mightex Systems
- BrainCo, Inc.
- Cercare Medical A/S
- Plexon, Inc.
- Noldus Information Technology bv
- Femtonics Ltd.
Neuroscience Market – Scope of the Report
TMR’s report on the neuroscience market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides the overall revenue of the global neuroscience market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global neuroscience market for the forecast period of 2021–2031.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the neuroscience market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomena in the global neuroscience market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the neuroscience market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the neuroscience market.
The report also delves into the competitive landscape of the global neuroscience market. Key players operating in the global neuroscience market have been identified and each one of these is profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the neuroscience market profiled in this report.
Key Questions Answered in Neuroscience Market Report
- How does the development of neuroscience provide scope of growth of the global neuroscience market?
- How alliances and partnerships among players are widening the scope of new line of technologies for neuroscience?
- What are the revenue share projections of key segments under various criteria in the neuroscience market during the forecast period?
- Which segment is likely to register highest revenue until the end of the forecast period in 2031?
- How is the evolving healthcare system in developing countries in Asia Pacific making an impact on the overall neuroscience market?
Neuroscience Market – Research Objectives and Research Approach
The comprehensive report on the global neuroscience market begins with an overview of the market, followed by the scope and objectives of this study. Following this, the report provides detailed explanation of the objectives behind this study and healthcare compliances laid down by accredited agencies in the purview of line of procedure for neuroscience.
For reading comprehensibility, the report is compiled in a chapter-wise layout, with each section further divided into smaller sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global neuroscience market in terms of technology, component, end user, and region. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2031 has been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global neuroscience market.
Neuroscience Market – Segmentation