The global neuroscience market is primarily driven by the surging prevalence of neurological disorders. Neuroscience is a branch of biology that deals with the anatomy, biochemistry, molecular biology, physiology, pharmacology, and pathology of the nervous system and its disorders. Neuroscience products are essential for diagnosing and treating neurological conditions such as Parkinson’s disease, Alzheimer’s disease, brain tumor, and cerebral palsy. Some key neuroscience products include neurostimulation devices, neurosurgical products, neurodiagnostic and monitoring devices, and supportive devices. These neuroscience products enable non-invasive and minimally invasive diagnosis and treatment of neurological disorders. The increasing population dealing with neurological disorders and the growing demand for effective treatments are fueling the need for neuroscience products globally.
The global Neuroscience Market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the neuroscience market is the rising adoption of minimally invasive procedures. Minimally invasive neurosurgical procedures such as laser interstitial thermal therapy, stereotactic radiosurgery, and deep brain stimulation offer reduced hospital stay, less pain and scarring, and faster recovery compared to traditional open surgeries. They are more effective for treating conditions such as epilepsy, tremors, chronic pain, obsessive compulsive disorder, and depression. As these procedures are associated with less complications and improved functional outcomes, their demand is increasing significantly. This is positively impacting the growth of the neuroscience market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the neuroscience market. The neuroscience industry requires extensive R&D and clinical trials, which requires large investments. However, small biotech startups can enter the market by developing novel molecules and targeting niche therapy areas.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of large pharmaceutical companies and the focus on value-based drug pricing limits the bargaining power of buyers. However, the availability of generic drugs increases competition.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Key raw material suppliers face intense competition due to the availability of substitute materials. Suppliers of novel molecules and gene therapies may wield more bargaining power.
Threat of new substitutes: The threat of new substitutes is moderate. Biosimilars and newer treatment options pose a substitution threat. However, branded drugs enjoy premium pricing and market share due to strong safety and efficacy profiles.
Competitive rivalry: The competitive rivalry is high owing to the presence of large multinational companies. Companies compete based on drug pipeline, clinical trial data, marketing muscle, and global geographical reach.
Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth over the forecast period aided by rising neurological disorders, growing geriatric population, and increasing R&D investments.
Regional Analysis: North America currently dominates the market supported by developed healthcare infrastructure, high healthcare spending, and presence of major players. However, Asia Pacific is poised to be the fastest growing region driven by growing economies, increasing healthcare access, and growing medical needs of large population base.
Key players operating in the neuroscience market are Johnson & Johnson (US), Procter & Gamble (US), Kimberly-Clark (US), Essity Aktiebolag (publ) (Sweden), Kao Corporation (Japan), Daio Paper Corporation (Japan), Unicharm Corporation (Japan), Premier FMCG (South Africa), Ontex (Belgium), Hengan International Group Company Ltd. (China), Drylock Technologies (Belgium), Natracare LLC (US), First Quality Enterprises, Inc. (US), Bingbing Paper Co., Ltd. (China). These players are focused on new product launches, acquisitions, and geographic expansions to strengthen their market presence. For instance, in 2022 J&J acquired Auris Health to augment its surgical robotics portfolio.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it