The neuroscience market is experiencing tremendous growth driven by advancements in technology and artificial intelligence. This market provides tools, research services, and diagnostics for studying the nervous system and brain function. Technologies such as electrophysiology, optogenetics, connectomics and neuroimaging have played pivotal roles in furthering our understanding of neurological diseases and disorders.
The global neuroscience market covers a wide range of products and services including instruments, consumables, services, software and research models which aid in advancing our knowledge of neurobiology, neurology and neuropsychology. These tools aid in research related to neural circuits, learning and memory, sensory perception, brain development and neurodegenerative diseases.
The Global Neuroscience Market is estimated to be valued at US$ 37.73 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Neuroscience are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players.
Growing demand for neurological disease treatment and diagnosis is expected to drive the neuroscience market during the forecast period. Neurological disorders are on the rise globally and neuroscience tools & technologies allow for improved diagnostics, therapeutics development and disease modeling which will see increased investments.
The neuroscience market is expanding globally with rising demand seen across developed as well as emerging economies. Companies are investing in R&D to develop novel solutions and further their geographical presence especially in Asia Pacific and Latin America where neurological disorders are prominent.
Market key trends
The integration of artificial intelligence and machine learning capabilities into neuroscience research tools is a key trend in this market. AI assisted microscopy, imaging analytics, connectome assembly, and virtual tissue models are helping gain novel insights at an unprecedented scale and speed. AI will play a transformative role in clinical translation by accelerating diagnostic accuracy and treatment efficacy for diverse neurological disorders.
Porter’s Analysis
Threat of new entrants: Low barrier of entry for new companies due to availability of advanced technologies and equipment. However established players domination makes it difficult for new players.
Bargaining power of buyers: High as neuroscience market deals with health sector where buyers demand quality products at affordable prices.
Bargaining power of suppliers: Moderate as raw material suppliers have established relationship with major players.
Threat of new substitutes: Low as neuroscience market caters customized products as per research needs.
Competitive rivalry: Intense competition among major players to gain higher market share through new product launches and strategic collaborations.
Geographical Regions
North America accounts for the largest share of the global neuroscience market due to presence of major players, rising government funding for brain research and increasing prevalence of neurological disorders.
Asia Pacific is expected to witness the fastest growth during the forecast period owing to improving healthcare infrastructure, rising medical tourism, growing research activities and increasing incidence of neurodegenerative diseases.