The neuroscience market comprises technologies and instruments used for nervous system research. It includes equipment like brain imaging systems, cell culture equipment and analytical instruments for neurological functioning analysis. These tools provide deeper insights into brain functioning, development of new drugs and therapies for neurological disorders affecting millions globally.
The global Neuroscience Market is estimated to be valued at Us$ 37.73 Billion in 2024 and is expected to exhibit a CAGR Of 21.% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advances in neuroscience technologies have propelled the neuroscience market growth. Next-generation sequencing techniques have revolutionized the understanding of brain functioning at genetic level. Such sequencing platforms have enabled comprehensive mapping of neural circuits and pathways. They are being extensively used in research related to Alzheimer’s, autism and other complex neurological disorders. Ongoing developments aim to make sequencing technologies higher throughput, portable and affordable, further driving their adoption in neuroscience research.
SWOT Analysis
Strength: The neuroscience market has high potential growth due to increasing incidence and prevalence of neurological disorders. Rising awareness about neurological diseases drives demand for advanced diagnostics and treatment.
Weakness: High costs associated with neuroscience research and development limits accessibility. Complex regulatory pathways delay product approvals.
Opportunity: Untapped markets in developing regions present large patient pools. Novel biomarkers and imaging technologies facilitate non-invasive neuroscience. Surging elderly populations sustain Alzheimer’s and Parkinson’s markets.
Threats: Reimbursement challenges deter adoption of high-priced neurotechnologies. Intense competition erodes profit margins in crowded markets. Stringent regulations slow product commercialization.
Key Takeaways
The Global Neuroscience Market Demand is expected to witness high growth over the forecast period 2024 to 2031. The market size for 2024 is estimated at US$ 37.73 Bn and is projected to reach over US$ 70 Bn by 2031, registering a CAGR of 21.%.
Regional analysis shows North America dominates the neuroscience sector currently due to concentration of key players and high healthcare expenditure. However, Asia Pacific is poised to emerge as the fastest-growing regional market owing to unmet clinical needs, supportive government policies, and improving research infrastructure.
Key players operating in the neuroscience market include 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. Major players focus on collaborations, M&A, and innovative product launches to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it