Neuroscience is the study of the nervous system and brain including their growth, structure, biochemistry, physiology, pharmacology, and pathology. The key products associated with neuroscience market are instruments, reagents, and software. Instruments used in neuroscience include microscopes, imaging systems, electrode amplifiers, multichannel systems, optogenetic devices, and others. Reagents include anatomical stains, antibodies, and biochemicals. Neuroscience has applications in research, diagnostic, and therapeutic areas. Key areas of research include neurodegenerative diseases, mental health, and development of the brain and nervous system. Advancements in neurotechnology including neuroimaging, brain stimulation, neural interfaces, and brain organoids are expected to fuel growth in the market.
The global neuroscience market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key driver for the neuroscience market is advancement in neurotechnology. Advances in neuroimaging techniques such as functional magnetic resonance imaging (fMRI), positron emission tomography (PET), and magnetoencephalography (MEG) have allowed non-invasive observation of neuronal activity. Furthermore, technologies such as optogenetics, designer receptors exclusively activated by designer drugs (DREADDs), and chemogenetics are advancing the research on circuit-level understanding of the nervous system. These technological developments are fueling investments and research activities in neuroscience.
Advancement in neuroimaging and other neurotechnologies is expected to drive the neuroscience market over the forecast period by enabling better understanding of brain functions and diseases. This will aid drug development process and clinical applications. Continued funding for neurological research from government and private organizations globally will also support market growth.
Segment Analysis
The neuroscience market can be segmented based on product type, end user, and region. Based on product type, it can be further divided into instruments, consumables, and software. The instruments segment currently dominates the market owing to products like imaging systems, polymerase chain reaction instruments and sequencers that find widespread adoption. Based on end user, the neuroscience market is segmented into academic, non-academic, industry, and others. The industry segment is expected to register significant growth over the forecast period as pharmaceutical companies continue investments in neuroscience research for drug discovery and development.
PEST Analysis
Political: Governments worldwide are focusing on funding neuroscience research through grants and initiatives due to rise in neurological disorders. This is expected to boost the market growth.
Economic: Rising healthcare expenditure and expansion of pharmaceutical industry in emerging nations will fuel the market growth during the forecast period.
Social: Growing awareness about neurological disorders and availability of advanced diagnostic and treatment options are driving the market.
Technological: Advancements in areas like brain imaging, sequencing, spectroscopy, computing and transgenic animals are supporting drug development and clinical trials. This is enabling researchers to better understand complex brain disorders.
Key Takeaways
The Global Neuroscience Market Growth is expected to witness high supported by rising prevalence of neurological disorders, increased funding for research, technological advancements and growing focus on precision medicine.
Regional analysis: North America currently dominates the neuroscience market owing to presence of key players, strong government support through funding, and high awareness among population. However, Asia Pacific is projected to witness fastest growth due to rising aging population, increasing healthcare expenditure, and growing research activities in countries like China and India.
Key players operating in the neuroscience market 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. These players are focusing on organic and inorganic growth strategies like collaborations, partnerships, acquisitions and new product launches to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it