With the emergence and long-term Impact of COVID-19, the Global Neuroscience Market is to reach USD 65.52 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Neuroscience Market is poised to raise up to USD 65.52 Billion by 2030. Neuroscience is the scientific study of the nervous system, which includes the brain, spinal cord, and peripheral nerves. It is a multidisciplinary field that draws from various branches of science, including biology, psychology, chemistry, computer science, and mathematics. The primary goal of neuroscience is to understand how the nervous system functions, how it gives rise to behavior, cognition, emotions, and consciousness, and how it is affected by diseases and disorders.
Neuroscience market is expanding because of factors such as increasing prevalence of neurological diseases, advancement in research for translation of neuroscience to neuro-technology and supportive government initiatives for neuroscience research. In recent years, there has been a noticeable increase in the incidence of neurological conditions such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, and various other disorders that affect the brain and nervous system. The growing prevalence of neurological disorders across the globe is fostering market growth. According to a report from Alzheimer Disease International Organization, in the year 2020, globally there were around 55 million people suffering from dementia and this figure is expected to reach 78 million in the year 2030 and 139 million by the year 2050.
The growing prevalence of neurological disorders has fueled a surge in demand for effective treatment options and innovative therapies. This has prompted increased investments in research and development by pharmaceutical and biotechnology companies, as well as academic and research institutions, leading to market growth. In addition, increasing research and development activities and increasing development of new technologies in the neuroscience industry are creating new opportunities for market growth. However, the high cost associated with neuroscience devices and strict government regulations stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Neuroscience Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as the rising presence of key market players, increasing prevalence of neurological disorders, rising research and development activities, rising funding and government support to the industry. Whereas Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as the rising prevalence of diseases, an increase in the number of collaborations for research and development, an increasing number of fundraising activities and active participation of government in the market space.
The global Neuroscience Market is highly competitive owing to the presence of several key manufacturers such as ZEISS Group, Danaher Corporation, GE Healthcare, Siemens Healthcare Private Limited, Koninklijke Philips N.V., Canon Inc., and others.
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Key findings of the study suggest:
- Global Neuroscience Market is anticipated to grow with a healthy growth rate of more than 5.56% over the forecast period 2023-2030.
- In the Technology segment, brain imaging emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing prevalence of neurological disorders.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Component:
- Instruments
- Consumables
- Software & Services
By Technology:
- Brain Imaging
- Neuro-Microscopy
- Stereotaxic Surgeries
- Neuro-Proteomic Analysis
- Neuro-Cellular Manipulation
- Others
By End User:
- Hospitals
- Diagnostic laboratories
- Research and Academic Institute
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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