PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419074
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419074
Neuroscience Market size was valued at USD 43,450.3 Million in 2022, expanding at a CAGR of 6.1% from 2023 to 2030.
The scientific study of the nervous system, including its problems and functions, is known as neuroscience. Molecular biology, developmental biology, anatomy, and physiology are all combined in this multidisciplinary field of study. It addresses the entire neurological system, with the brain receiving the most attention.
the rising incidence of neurological conditions such traumatic brain injuries, brain tumors, Alzheimer's, and epilepsy. The Alzheimer's Association estimates that 6 million Americans already have Alzheimer's, and that number is expected to increase to 13 million by 2050. Moreover, the development of sophisticated technological capabilities has been a major force behind the advancement of the neuroscience sector, and in recent years, there has been a notable acceleration in the rate of research and development of these capacities. To improve our understanding of the brain, the United States, for example, established the Brain study through Advancing Innovative Neurotechnology's (BRAIN) initiative to conduct study and create new investigative techniques.
Furthermore, better management of neurological problems is made possible by the increasing digitalization of healthcare, and this is anticipated to drive the use of advanced neuroscience devices over the course of the forecast period. For example, in May 2023, Australian researchers Dr. Thomas Oxley and Nicholas Opie created a human-brain-computer interface technology that allows patients with severe paralysis to communicate with their thoughts by transmitting data from their brains remotely to operate external digital devices.
The Global Neuroscience Market is segmented on the basis of Component, Technology, End-User, and Region.
The market is divided into three categories based on Component: instruments, consumables, and software & services. The instruments segment dominates the market. The growing number new product development in instruments are boosting segment growth.
The market is divided into six categories based on Technology: brain imaging, neuro-microscopy, stereotaxic surgeries, neuro-proteomic analysis, neuro-cellular manipulation, and others. The brain imaging segment dominates the market and is likely to maintain its dominance during the forecast period. The high demand for imaging devices and product innovation in scanning is boosting the market growth.
The market is divided into three categories based on End-User: hospitals, diagnostic laboratories, and research & academic institutes. The diagnostic laboratories segment dominates the market and is likely to maintain its dominance during the forecast period. Increased need for early disease diagnosis, diagnostic centers is contributing the market demand.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Neuroscience market is fragmented with high focus on R&D and new technological innovation. Thus, companies are putting more time into R&D initiatives to new product or solution developments. Further, to remain competent in the industry, the firms are also working to develop high-quality, high-value products in advanced imaging at an optimal cost through comprehensive strategies, R&D activities, and ongoing product developments.
In May 2023, the U.S. Food and Drug Administration (FDA) approved clearance to an artificial intelligence (AI) software, Neurophet AQUA, to enhance the assessment of brain atrophy on the MRI.
The scope of this report covers the market by its major segments, which include as follows: