San Francisco, 24 April 2024: The Report Neuroscience Market Size, Share & Trends Analysis Report By Component (Instruments, Consumables), By Technology (Neuro-Microscopy, Brain Imaging), By End-user (Hospitals, Diagnostic Laboratories), And Segment Forecasts, 2023 - 2030

The global neuroscience market size is expected to reach USD 65.2 billion by 2030, growing at a CAGR of 5.56% from 2023 to 2030, based on a new report by Grand View Research, Inc. This growth can be attributed to the increasing incidence of chronic neurological disorders. Stroke, epilepsy, multiple sclerosis, dementia, Parkinson’s disease, and other disorders are major contributors to the high neurological disease burden. According to World Stroke Organization (WSO), more than 12.2 million incidences of stroke are reported yearly. In addition, it is estimated that, globally, one in four people above the age of 25 years will suffer from a stroke in their lifetime. Thus, the increasing prevalence of stroke is projected to propel the demand for devices associated with it, thereby driving market growth.

Furthermore, there is an increase in the interest of manufacturers in supporting research and development (R&D) to launch novel and technologically advanced neurovascular interventional devices, such as aspiration catheters and clot retrieval devices. In January 2023, Infinity Neuro received CE-mark approval for its aspiration catheters from the European regulatory organization for the treatment of patients with hemorrhagic and ischemic stroke. Thus, the approval and launch of new devices used for diagnosing and treating patients suffering from various neurological diseases have been at the forefront recently. Due to technological advancements in artificial intelligence (AI) and software development in the last few years, the demand for software and services has increased in the healthcare sector, especially in the diagnosis and research field.

Software plays an important role in providing good image quality and facilitating health management to minimize the risk of treatment failure. In February 2023, Hyperfine, Inc. received U.S. FDA clearance for its upgraded AI-powered software. This software clearance implies the use of software that improves the image quality for diffusion-weighting imaging (DWI) of the brain. It is anticipated to boost the R&D of new software in the coming years and support market growth. Moreover, major players are acquiring companies to strengthen their market positions. This strategy enables companies to increase their capabilities, expand product portfolios, and improve competencies. For instance, in November 2022, Bruker Corp. acquired Inscopix, Inc. This acquisition strengthened Bruker’s position in the in-vivo brain function imaging portfolio, thereby driving market growth.

This can be attributed to the increasing prevalence of neurological diseases, such as Alzheimer’s, brain cancer, epilepsy, and traumatic brain injuries. According to Alzheimer's Association, approximately 6 million American individuals suffer from Alzheimer's, which is anticipated to rise to 13 million by 2050. Furthermore, the progression of the neuroscience field has been driven by the emergence of advanced technological abilities, and the speed at which these R&D capabilities are being developed has accelerated significantly in recent years.

Request sample report of Neuroscience Market@ https://www.grandviewresearch.com/industry-analysis/neuroscience-market/request/rs1

For instance, the U.S. launched the Brain Research through Advancing Innovative Neurotechnologies (BRAIN) program for research and development of novel investigational methods that will enhance the understanding of the brain. Such initiatives will channel the knowledge into innovative solutions for diagnosing and treating neurological patients. In addition, increasing healthcare digitalization improves the management of neurological disorders, which, in turn, is expected to propel the adoption of advanced neuroscience devices over the forecast period. For instance, in May 2023, Australian researchers Dr. Thomas Oxley and Nicholas Opie developed a human-brain-computer interface system that conveys data from the patient’s brain remotely to control external digital devices helping severely paralyzed patients in communicating using their thoughts.

Neuroscience Market Report Highlights

• In terms of components, the instrument segment dominated the market with a revenue share of 64.71% in 2022. This dominance can be attributed to the growing use of instruments during diagnostic and surgical procedures
• In terms of technology, the brain-imaging segment dominated the industry with a share of 25.19% in 2022. This can be attributed to increased awareness among physicians about the importance of brain imaging in the diagnosis and treatment of neurological disorders
• The diagnostic laboratories end-user segment dominated the industry with a revenue share of 42.04% in 2022. The increasing number of diagnostic centers engaged in neuroscience disease diagnosis is projected to fuel demand for devices, such as MRI and CT scans
• North America held the largest revenue share of 31.42% in 2022. Technological advancements and high investment by the government and the adoption of advanced neuroscience devices are expected to drive the regional market growth
• Strategic partnerships, major investments in R&D, and the development of new products or product modifications are the key strategies adopted by market players to increase the reach of their products and improve availability in diverse geographic areas

Such inventions help open new opportunities in the neuroscience field. Moreover, the rising awareness among the global population about neurological disease diagnosis and their treatment options is expected to positively contribute to market growth. For instance, the American Academy of Neurology runs Neuroscience Is. initiatives to build public awareness about neurological disorders and demonstrate the importance of neuroscience research in treating neurology patients and developing a treatment for brain-associated diseases. The COVID-19 pandemic had a high impact on the market. Many neurological device manufacturing companies witnessed a decline in sales revenue during the COVID-19 pandemic. This was driven by declines in neurosurgery, partially offset by strength in neurovascular. In addition, strict regulations undertaken by the government, such as nationwide lockdowns and supply chain breakdown, led to a shortage of neurological devices and consumables globally.

Based on technology, the neuroscience industry has been segmented into brain imaging, neuro-microscopy, stereotaxic surgeries, neuro-proteomic analysis, neuro-cellular manipulation, and others. The brain imaging segment accounted for the largest share of 25.19% in 2022. This can be attributed to the increased use of brain imaging devices, such as MRI, EEG, and CT scans, in hospitals, diagnostic centers, and ambulatory surgical centers (ASCs) to diagnose neurological diseases. As per NHS England and NHS Improvement Report 2022, approximately 67,215 people were referred for brain MRI scans by physicians in March 2022 for diagnosing cancer.

Neuroscience Market Report Scope

Strategic partnerships, major R&D investments, and the development of new products or product modifications are among the key strategies adopted by companies to gain a competitive edge in the market. In May 2023, the U.S. Food and Drug Administration (FDA) granted clearance to an artificial intelligence (AI) software, Neurophet AQUA, to improve the assessment of brain atrophy on the MRI. This launch will help physicians in providing the right treatment course to patients and improve brain monitoring.

List of Key Players in Neuroscience Market

• Carl Zeiss AG
• Danaher Corp.
• GE Healthcare
• Siemens Healthcare Pvt. Ltd.
• Koninklijke Philips N.V.
• Canon Inc.
• B. Braun SE
• Medtronic
• Stryker
• Boston Scientific Corp.
• ABBOTT
• Terumo Corp