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Dec-2021

Global Neuroscience Market Size To Grow USD 40.8 Bn By 2026

The North American neuroscience market is forecasted to dominate the global market during the forecast period.

As per our analysis report, the global neuroscience market is predicted to be worth USD 40.8 billion by 2026, growing at a CAGR of 5.12% from 2021 to 2026.

The risk of contracting the COVID-19 virus reinforces several restrictions to limit the number of hospitalizations. These restrictions are also hindering the research and testing of updated neuroscience devices, thus delaying the launch of products. Hence, COVID-19 is projected to hamper the growth of this market. However, the rapid development of vaccines to combat the virus is helping the neuroscience market to grow steadily for years to come. In addition, there is a growing health awareness among the people, resulting in an increased demand for mental and physical health monitoring devices.

Increasing cases of neurological disorders, including Alzheimer's disease, Parkinson's disease, dementia, and other neurological disorders, are projected to drive the growth of the global neuroscience market during the forecast period. According to the World Alzheimer's Report published by Alzheimer's Disease International (ADI), the new cases of dementia were reported to be 4.94 million in Asia, 2.52 million in Europe, 1.7 million in America, and 0.8 million in Africa. In addition, according to the Parkinson's UK Society, around 137,500 people have Parkinson's disease in the UK. Early diagnosis and effective treatment are needed to limit the complications associated with neurological disorders. These devices that aid in identifying and appropriate treatment of these neurological diseases are gaining importance, hence helping the neuroscience market during the analysis period.

Age-related neurodegenerative diseases like dementia and Alzheimer's disease are becoming very common, thus affecting the quality of life of the patients. For example, the estimated number of people with Parkinson's disease in Northern Ireland was 242, of which 158 were men and 85 were women. According to the World Health Organization, around 50.22 million people have dementia, and approximately 11 million new cases are added each year.

Increased public spending on health infrastructure in developed regions is projected to drive the growth of the global neuroscience market. According to the Centers for Medicare & Medicaid Services, overall healthcare spending in North America is projected to increase an average of 4.68% per year. In addition, the National health spending in the United States is projected to grow at an average rate of 5.62% per year due to the significant impact of Affordable Care Act health insurance coverage. Due to this growing trend in government spending, the United States will see increasing interest in the field of healthcare, including neuroscience.

High initial investments are one of the major factors restraining the growth of the global neuroscience market. In addition, ethical regulations regarding animal testing constitute a significant challenge for the market. Limited use of devices due to lack of clinical trials will have a negative impact on the neuroscience market during the forecast period.

KEY MARKET INSIGHTS:

Based on technology, the neuro-microscopy segment is expected to account for the largest share due to the number of technologies used for imaging. In addition, the precision of these devices is increasing due to technological advancements. However, the diagnostic labs segment is projected to register the highest CAGR during the review period. This segmental growth can be attributed to the growing incidence of neurological disorders and the development of technologies.
Based on the application, in 2020, hospitals were the dominant segment and are projected to become the fastest-growing market over the projected time frame. The growing preference of patients for hospitals for better diagnosis of their neurological disorders because of the availability of the latest treatment facilities and the presence of state-of-the-art equipment will positively affect this segment in the years to come.
Based on region, the North American region is estimated to dominate the market with an overall market share of 36% due to the availability of developed healthcare systems, neuroscience-based research, and the increasing prevalence of neurological disorders in this region. The neuroscience market in the United States is estimated at USD 8.92 billion in 2020. Meanwhile, the regional market in Canada is analyzed to grow at a steady CAGR of 2.5% over the forecast period. This regional growth is due to a variety of organizations and institutes that promote research and development in the field of neuroscience. The APAC region will grow at the highest CAGR among all regions. This is due to the continuous improvement of healthcare facilities and the increase in the target base due to the large population. In the APAC region, the regional market in China is projected to grow at 2.85% CAGR during the forecast period.
Scientifica Ltd., Alpha Omega Inc., Sutter Instrument Corporation, Femtonics Ltd., GE Healthcare, Axion Biosystems, Inc., Noldus Information Technology, Thomas Recording GmbH, Siemens Healthineers, Blackrock Microsystems LLC, LaVision Biotec GmbH, Intan Technologies, and Trifoil Imaging Inc. and NeuroNexus Technologies, Inc. are a few of the key players in the global neuroscience market profiled in this report.

MARKET SEGMENTATION:

By Technology: