(MENAFN- GlobeNewsWire - Nasdaq) According to Research by S&S Insider, The Neuroscience market Growth is Driven by Growing Demand for Advanced Diagnostics and Treatments, Innovations in Brain-Computer Interfaces, AI in Diagnostics, and Expanding Research on Brain Health.Austin, Nov. 11, 2024 (GLOBE NEWSWIRE) --“According to S&S Insider, The Neuroscience Market Size was valued at USD 35.3 billion in 2023 and is projected to reach to USD 50.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.0% over the forecast period of 2024-2032.”
The neuroscience market is rapidly expanding, driven by growing awareness of neurological disorders and substantial advancements in medical research and technology. The rising prevalence of conditions such as Alzheimer's, Parkinson's, multiple sclerosis, and stroke is fueling the demand for both diagnostic and therapeutic solutions. As medical technology advances, new, more sophisticated tools and treatment options are being developed, broadening the scope of the neuroscience sector. Key investments from both public and private sectors are central to this growth. Notable initiatives such as the BRAIN Initiative in the United States focus on mapping the human brain and creating new technologies for treating neurological conditions. Similarly, China's "China Brain Project" is advancing innovations in brain-inspired computing and diagnostics.
Advanced technologies like Brain-Computer Interfaces (BCIs), artificial intelligence (AI), and machine learning are transforming the neuroscience landscape. These technologies are being integrated into rehabilitation programs, such as virtual reality treatments for stroke and paralysis patients, which are improving recovery outcomes. As these technologies evolve, they are expected to revolutionize treatments and create new market opportunities. Rising healthcare spending, both in developed and developing countries, is accelerating market growth. Governments are enhancing healthcare infrastructure, fostering drug development, and promoting precision medicine, which tailors treatments to individual genetic profiles. This approach is rapidly reshaping the future of neurological care.
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The market also offers considerable potential, driven by the continuing demand for better diagnostic tools and treatments for conditions like Alzheimer's, autism, and mental health issues. Additionally, the aging global population, which is more prone to neurological diseases, is contributing to market expansion. AI and machine learning advancements are also expected to improve the speed, accuracy, and affordability of diagnosing brain disorders. Technologies such as functional magnetic resonance imaging (fMRI) and positron emission tomography (PET) will improve understanding of brain activity and disease progression.
Key Neuroscience Companies Profiled:
Johnson & Johnson MedTech Philips Healthcare Medtronic GE Healthcare Siemens Healthineers AbbVie Boston Scientific Cerenovus (Johnson & Johnson) NeuroPace Stryker Corporation Elekta Astellas Pharma NeuroSigma Mindmaze Cortech Solutions Baxter International Fresenius Medical Care Illumina Biogen Abbott Laboratories
Neuroscience Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 35.3 Billion |
| Market Size by 2032 | US$ 50.2 Billion |
| CAGR | CAGR of 4.0% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
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Neuroscience Market Key Segmentation:
By Component
Instruments Consumables Software & Services
By End-Use
Hospitals Diagnostic laboratories Research and Academic Institute
By Technology
Brain Imaging Neuro-Microscopy Stereotaxic Surgeries Neuro-Proteomic Analysis Neuro-Cellular Manipulation Others
Segmentation Analysis
By Technology
In 2023, the brain imaging segment led the market with 26.07% of the share, primarily driven by the extensive use of MRI, EEG, and CT scans across hospitals, diagnostic centers, and ambulatory surgical centers (ASCs) to diagnose neurological conditions. According to NHS England and NHS Improvement, over 67,000 brain MRI referrals were made in March 2022, mainly for cancer detection, underscoring the growing reliance on advanced imaging technologies. This trend is expected to continue, further driving demand for brain imaging solutions in the years ahead.
The neuro-microscopy segment is anticipated to register the substantial growth during the forecast period, fueled by ongoing innovations in the field. For instance, in May 2023, MIT nanotechnologist Deblina Sarkar unveiled ultra-small electronic devices capable of accessing the brain, offering the potential for both detecting and even reversing neurological disorders. Major companies such as Danaher Corporation and Carl Zeiss AG are expanding their neuro-microscopy product portfolios, contributing to the projected growth of this segment.
By Component
In 2023, the brain imaging segment captured 26.07% of the market share, driven by the widespread utilization of MRI, EEG, and CT scans in medical facilities such as hospitals, diagnostic centers, and ambulatory surgical centers (ASCs) for diagnosing neurological disorders. A report by NHS England and NHS Improvement highlighted that over 67,000 brain MRI referrals were made in March 2022, mainly for cancer detection, emphasizing the growing dependence on advanced imaging technologies. This trend is expected to persist, fueling sustained demand for brain imaging solutions in the years to come.
The neuro-microscopy segment is set for significant growth, bolstered by ongoing technological advancements. In May 2023, MIT nanotechnologist Deblina Sarkar introduced ultra-small electronic devices capable of accessing the brain, potentially offering novel methods for detecting and even reversing neurological disorders. Prominent industry players such as Danaher Corporation and Carl Zeiss AG are expanding their neuro-microscopy product lines, further driving the anticipated growth in this segment.
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Regional Analysis
In 2023, North America held the largest share of the neuroscience market, with 32.52%, largely due to the robust presence of companies focused on the development, manufacturing, and commercialization of diagnostic and therapeutic devices for neurological conditions. For instance, Cerenovus also expanded its stroke care portfolio with new liquid embolic systems in March 2024, offering advanced solutions for minimally invasive stroke treatments. These developments underscore the ongoing commitment to enhancing neurovascular technologies for better clinical outcomes.
The Asia Pacific region is projected to experience the fastest growth during the forecast period, driven by rising investments in healthcare infrastructure and increasing healthcare expenditures. A key example of substantial investment in neuroscience is the BRAIN Initiative in the United States, which continues to progress in 2023. Launched by the National Institutes of Health (NIH), this effort aims tomap the human brain in remarkable detail, improving the understanding of neurological diseases and driving the development of new treatments. Similarly, In September 2023, the NIH unveiled the BRAIN CONNECTS project, focused on deciphering the neural circuits behind behavior, which could transform how brain disorders are managed. Similar to China's China Brain Project, this initiative is expected to spur breakthroughs in brain research, marking a major leap forward in both understanding and treating neurological conditions
Recent Developments
April 2024: Mightex Systems unveiled a new optogenetics system for brain research, designed to enable deeper insights into neural activity, facilitating advancements in the treatment of neurological disorders May 2024: Alpha Omega Co. USA Inc. launched a new neurosurgical navigation system that integrates with brain imaging, improving precision during surgeries aimed at treating brain tumors
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