June 18, 2024

Neuroscience Market to Gain Accelerated Growth at a CAGR of 21% due to Rising Prevalence of Neurological Disorders

The neuroscience market comprises products and tools that help scientists understand how the brain functions and treat neurological disorders. Neuroscience encompasses research techniques and instruments used in molecular, cellular, developmental, structural, functional, cognitive, and computational neuroscience. Some key neuroscience tools include microscopy, electrophysiology equipment, neuroimaging instruments, sequencing equipment, cellular and biochemistry techniques. These tools aid in understanding cellular communication, genetics, development, plasticity, and dynamics in the nervous system.

The global neuroscience market is estimated to be valued at US$ 37.73 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in The Neuroscience Market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp. The increased R&D expenditure of these players will help expand the portfolio of advanced neuroscience tools and products.

Key opportunities in the market include gaining insights into neurological disorders using gene editing, next-generation sequencing, microscopy, imaging, computing to accelerate drug discovery. Neuroscience research aids in developing effective therapies for conditions like Alzheimer’s, Parkinson’s, Huntington’s, depression, epilepsy, ALS, multiple sclerosis. Growing burden of neurological diseases worldwide will accelerate investments into neuroscience research.

Globally, North America commanded the largest share in the neuroscience market in 2023 due to advanced research infrastructure and increasing funding. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period owing to improving research capabilities and rising healthcare spending in countries like China and India. Emerging economies present substantial opportunities for key players to expand their geographic footprint.

Market Drivers
The rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, epilepsy is a key factor driving the growth of the neuroscience market. According to WHO estimates, over 1 billion people suffer from neurological disorders globally. Neuroscience research aids in better understanding of the disease pathology and accelerates development of advanced diagnostics and therapeutics. Growing geriatric population which is at high risk of neurological conditions will further contribute to the market growth during the forecast period.

PEST Analysis

Political: Regulations around stem cell and genetic research are evolving. Some restrictions still exist which can impact research activities and commercialization opportunities.

Economic: Rising healthcare spending globally is driving investments in neurological disorders treatment and diagnosis. The high cost of neurological drugs and equipment ensures solid returns for innovators.

Social: Growing aging population and rising incidence of neurological conditions like Alzheimer’s, Parkinson’s is raising social awareness and priority for neuroscience. People are more open to new diagnostic and treatment options.

Technological: Advancements in fields like genetics, stem cell research, neuroimaging and AI/ML are transforming neuroscience. New tools are improving understanding of brain function and pathways for better diagnostics and therapeutics.

Geographical concentration

North America accounts for the largest share of the neuroscience market, both in terms of value and volume. This is driven by presence of major players, strong research funding, advanced healthcare infrastructure and high awareness levels regarding brain disorders. The US dominates the North American region due to large patient population and high healthcare spending.

Fastest growing region

Asia Pacific region is poised to be the fastest growing market for neuroscience. Factors like rising healthcare investments, growing middle class, increasing focus on R&D and commercialization by global players sees Asia Pacific as an important future growth market. Rising prevalence of neurological conditions in developing nations and expanding medical tourism are additional growth boosters. China and India specifically offer immense opportunities due to their large untapped population base.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it