Global Neuroscience Market 2024–2033

Reports Description

Global Neuroscience Market was valued at USD 49.5 Billion in 2024 and is expected to reach USD 67.6 Billion by 2033, at a CAGR of 5.9% during the forecast period 2024 – 2033.

Neuroscience is a multidisciplinary field of research that examines the framework, operation, development, and disorders of the nervous system, which includes the cerebral cortex, the vertebral column, and peripheral nerves. It combines the disciplines of biology, psychology, chemistry, physics, computer science, and technology to better understand how the nervous system functions at many levels, from molecular and cellular processes to complex brain networks and behaviour.

Neuroscience Market: Growth Factors

Growth in incidence of degenerative neurological disorder

The increasing prevalence of degenerative neurological illnesses, such as Parkinson’s disease, Alzheimer’s disease, and multiple sclerosis, is a major driver of the neuroscience industry. As the world population increases and lifestyles change, the frequency of these ailments rises, producing a larger need for novel treatments and cures.

This tendency has sparked major scientific and technological efforts in neurology, resulting in the discovery of new medications, cures, and diagnostics. Furthermore, advances in neuroscience technology like as brain imaging, DNA testing, and deep brain stimulation have increased our knowledge of these conditions and enabled more targeted and personalised treatment methods.

As a result, the neuroscience industry is expanding as medical professionals, pharmaceutical firms, and research institutes are engaged in tackling the growing burden of degenerative neurological diseases and improving patient outcomes.

For instance, the Alzheimer’s Disease Association estimates that 6.2 million individuals in the United States will have Alzheimer’s disease by 2022. The number of persons dying from neurological disorders has increased by 36.7%.

According to statistics from the National Institute of Environmental Health Sciences updated in June 2022, roughly 6.2 million Americans may have Alzheimer’s disease. By 2050, it is estimated that 12.7 million people over 65 will have Alzheimer’s dementia.

Innovation and research in neuroscience field by key market players

The rise in research and development (R&D) by leading industry players is a major driver of the neuroscience market. Key industry companies are spending significant amounts on R&D activities targeted at identifying new medicines, researching brain function, and developing revolutionary technologies.

This increased emphasis on R&D allows for the development of innovative treatment methods for neurological illnesses that include Parkinson’s disease, Alzheimer’s disease, and epilepsy, as well as mental health conditions including depression and anxiety.

Furthermore, advances in neuroscience research result in the creation of cutting-edge diagnostic tools, imaging methods, and treatments, which drive market expansion by providing better treatment outcomes and patient care.

Collaborations between industrial players, academic institutions, and government organisations also help to increase the pace of innovation in neuroscience. For instance, Janssen aims to become an innovator in neurodegeneration.

Discover innovations for a wide variety of patients, clinically heterogeneous populations, and uncommon illnesses within genetic markers, which may lead to the development of medicines for other idiopathic disorders.

For instance, in Alzheimer’s disease studies, plasma biomarkers are used to determine central amyloidosis positivity and tau condition. The recent introduction of disease-modifying treatment in multiple sclerosis was another significant step towards a return to neurology.

Neuroscience Market: Restraints

High cost of the equipment

The high cost of technology is a considerable barrier to entrance and expansion in the neuroscience business. Advanced neuroimaging equipment, such as MRI machines, EEG platforms, and fMRI scanners, demand significant initial and ongoing expenses.

Furthermore, specialised equipment needed for cellular and molecular neuroscience research increases the cost. The prohibitively expensive nature of these devices restricts access to cutting-edge technology for university researchers, healthcare facilities, and biotechnology enterprises, especially in poor countries with limited financial resources.

Furthermore, the high capital costs associated with acquiring and managing neuroscience equipment may discourage potential investors and entrepreneurs from joining the market or developing their neuroscientific ventures.

As a consequence, efforts to enhance brain research and innovation may be impeded, eventually hindering advancement in understanding brain function, neurological disorders, and the development of novel therapies.

Neuroscience Market: Opportunities

Advancement in medical imaging and next-generation sequencing technologies

Advances in medical imaging, which include functional magnetic resonance imaging (fMRI) and positron emission tomography (PET), give previously unattainable insights into brain anatomy and function. These technologies allow researchers and physicians to accurately visualise brain activity, diagnose anomalies, and map neural networks.

Furthermore, next-generation sequencing (NGS) technologies have transformed neuroscience by allowing for extensive examination of the brain’s genomic and molecular patterns. NGS enables the detection of genetic variations, gene expression patterns, and epigenetic mutations linked to neurological diseases and brain function.

By harnessing these latest advances, the neuroscience industry gains increased diagnostic accuracy, personalized treatment methods, and the identification of novel therapeutic targets, resulting in innovation and improvements in recognising and managing neurological illnesses and disorders.

For instance, the iSeq 100 System blends an auxiliary metal-oxide-semiconductor (CMOS) chip with a single-channel SBS to provide high-accuracy data in a small package. The NextSeq 1000 and 2000 Systems provide flexibility for developing applications, a straightforward process, and data analysis. The NovaSeq X series delivers unprecedented sequencing capability for data-intensive applications.

Neuroscience Market: Segmentation Analysis

The global Neuroscience market is segmented by component, technology, end user, and region.  Based on type, the market is classified into instruments, consumables and software & services. Instruments dominated the market in 2023 with a market share of 64.8% and is expected to keep its dominance during the forecast period 2024-2033.

Instruments play an important role in propelling the neuroscience industry because they allow researchers to examine both the framework and the functioning of the nervous system.

These instruments use a variety of technologies, spanning neuroimaging tools like MRI and PET scanners, electrophysiological equipment like EEG and EMG systems, and genetic tools like PCR machines and gene sequencing platforms.

These technologies enable scientists to examine a wide range of neuroscience topics, from brain structure and function to the molecular pathways that underpin neurological illnesses. Furthermore, advances in instrument technology, such as greater resolution imaging, greater accuracy in detecting brain signals, and automated molecular analysis, enable researchers to perform more accurate and thorough investigations.

Based on technology, the market is classified into brain imaging, neuro-microscopy, stereotaxic surgeries, neuro-proteomic analysis, neuro-cellular manipulation, and others. Brain imaging dominated the market in 2023 with a market share of 29.5% and is expected to keep its dominance during the forecast period 2024-2033.

Brain imaging methods help to move the neuroscience market ahead through a variety of approaches. These imaging techniques, including magnetic resonance imaging (MRI), functional magnetic resonance imaging (fMRI), positron emission tomography (PET), and electroencephalography (EEG), allow clinicians as well as researchers to see and analyse the brain’s structure, function, and connection.

Brain imaging helps to diagnose, treat, and comprehend neurological and psychiatric illnesses by offering precise insights into brain function, neural networks, and anomalies. Furthermore, advances in brain scan technology, such as higher resolution, quicker imaging speeds, and better data analysis tools, are constantly broadening the potential and uses of neurological both in academia and clinical settings.

Based on end user, the market is classified into hospitals, diagnostic laboratories and, research and academic institutes. Diagnostic laboratories dominated the market in 2023 with a market share of 42.5% and are expected to keep their dominance during the forecast period 2024-2033.

Stakeholders in the detection and treatment of neurological conditions carry out a range of tests and analyses, such as brain imaging, DNA testing, and biomarker experiments. Their competence in deciphering complicated data and recognising neurological abnormalities allows for early identification and intervention, which is critical for patient care and illness management.

In addition, diagnostic laboratories frequently work with academic institutes and pharmaceutical firms to support clinical trials and medication development activities in neurology. In addition, advances in laboratory technology and procedures, like as next-generation genome sequencing and high-resolution imaging, continue to broaden labs’ diagnostic capacities, fuelling innovation and development in neuroscience.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 49.5 Billion
Projected Market Size in 2033	USD 67.6 Billion
Market Size in 2023	USD 47.1 Billion
CAGR Growth Rate	5.9% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Component, Technology, End User and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Neuroscience Market: Regional Analysis

By region, Neuroscience market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. North America dominated the global Neuroscience market in 2023 with a market share of 35.1% and is expected to keep its dominance during the forecast period 2024-2033.

North America’s region has a strong research infrastructure, which includes renowned university institutions, research centres, and pharmaceutical businesses that promote innovation and progress in brain research.

Furthermore, North America has a big and diversified patient population, resulting in an appealing market for research studies and the development of neurological medications and treatments. Furthermore, significant investment in medical equipment and the field of biotechnology along with favourable regulatory frameworks, promotes growth and development in the neuroscience business.

Partnerships between educational institutions, government agencies, and the business sector also allow information sharing and technical improvements in areas such as brain imaging, neurological regulation, and drug development, which propels the neuroscience industry ahead in North America.

Neuroscience Market: Recent Developments

• In January 2023, Precision Neuroscience Corporation, received an investment of USD 41 million in series B funding led by point capital partners to conduct studies on neuroscience disease.

• In April 2023, Earable Neuroscience and Excelpoint announced a strategic agreement to speed up the commercialisation of the globe’s first aI-powered consumer wearable, FRENZ Brainband.

• In March 2022, AbbVie purchased Syndesi Therapeutics SA, which will help to expand the company’s brain portfolio. AbbVie now has access to Syndesi’s portfolio of new SV2A modulators, including the lead compound SDI-118.

List of the prominent players in the Neuroscience Market:

• Eli Lilly and Company
• Biogen Inc.
• Novartis AG
• Pfizer Inc.
• Johnson & Johnson
• Merck & Co. Inc.
• AbbVie Inc.
• GlaxoSmithKline plc
• AstraZeneca PLC
• Sanofi S.A.
• Bristol Myers Squibb
• Hoffmann-La Roche Ltd
• Teva Pharmaceutical Industries Ltd.
• Takeda Pharmaceutical Company Limited
• UCB S.A.
• Boehringer Ingelheim International GmbH
• Allergan plc
• Eisai Co. Ltd.
• Otsuka Holdings Co. Ltd.
• Lundbeck A/S
• Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Neuroscience Market is segmented as follows:

By Component

• Instruments
• Consumables
• Software & Services

By Technology

• Brain Imaging
• Neuro-Microscopy
• Stereotaxic Surgeries
• Neuro-Proteomic Analysis
• Neuro-Cellular Manipulation
• Others

By End User

• Hospitals
• Diagnostic laboratories
• Research and Academic Institute

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America