Global Neuroscience Market Size Likely to Reach at a CAGR of 5.6% By 2033

According to current market research conducted by the CMI Team, the global Neuroscience Market is expected to record a CAGR of 5.6% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 45.1 Billion. By 2033, the valuation is anticipated to reach USD 74.5 Billion.

Neuroscience Market: Overview

According to industry experts at CMI, neuroscience is the branch of science that deals with the study of the nervous system. This area is gaining importance due to a number of facts, such as the increasing prevalence of neuro conditions such as Alzheimer’s and Parkinson's. The market players operating in the neuroscience market are heavily invested in R&D and their product pipeline, which also favors market growth.

Moreover, the increasing geriatric population worldwide is one of the prominent factors for the expansion of the industry as this group is more prevalent in several types of neurological conditions. Furthermore, the various efforts taken by the public and private players through campaigns also positively influenced the market expansion during the analysis period. However, the lack of skilled professionals is one of the major restraining factors for the industry's growth.

Neuroscience Market: Growth Factors and Dynamics

Growing expenditure in R&D

The increasing expenditures from public and non-public entities drove the market growth over the analysis period. They play a pivotal role in neuroscience research and technical advancements, such as brain mapping techniques and data integration using computer databases to study neural networks.

Governments and charitable organizations interested in learning more about brain function primarily support these efforts. Furthermore, private-sector investments in biotechnology and pharmaceutical companies can aid in prospective medication and therapy development for neurological diseases, driving market growth.

Technological advancements

Imaging techniques, including MRI, PET, and EEG, have revolutionized the diagnosis of neurological diseases. Significant advancements such as increased resolution, imaging speeds, and the use of complex computer algorithms have resulted in significant neuroimaging accuracy, facilitating early diagnosis of brain disorders.

These clinical techniques help neurosurgeons and neurologists with surgical planning and therapy options, aiding in appropriate diagnosis. Furthermore, expanding applications of neuroimaging due to ongoing innovation will drive the neuroscience market over the projected period.

Lack of skilled professionals

A lack of skilled professionals in the neuroscience industry may slow the revenue expansion as trained professionals play a pivotal role in studying brain function and its diagnosis. According to a study by the American Academy of Neurology, demand for neurologists will outpace supply.

The United States could utilize 11% more neurologists to fulfil the present demand. By 2025, that figure will rise to 19%. According to the report, the predicted 16,366 US neurologists will increase to 18,060 by 2025, while demand for neurologists is expected to rise from approximately 18,180 in 2012 to 21,440 during the same period.

Report Scope

Neuroscience Market: New Launches and Acquisitions

• In October 2023, Brain-computer interface (BCI) company Precision Neuroscience Corporation acquired a microelectromechanical systems (MEMS) foundry outside Dallas, TX. The facility acquisition, completed through a wholly owned subsidiary, Precision BioMEMS Corporation, brings the company’s supply chain in-house and establishes Precision as one of the leading-edge manufacturers of biomedical MEMS in the United States.

List of the prominent players in the Neuroscience Market:

• Carl Zeiss AG
• Danaher Corporation
• GE Healthcare
• Siemens Healthcare Private Limited
• Koninklijke Philips N.V.
• Canon Inc.
• Braun SE
• Medtronic
• Stryker
• Boston Scientific Corporation
• ABBOTT
• Terumo Corporation
• Others

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