Global Neuroscience Market 2024–2033

Reports Description

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 is a branch of science that deals with the study of the nervous system, including its structure, function, development, and disorders. It is a multidisciplinary area that combines many other disciplines, including physiology, psychology, anatomy, computer science, and molecular biology.

Neuroscientists study the nervous system through different stages, ranging from molecules to brain structure, to understand how it produces and regulates thought, emotion, behavior, and bodily functions. They also study how the nervous system develops and functions and how disorders and diseases affect it. The neuroscience industry is gaining more importance in the present scenario.

Several factors are behind the industry’s growth, including the rising prevalence of neurological disorders, increasing geriatric population, advancements in neuroimaging and diagnostic tools, increasing investment in R&D, and rising mental health awareness. However, the high cost of R&D and limited treatment options are expected to hamper the growth of the neuroscience market over the forecast period.

• According to data shared by the World Health Organization (WHO), approximately 3 billion of the world’s population will live with neurological conditions in 2021.

• According to a recent study by Parkinson’s Foundation, around 90,000 population in the US are diagnosed with Parkinson’s each year.

• According to the World Health Organization’s figure, the world’s population aged 60 or older will double (2.1 billion) by 2050.

Neuroscience Market: Growth Factors

Increasing prevalence of brain disorders

Global growth in prevalent neurological illnesses, such as Alzheimer’s disease, Parkinson’s disease, and epilepsy, is a significant driver of the neuroscience market. According to secondary sources, Alzheimer’s affects approximately 7 million people in the United States, and this figure is predicted to rise to nearly 13 million by 2050.

Furthermore, the ageing population has increased the frequency and prevalence of many illnesses, necessitating more advanced diagnostic and therapeutic interventions. This has spurred research into the pathophysiology of these disorders to discover effective therapies, further driving market expansion.

Growing expansion by the market players

The increasing expansion by the key market players is driving the market growth. As of July 2023, Novartis purchased DTx Pharma, a San Diego-based preclinical stage biotechnology business that uses its patented FALCON platform to create siRNA treatments for neurological applications. DTx’s main program, DTx-1252, targets the root cause of CMT1A, which is too much PMP22, a protein that messes up the myelin sheath that protects and supports nerves in the peripheral nervous system.

DTx-1252, recently designated an Orphan Drug by the United States Food and Drug Administration (FDA), reduces the production of this protein in Schwann cells, which are responsible for the creation, maintenance, and function of peripheral nerves. The FALCON platform makes this customized approach possible, attaching siRNAs to naturally occurring fatty acids, making it easier for cells and tissues to take them up.

Neuroscience Market: Recent Development

The neuroscience industry adopted several strategies, including product launches, acquisitions, collaboration, expansion, etc. Some of the company strategies include:

• In December 2023, Bristol Myers Squibb and Karuna Therapeutics, Inc. announced the signing of a definitive merger agreement under which Bristol Myers Squibb will acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired.

• In December 2023, AbbVie Inc. and Cerevel Therapeutics announced a definitive agreement in which AbbVie will acquire Cerevel Therapeutics and its robust neuroscience pipeline of multiple clinical-stage and preclinical candidates with potential for a variety of diseases, including schizophrenia, Parkinson’s disease (PD), and mood disorders. The acquisition strengthens AbbVie’s neuroscience portfolio by adding a diverse mix of potentially best-in-class assets that could revolutionize standards of care in psychiatric and neurological illnesses where patients still have large unmet needs.

These expansion and collaboration strategies have expanded the company’s market presence in the neuroscience industry and given it a competitive edge.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Neuroscience Market: Challenge

High R&D cost and limited treatment options

Neuroscience research frequently necessitates substantial investment in new technologies and skilled staff. The high costs of developing novel medicines and diagnostic tools could discourage investment and hinder development. Furthermore, many neurological illnesses currently have few or no viable therapies, which could discourage investment in research and development. This is particularly relevant for complex illnesses such as Alzheimer’s and Parkinson’s disease.

Neuroscience Market Segmentation Analysis

By Component:

The instruments segment is expected to dominate the market. The segment expansion is attributed to the growing innovative product launch. For instance, in November 2022, Earable® Neuroscience introduced the FRENZ Brainband worldwide.

The world’s most accurate consumer brainband, FRENZ™ by Earable® Neuroscience, tracks and stimulates brain activity for improved sleep, focus, and relaxation. FRENZ simultaneously monitors brain signals (EEG) and other biofeedback sources before delivering real-time tailored material via integrated bone-conduction speakers.

Besides, the consumables segment is growing at a rapid rate. The expansion of the segment is owing to several factors, such as increased research funding, growing demand for lab consumables, and growth in research and commercial research institutions.

By Technology:

The brain imaging segment captures a prominent market share in the neuroscience industry. The segment’s growth is defined by the rising number of neuro patients worldwide. For instance, as per the Institutes of Health Metrics and Evaluation, in 2019, stroke (37.9%), headache disorders (17.5%), epilepsy (11.3%), cerebral palsy (5.7%), and encephalitis were the leading causes of DALYs in India.

Besides, the neuro-microscopy segment is rapidly expanding. Incorporating artificial intelligence (AI) and machine learning algorithms in neuro-microscopy improves image analysis, allowing faster and more accurate interpretation of complicated data sets and driving market growth.

By End User:

The diagnostic laboratories segment dominates the neuroscience market. Increased awareness of neurological illnesses and the need for early detection are prompting more people to seek diagnostic testing, increasing demand for laboratory services.

Besides, the hospital’s segment shows rapid expansion. The segment expansion is attributed to the increasing number of patients with neurological conditions. Moreover, the increasing investment in advanced technology propels the segment’s expansion.

Report Scope

Neuroscience Market: Regional Analysis

North America dominates the neuroscience market. The region’s growth is attributed to the presence of major players and the growing investment in advanced technology. Furthermore, the increasing investment in R&D positively influences market growth.

Also, the rising cases of neurological conditions are a prominent factor driving the industry’s expansion over the projected period. As per the data from the Alzheimer’s Association, approximately 6.9 million people in the American region live with Alzheimer’s dementia.

However, the Asia Pacific region is growing significantly in the global neuroscience industry owing to the increasing investment in healthcare infrastructure and the growing burden of neurological conditions in the area, particularly in India and China.

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