The Neuroscience Market is Driven by Rising Prevalence of Neurological Disorders
Author : naufan cmi | Published On : 18 Mar 2024
The neuroscience market involves the study of the nervous system and brain. It includes research activities in neurobiology, molecular and cellular neuroscience, neural engineering, and neuroimmunology. Products in this market include instruments such as microscopes, tissue processing devices, electrophoresis and blotting systems, chromatography systems, and biospecimen products for sample collection, preservation and preparation. The global neuroscience market is driven primarily by the rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and multiple sclerosis. According to WHO, nearly a billion people suffer from brain disorders globally. As per estimates, neurological disorders are responsible for around 6.8% of total global disease burden.
The global neuroscience market size 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 between 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. These key players are involved in new product launches, collaborations and partnerships to gain market share in the growing neurosciences industry.
The increasing demand for neurological disorder diagnostics and therapeutics is one of the major drivers of growth in the neuroscience market. Neurological disorders are becoming more common globally due to lifestyle changes and longevity. Early diagnosis and treatment of neurological conditions can improve patient outcomes. This is creating high demand for novel neuroscience instruments, reagents, and research platforms.
The neuroscience industry is also witnessing rising global expansion as many biotech and pharmaceutical companies seek to tap international opportunities. Countries in Asia Pacific and Latin America are emerging as high potential markets. Manufacturers are enhancing their geographic presence through direct sales and distribution networks across major global markets. Contract research organizations also contribute to the global reach of neuroscience research and products.
Market Drivers
The rising prevalence of neurological disorders is a key factor driving the neuroscience market. An ageing population profile and increasing risk factors like smoking, obesity, and sedentary lifestyle have contributed to the growing incidence of neurological conditions worldwide. According to the WHO, neurological disorders accounted for over 10% of total global disease burden in 2019. Early diagnosis and treatment through cutting-edge neuroscience technologies can help improve quality of life for patients. This is creating high demand for advanced instruments, assays, biospecimens and IT solutions in the market. Significant investments in neuroscience research by governments and private organizations are also favoring market growth.
The current geopolitical situations are impacting the growth of the neuroscience market in various ways. With rising geopolitical tensions between major countries and trade restrictions between some regions, there are challenges in the cross-border movement of technologies, instruments, research material and collaborations between neuroscience researchers and institutes globally. This hinders the advancement of collaborative neuroscience research on a global level. Some geopolitical conflicts also cause economic uncertainties which indirectly impacts the investments and funding available for neuroscience research from both private and public sources. Overall rising nationalism and protectionist policies adopted by some countries create barriers for global partnerships in neuroscience research and development.
North America currently holds the largest share of the neuroscience market in terms of value. This is due to heavy investments in neuroscience research by both government and private organizations in the US and Canada. presence of top neuroscience research institutions and pharmaceutical companies. Large patient population also drives the clinical research and diagnostics market. However, Asia Pacific is expected to grow the fastest during the forecast period due to rising healthcare investments, availability of large patient pools and lower costs of clinical trials in countries like China and India. These economies are increasingly focused on developing their indigenous research capabilities as well. Europe also has a significant share due to presence of leading life sciences companies and collaborative neuroscience research networks across the region.
The geographical region that is concentrating most of the value in the neuroscience market currently is North America. There are several factors contributing to North America’s leading concentration of neuroscience market value. One major factor is the large investments in neuroscience research by both government agencies like National Institutes of Health and private organizations in the United States. The US alone accounts for over 50% of total global spend on healthcare research and development. North America is also home to many top ranked academic and research institutions for neuroscience like Stanford University, Johns Hopkins University, and multiple institutions under National Institutes of Health. This strong base of research and infrastructure attracts private sector investments from pharmaceutical and biotechnology companies as well. North America also has a large patient population and high healthcare expenditure, driving the clinical research and diagnostics segment of the neuroscience market. With heavy funding and well-established research ecosystem, North America has been the hub for many recent major advances in neuroscience including the development of new drug therapies for neurological conditions.
