Neuroscience Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders

The neuroscience market is comprised of products and services related to the study of the nervous system and brain. This includes reagents, assays, instruments, services, and other tools used for neurobiology research, drug discovery, neurodegenerative disease diagnostics, and neurotherapeutics development. The growing need to understand neurological diseases and develop novel therapies has accelerated investments in neuroscience research. Government funding for brain research initiatives has also expanded significantly in recent years.

The global neuroscience market is estimated to be valued at US$ 37.73 billion in 2024 and is expected to exhibit a CAGR of 21% over the forecast period of 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., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players.

Growing investments in neuroscience research from industry and government bodies is creating a surge of opportunities for market players. To capitalize on these opportunities, key players are focusing on developing new imaging techniques, biomarkers, and analytical tools to accelerate drug discovery and disease diagnostics. They are also investing in expansion across emerging markets in Asia Pacific and Latin America.

Market Drivers and Restraint

The primary drivers fueling growth of the neuroscience market include the rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and stroke. According to Alzheimer’s Disease International, around 50 million people currently suffer from dementia with nearly 10 million new cases every year. This is expected to triple the costs of caring for dementia patients. Effective prevention and treatment of such disorders requires advanced understanding of neurobiology which is driving demand for neuroscience products and services.

However, the high costs associated with neuroscience research can restrain market growth. Setting up neuroscience research laboratories and procuring advanced instruments like NMR, fMRI, microscopy requires significant investments which are difficult for small and mid-sized research organizations. Additionally, variables like environmental factors and genetics make neurological diseases challenging to study which extends research timelines and increases expenses. Overcoming these cost challenges through collaboration and open innovation is vital for sustained market expansion.

Segment Analysis
The neuroscience market is dominated by sub-segment molecular analysis which holds around 30% market share. Molecular analysis tools and kits are widely used for genomic and proteomic studies in neuroscience research. Genetic research for neurological disorders requires analyzing biological molecules such as DNA, RNA and proteins. Genetic testing helps in diagnosis and developing personalized treatment for conditions such as Alzheimer's, Parkinson's, autism and epilepsy. Since molecular analysis provides crucial insights required for neurological research, it has emerged as the dominant sub-segment.

Global Analysis
North America is the largest and fastest growing regional market for neuroscience. The presence of major pharmaceutical companies and research institutions is a key factor driving the neuroscience market in North America. Europe is another major regional market due to rising government funding for neuroscience research. However, the Asia Pacific regional market is growing at the highest CAGR due to increasing healthcare expenditure, rising geriatric population, growing prevalence of neurological disorders and expanding research infrastructure. China and India are emerging as lucrative markets in Asia Pacific due to low-cost skilled workforce for research services and manufacturing of neuroscience tools.