The neuroscience market deals with products and services related to the study of the human nervous system. This includes neuroimaging products, animal models, reagents, instruments and software that facilitates research in neurobiology, neurogenetics and neurotechnology applications. With advancements in neuroscience research, it has enabled accelerated drug discovery for various neurological disorders and development of advanced diagnostics for neurodegenerative diseases.
The global Neuroscience Market 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the neuroscience market is increased application of neuroscience techniques in drug discovery and development. Neuroscience tools such as imaging, microarray analysis and stem cell platforms are being used tobetter understand disease pathology at a molecular level. This has helped researchers identify new drug targets and biomarkers. For instance, neuroimaging is being used to understand the effect of potential drug candidates on the functioning of brain circuits and pathways involved in disorders like schizophrenia, Alzheimer's, depression etc. Further, techniques such as induced pluripotent stem cell are enabling development of disease in a dish models of the human brain which can accelerate discovery and testing of novel neurotherapeutics.
Segment Analysis
The global neuroscience market can be segmented by products and services, end user and region. Based on products and services, the market can be segmented into neuroimaging instruments, neurostimulation devices, neurogenetics and molecular diagnostics. Among these, neuroimaging instruments segment dominated the market in 2024 due to high usage of imaging technologies like MRI, CT and PET scans to study brain functions. Based on end user, the market can be divided into hospitals, diagnostic laboratories, research institutes and academic institutes. Research institutes segment accounted for the largest market share as significant funding is invested in brain research.
Key Takeaways
The Global Neuroscience Market Demand is expected to witness high growth over the forecast period from 2024 to 2031.
Regional analysis:
North America dominated the neuroscience market in 2024 and is expected to continue its dominance over the forecast period. This is attributed to presence of well-established healthcare and research infrastructure, rising neurological disorders and increasing R&D expenditure in the region. Asia Pacific is slated to be the fastest growing region owing to growing healthcare spending, rising prevalence of neurological diseases and increasing penetration of key players in emerging economies of China and India.
Key players analysis:
Key players operating in the neuroscience market include 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, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., NRGene, and LGC Biosearch Technologies, among other prominent players. Major players are focusing on R&D of neuroimaging instruments and neurogenetics technologies to strengthen their product portfolios.
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