The neuroscience market involves various products that are used for research in neuroscience and diagnosis & treatment of neurological disorders. The key products in this market include instruments such as neurostimulation devices and intraoperative devices that are used in neurosurgery, reagents and chemicals for research, and diagnostics tests for various neurological conditions. The growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and other CNS disorders have increased the demand for advanced neuroscience research and diagnosis. The global neuroscience market is estimated to be valued at US$ 32.75 billion in 2023 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 Opportunity: The rising prevalence of neurological disorders presents a major market opportunity for players in the neuroscience market. Neurological disorders are becoming one of the major causes of disability and death worldwide. According to the World Health Organization (WHO), neurological disorders affect over 1 billion people globally each year. Conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, stroke, and migraine also impose significant economic burden on healthcare systems. Therefore, the growing burden of neurological diseases is expected to drive increased research and clinical testing activities in the field of neuroscience. This will further augment the demand for advanced technologies, reagents, assays and devices for neuroscience research as well as diagnosis and management of neurological conditions over the forecast period.
Porter's Analysis
Threat of new entrants: The neuroscience market requires significant investment in R&D which acts as a barrier for new companies. The presence of large established players also makes market entry difficult.
Bargaining power of buyers: Individual buyers have low bargaining power due to the specialized nature of neuroscience products and services. However, large pharmaceutical companies and research institutes can negotiate better prices due to high purchase volumes.
Bargaining power of suppliers: A few large players dominate the supply of key neuroscience instruments, reagents and research services. This gives them significant power to influence prices in the market.
Threat of new substitutes: There are limited substitute options for core neuroscience research products. Advanced technologies like AI/ML are emerging as complements but not replacements.
Competitive rivalry: The market sees intense competition among major players. Companies compete based on product innovation, service quality, geographic expansion and strategic partnerships.
SWOT Analysis
Strengths: Growing focus on CNS disorders, increasing neurological disease burden, advances in omics technologies.
Weaknesses: High costs of R&D, lengthy approval times, expensive equipment and reagents. Lack of skilled researchers in some regions.
Opportunities: Rising healthcare spending, increasing collaborations, growing privatization and investments in emerging markets like Asia Pacific and Latin America. Untapped potential of digital neurotech.
Threats: Stringent regulatory requirements, reimbursement challenges, economic slowdowns limiting research budgets. Data security and ethical issues related to neurotech.
Key Takeaways
The Global Neuroscience Market Growth is expected to witness high over the forecast period driven by the rising burden of neurological disorders.
Regional analysis: Asia Pacific comprises increasing government investments to boost neuroscience research capacity through initiatives like 'Brain Research through Advancing Innovative Neurotechnologies (BRAIN)' in countries like India and China. Growing collaborations between local and global players to develop affordable diagnostics and treatments are expanding access in the region.
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.
Explore more information on this topic, Please visit-
https://www.dailyprbulletin.com/neuroscience-market-share-size-and-growth-share-trends-analysis-demand-forecast-2/
Explore more trending article related this topic:
https://wotpost.com/glucose-guardian-pioneering-health-with-the-continuous-glucose-monitoring-devices/
Comments
0 comment