Neuroscience Market by Component (Instrument, Software, and Services), and by End-user (Hospitals, Diagnostic Laboratories, Research Institutes, and Academic Institutes): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Sarasota, FL -- (SBWIRE) -- 12/11/2018 -- Global neuroscience market was valued at around USD 26,350 million in the year 2016 and it is expected to reach approximately USD 34,800 million by 2024. The global neuroscience market is expected to exhibit a CAGR of more than 3.5% between 2017 and 2024.
The increase in the number of central nervous system (CNS) diseases and the growth in the advanced technological advancements are the primary factors that are driving the neuroscience market. Other factors that are expected to drive the market growth positively are favorable reimbursement policies and the growing government spending on the healthcare infrastructure.
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Our research analysts observed that the neuroscience market will experience a rapid development in the coming years. Increase in the number of the organizations and institutes that are majorly focusing on the development of neuroscience has accelerated the research and development. Some of the organizations and the institutes that are already majorly contributing to the developments in the field of neuroscience are NeuroScience Canada, Ontario Brain Institute, NIH, and other universities.
Global Neuroscience Market: Component Segment Analysis
Global Neuroscience Market: End-user Segment Analysis
Global Neuroscience Market: Regional Segment Analysis
Middle East and Africa
Increasing occurrences of diseases such as Parkinsonism and Alzheimer's disease together with other inherited CNS disorders has increased the necessity for new developments & improvements in neuroscience industry which is expected to significantly boost the neuroscience market during the forecast period.
The market for neuroscience is segmented by different component types. High use of imaging machines, intraneural imaging tools, and other neuroscience devices are expected to dominate the neuroscience market throughout the forecast period. Increasing R&D coupled with the novel and innovative technologies in brain mapping and other neurological studies is expected to provide a better understanding of neuron functions, which in turn is propelling the market growth during the forecast period. Different instruments that are used while studying neurological disorders are electrophysiology instruments, MRI instruments, optogenetics instruments, and microscopy instruments. The increased penetration of these instruments in the field of neuroscience has positively affected the segment growth.
However, software component segment is expected to grow with highest CAGR during the forecast period. Rising trade of neuroscience devices with integrated software for imaging and diagnostics purpose is driving the demand for the software in the neuroscience market.
Hospitals segment anticipates holding a major share in global neuroscience market by end-user type owing to increasing cases of CNS-related diseases and rising diagnosis ratio. Furthermore, rising awareness among the population and high demand for neurological diagnostics in hospitals are other factors that are driving the growth of hospital segment during the forecast period. Diagnostic laboratories segment accounted for the second largest share in global neuroscience market by end-user. Increasing concerns about the prevalence of various diseases and advancing technological infrastructure to provide more precise diagnostic results to meet the unmet need regarding CNS disorders will fuel the diagnostic laboratories segment during the forecast period.
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The neuroscience market is growing at a rapid rate in the developed regions. North America dominates the neuroscience market. Whereas Asia Pacific is having a significant share in the neuroscience market and is anticipated to grow at highest CAGR. Owing to the increasing geriatric population and rising incidences of CNS-related diseases in the developing countries the neuroscience market is gaining traction in the Asia Pacific.
The major market players in the neuroscience market are Alpha Omega, Axion Biosystems, Blackrock Microsystems LLC, Femtonics Ltd., Intan Technologies, LaVision Biotec GmbH, Mediso Medical Imaging Systems, Neuralynx Inc., NeuroNexus Technologies, Neurotar Ltd., Newport Corporation, Plexon Inc., Scientifica Ltd., Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc., among others.