Neuroscience Market Expected to Reach USD 71.0 Billion by 2032, with a CAGR of 5.6%

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Canada, Ontario , Nov. 15, 2024 (GLOBE NEWSWIRE) — Philips launched a portable 1.5T MRI unit, which stands out due to its helium-free operations and is the first lightweight MRI machine. NeuroNexus Technologies launched the NeuroNexus Summa Framework. The solution was designed for experienced electrophysiologists and life science researchers who want to easily incorporate electrical signal readouts from biological cells and tissues into their research workflow.

Introspective Market Research is excited to unveil its latest report, ” Neuroscience” This in-depth analysis shows that the global Neuroscience market, valued at USD 43.5 billion in 2023, is poised for substantial growth, expected to hit USD 71.0 billion by 2032. This growth trajectory aligns with a strong CAGR of 5.6% during the forecast period from 2024 to 2032.

Neuroscience Market entails the examination of the nervous system, covering aspects from its anatomical structure to its origin, function, and pathology. It is widely recognized that the human brain has 86 billion neurons. Neurobiology is the field of biology that focuses on the biological elements that comprise the nervous system. Epilepsy, brain tumors, Alzheimer’s disease, and head trauma are examples of neurological disorders. The investigation of brain function is conducted via neuroimaging techniques, such as functional MRI and electroencephalography (EEG). Functional MRI and EEG are likewise employed to examine alterations in brain activity.

Cognitive neuroscience involves examining the neural foundations of mental functions. It represents the convergence of neuroscience and psychology. Investigating cognitive brain function is typically advised for older adults, as they are more susceptible to age-associated mental health issues like Alzheimer’s and dementia. The expansion of the neuroscience sector focuses on exploring cellular, behavioral, operational, molecular, evolutionary, and therapeutic dimensions of the nervous system.

The rise in the integration of AI within the healthcare field, particularly in neuroscience, along with ongoing advancements in MRI technology—including the emergence of smaller, portable, and more affordable options—represents some of the recent trends in the neuroscience market. The increasing prevalence of neurological disorders, heightened research support from academic and research institutions, and the rise in funding from governmental and private organizations are driving the growth of the neuroscience market.

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Leading Factors Driving the Neuroscience Market:

Increase in Prevalence of Degenerative Neurological Disorders

The rise in neurological disorders has emerged as a significant issue for healthcare professionals around the globe. The extension of lifespan has resulted in significant growth in the elderly population. The aging population faces an increased risk of developing degenerative neurological conditions like Alzheimer’s disease, Parkinson’s disease, and multiple system atrophy. Neurological disorders are the primary reason for physical and cognitive disabilities worldwide, currently impacting around 15% of the global population.

The Alzheimer’s Association reports that about Approximately 6.7 million Americans aged 65 and above currently have Alzheimer’s dementia. This figure might increase to 13.8 million by 2060 unless medical advancements are made to prevent, reduce, or cure AD. With the aging population expected to swell the number of dementia cases from 55 million in 2019 to 139 million by 2050, the need for effective interventions has never been more urgent. The financial burden of these conditions, forecasted to increase from $1.3 trillion annually in 2019 to $2.8 trillion by 2030, highlights the strain on healthcare systems worldwide.

This upward trend underscores the growing demand for innovations in diagnostics, treatment, and care. While significant progress has been made in understanding these disorders, the gap between current treatments and the aspiration for a universal cure persists. Moreover, the disparity in access to healthcare and the capacity to deliver emerging therapies to underserved regions remain significant barriers. Addressing these challenges will require coordinated efforts in research, healthcare infrastructure development, and policy-making to meet the rising prevalence of these life-altering conditions.

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Advancing Innovative Neuro technologies

Technological advancements are revolutionizing the neuroscience sector, paving the way for innovative solutions like enhanced neurofeedback systems. A notable example is the U.S. Government’s Brain Research Through Advancing Innovative Neurotechnologies (BRAIN) initiative, aimed at pioneering investigative methods to unravel the complexities of human brain functioning. This initiative aligns with the broader trend of digitalization in healthcare, which has significantly improved the management of neurological disorders. A groundbreaking development in this field was introduced in May 2023 by Australian researchers Nicholas Opie and Dr. Thomas Oxley, who created a human-brain-computer interface system. This system remotely transmits brain signals to control external digital devices, enabling paralyzed patients to communicate effectively.

As the demand for innovative neurotechnologies grows, research and development efforts are expanding across academic, healthcare, and commercial sectors. For instance, the American Academy of Neurology runs Neuroscience Is. initiatives to build public awareness about neurological disorders and demonstrate the importance of neuroscience research in treating neurology patients and developing a treatment for brain-associated diseases. The ultimate goal is to improve quality of life, restore lost functions, and enhance human potential, marking a new era of possibilities in neuroscience.

Cooperation among governments, research institutions, and private companies is speeding up the advancement and implementation of neurotechnologies. Advancements in areas such as artificial intelligence, machine learning, and cutting-edge imaging technologies are being incorporated into neuroscience to provide real-time monitoring of brain activity and tailored treatment strategies. New startups and biotech companies are venturing into the industry, creating wearable neurotechnology gadgets and non-invasive brain stimulation tools to address issues like depression, epilepsy, and chronic pain. The merging of innovation and collaboration is creating a future where neurotechnologies not only tackle neurological disorders but also improve cognitive functions, paving the way for advancements in brain health and human capabilities.

What are the Key Opportunities for the Neuroscience Market?

Improvements in imaging and computational methods are facilitating precise delineation of neural circuits. Initiatives such as the NIH’s BRAIN Initiative seek to connect brain circuits with behavior, improving our comprehension of mental conditions and states. BCIs are advancing towards real-world uses, providing possible advantages for those with mobility challenges. Firms such as Neuralink and Precision Neuroscience are creating technologies that convert brain signals into digital instructions, to restore movement and communication skills.

Techniques like non-invasive brain stimulation are being researched to improve mental health therapies. For example, integrating meditation with transcranial magnetic stimulation has demonstrated potential in enhancing cognitive abilities and alleviating anxiety.

New therapies are developing for ailments such as Alzheimer’s disease and schizophrenia. Experimental medications like Roche’s trontinemab and Karuna Therapeutics’ KarXT are demonstrating promise in clinical trials, providing optimism for more effective treatments with reduced side effects.

The integration of neuroscience with disciplines such as psychology, computer science, and engineering is promoting novel research methods. This collaboration across disciplines is vital for creating detailed models of brain activity and behavior. These possibilities highlight a pivotal moment in neuroscience, capable of greatly influencing healthcare and our comprehension of the human brain.

What are the Key Challenges Neuroscience Market?

The complex structure and functioning of the human brain pose considerable challenges. Grasping how neural circuits produce cognition, emotion, and behavior continues to be a challenging endeavor. For instance, even with progress, the neural foundation of subjective experiences and consciousness remains inadequately comprehended. The enormous volume of data produced by different neuroscience research techniques, including neuroimaging and electrophysiology, presents difficulties in integration and analysis.

Developments in neurotechnology, including brain-computer links and neuroenhancement, bring up ethical issues related to privacy, consent, and the risk of misuse. Confronting these challenges is essential as the discipline advances.

Connecting fundamental neuroscience research with clinical applications presents challenges. Numerous discoveries in animal studies do not effectively convert to human therapies, obstructing progress in treating neurological disorders. neuroscience research necessitates cooperation among various fields, such as biology, psychology, computer science, and engineering. neurotechnology, including brain-computer interfaces and neuroenhancement, brings forth ethical issues related to privacy, consent, and the risk of abuse. Tackling these problems is essential as the field advances.

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Key Manufacturers

Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.

Carl Zeiss AG
Danaher Corporation
GE Healthcare
Siemens Healthcare Private Limited
Koninklijke Philips N.V.
Canon Inc
B. Braun SE
Medtronic
Stryker
Boston Scientific Corporation
ABBOTT
Terumo Corporation
Carl Zeiss AG
Danaher Corporation
GE Healthcare
Siemens Healthcare Private Limited
Koninklijke Philips N.V.
Canon Inc.
B. Braun SE
Medtronic
Stryker
Boston Scientific Corporation
ABBOTT
Terumo Corporation and Other Active Players

In June 2024, The Paris Brain Institute and the Institut Pasteur partnered with The Neuro to fund two groundbreaking studies, each receiving over $440,000. These projects, part of an international collaboration to tackle future challenges in neuroscience, focused on examining how hormones affect brain cancer and the role of neural circuits in social skills. Established in 2016, the Big Brain Theory (BBT) Program by the Paris Brain Institute had previously supported 33 innovative, interdisciplinary, high-risk research projects. By 2024, the Institute had expanded BBT’s fourth edition to include international partners such as The Neuro, Institut Pasteur, and Mission Lucidity.

In December 2023, AbbVie acquired Cerevel Therapeutics in a transformative deal to bolster its neuroscience pipeline. The acquisition, valued at $45.00 per share for a total of approximately $8.7 billion, was finalized to integrate Cerevel’s robust portfolio of clinical-stage and preclinical assets targeting psychiatric and neurological disorders. The purchase added promising candidates, including Emraclidine, which was expected to potentially transform schizophrenia and other psychiatric conditions.

Key Segments of Market Report

By Component

The market has been divided into instruments, consumables, and Software & Services based on the component. This may be attributed to the advancement of innovative instruments for diagnosing and treating neurological disorders. In May 2023, Koninklijke Philips N. V. launched an AI-enabled CT system known as Philips CT 3500, designed for general radiology and large-scale screening. This device can supply the images essential for radiologists to make precise diagnoses.

The consumables sector is projected to expand considerably during the forecast period in the worldwide market. At present, significant and highly specialized vendors like B. Braun SE and GE HealthCare supply consumables for neurological instruments known for their strength, durability, and user-friendliness. Additional consumables comprise ScalpFix-Clips, Flat-Table Tops, Patient Monitor, Injectors, Head Holder Inserts, Cradle Pads, and more. The development and introduction of consumables also contribute to segment growth.

The growing utilization of sophisticated technologies such as AI and machine learning in neurological diagnosis and therapy. These solutions improve the performance of neurological devices by allowing real-time data evaluation, increasing diagnostic precision, and optimizing workflow procedures. Organizations like Siemens Healthineers and Medtronic are making significant investments in software development and cohesive service offerings to deliver all-encompassing solutions that tackle intricate neurological disorders.

By Technology

In 2023, the brain imaging segment represented the biggest portion at 28.34%. This is linked to the greater utilization of brain imaging technologies, including MRI, EEG, and CT scans, in hospitals, diagnostic facilities, and ambulatory surgical centers (ASCs) for diagnosing neurological conditions. According to the NHS England and NHS Improvement Report 2023, around 67,215 individuals were sent for brain MRI scans by doctors in March 2022 for cancer diagnosis.

As the transition to brain imaging progresses, the demand for imaging devices is expected to rise significantly in the coming years. The neuro-microscopy sector is expected to witness significant growth throughout the forecast period due to advantages stemming from innovative neuro-microscopy developments. She stated this in May 2023 when she successfully biologically engineered tiny electronic microscopic machines capable of penetrating the cortex, diagnosing neurological disorders, and repairing them. Moreover, other elements include key players like Danaher Corporation and Carl Zeiss AG, whose comprehensive neuro-microscopy product range is expected to promote the segment’s expansion during the forecasted timeframe

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By Region

The North America is projected to retain the highest market share during the forecast period. The primary elements driving the expansion of the analyzed market include increased funding for diverse research on neurodegenerative conditions, heightened disease prevalence and awareness, and the existence of significant market participants.For example, the Parkinson’s Foundation estimates that roughly one million individuals will have Parkinson’s disease (PD) in the U.S. by the close of 2023, and nearly 90,000 Americans receive a diagnosis of Parkinson’s disease annually.

The National Institutes of Health (NIH) has consistently increased funding for neurodegenerative disease research over recent years. For instance, in 2023, the NIH projected funding for neurodegenerative diseases at approximately $4.5 billion, reflecting a continued commitment to advancing research in this critical field. The increasing investment in research is anticipated to draw in many key stakeholders, consequently resulting in significant market growth.

The Parkinson’s Foundation reports that around one million individuals were affected by Parkinson’s disease (PD) in the United States in 2023. per the same source, there are also approximately 90,000 Americans diagnosed with PD each year. The occurrence of Parkinson’s disease rises with age, yet approximately 4% of individuals with PD receive a diagnosis before turning 50. Expansion and product introduction is a crucial element for the market’s growth. For instance, In October 2023, Sens.ai introduced a personalized at-home brain training system. This 5-in-1 neurofeedback system includes a headset and a gamified app experience designed to enhance cognitive performance and overall well-being. The system offers personalized sessions based on biofeedback signals, enabling users to improve focus, manage stress, and achieve better sleep.

Comprehensive Offerings:

Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years.
Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions.
Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment.
Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations.
Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape.
Import and Export Analysis: Examination of trade patterns and their impact on market dynamics.
Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown.
Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking.
PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors.
PORTER’s Five Forces Analysis: Assessment of competitive forces influencing the market.
Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors.
Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations.
Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis.
Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.

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The information in our reports comes from direct interviews with important executives from leading companies in the respective industries. Our thorough secondary data-gathering process involves comprehensive online and offline research, as well as detailed conversations with industry experts and analysts.

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