Neuroscience Market: Report Brief
- The report covers forecasts and analysis for the neuroscience market on a global and regional level.
- The report includes the positive and the negative factors that are influencing the growth of the market.
- Detailed information and future opportunities in the market opportunities are discussed.
- The revenue generated by the prominent industry players has been analyzed in the report.
- The market numbers have been calculated using top-down and bottom-up approaches.
- The neuroscience market has been analyzed using Porter’s Five Forces Analysis.
- The market is segmented on the basis of components and end-users, which in turn are bifurcated on a regional level as well.
- All the segments have been evaluated based on present and future trends.
- The report deals with in-depth quantitative and qualitative analyses of the neuroscience market.
- The report includes detailed company profiles of the prominent market players.
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Neuroscience Market: Summary
Neuroscience is a subdivision of biology that comprises the study of the development and function of the nervous system and diseases related to it. Neuroscience is a point where the biology meets psychology of the human brain. Neurologists are engaged in a much broad scope of fields than earlier. Their study involves evolutionary, molecular, medical, and functional aspects of the nervous system. The neuroscience market is increasing as the percentage of CNS diseases is increasing globally.
Neuroscience Market: Value
The 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.
Neuroscience Market: Drivers and Restraints
The rise in the occurrences of neurological disorders globally has triggered the growth of the neuroscience market. There has been a rapid increase in the cases of neurological disorders such as cerebral stroke, Alzheimer’s disease, epilepsy, and Parkinsonism which has increased the demand for developments in the field of neuroscience. The demand for CNS-related diagnostic procedures has increased which has positively affected the growth of the market. Other factors that are expected to drive the market growth positively are favorable reimbursement policies and the growing government spending on healthcare infrastructure.
The high cost of neurological devices such as magnetic resonance imaging systems will majorly limit the growth of the neuroscience market during the forecast period.
Neuroscience Market: Segmentation
By component, the instrument segment accounted for the largest market share in 2016. In the instruments segment, the components such as MRI imaging systems, neuro–microscopy, and others accounted for the largest market share. The high cost of these instruments has contributed to the increased revenue contribution of this segment in the neuroscience market. Owing to the increased use of instruments for the diagnosis and treatment of neurological disorders has positively affected the growth of the instruments segment.
However, the software segment is expected to grow with the highest CAGR of more than 35% during the forecast period. The rising trade of neuroscience devices with integrated software for imaging and diagnostics purposes is driving the demand for software in the neuroscience market.
By end-user, hospitals dominated the end-user segment in 2016 by holding a major market share of above 35%. The increasing preference of patients towards hospitals for better diagnosis of their neurological disorders is one of the major factors driving the hospital segment. The quality treatment facilities offered by the hospitals and the availability of advanced equipment have positively increased the growth of the segment
However, it is anticipated that the diagnostics laboratories segment will register the highest CAGR during the forecast period. Growing neurological disorders and the development of technologies are the major factors contributing to the growth of the segment.
North America contributes the largest share of the global neuroscience market. The region dominated the market by accounting for more than 38% of the market share in 2016 and is also expected to retain its dominance during the forecast period. Increasing demand for neuroimaging devices and the growing research activities in the field of neuroscience contribute to the growth of the market in North America.
The Asia Pacific is anticipated to be the most lucrative region for the neuroscience market, owing to the increasing healthcare infrastructure, rising incidences of CNS disorders among the aging population, and increasing health awareness among the population regarding neurological disorders and treatments will boost the growth of the neuroscience market in the Asia Pacific over the forecast period. Asia Pacific anticipates registering the highest CAGR of more than 3.7% during the forecast period.
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Neuroscience Market: Industry Players
The report includes detailed profiles of the prominent market players that are trending in the neuroscience market. The list of the players that are compiled in the report is 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.
The prominent market players maintain a competitive edge in the global market by making investments in mergers and acquisitions and by increasing their product portfolio. In December 2014, Blackrock Microsystems launched a wireless neural activity monitoring system. This development liberated neuroscientists from the cumbersome wires and cables that have burdened their research for decades.
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