Neuroscience refers to products and technologies developed to study and map the human brain. It involves brain monitoring devices, medical imaging equipment, neurological biocompatible materials and more. With recent advancements in artificial intelligence and machine learning, neuroscience has emerged as a promising field for understanding various brain disorders and developing better treatment options. Neurological disorders like Alzheimer's, epilepsy, Parkinson's etc. pose a huge social and economic burden globally. The rising focus on brain research to uncover complex mechanisms of various neurological conditions is driving investments in neuroscience.

The global Neuroscience Market is estimated to be valued at US$ 32.75 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rising focus on development of treatments for neurological disorders through neuroscience research presents a major market opportunity. Neurological disorders are hard to treat due to poor understanding of underlying biological mechanisms. Advancements in neuroscience technologies like brain mapping, neuroimaging and brain tissue engineering are helping gain deeper insights into structure and functions of the brain. This is supporting development of novel and targeted drug interventions. The opportunity to develop advanced treatment options through neuroscience-driven research is attracting heavy investments from pharmaceutical and healthcare companies. Development of personalized medicine approaches for neurological conditions based on individual brain mapping can potentially transform the treatment landscape of these disorders in the coming years.

Porter's Analysis
Threat of new entrants: The neuroscience market has relatively high entry barriers due to capital intensive R&D, manufacturing and marketing requirements. However, threat remains from new players with novel technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate as neuroscience products provide therapeutic benefits. However, availability of substitutes and price sensitivity of consumers limits pricing power of existing players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and minimal differentiation in supplies. This allows neuroscience companies to negotiate costs effectively.
Threat of new substitutes: Threat of substitutes is moderate due to differentiated nature of neuroscience solutions and focus on unmet clinical needs. However, potential exists from alternative novel treatment options.
Competitive rivalry: The neuroscience market has high competitive rivalry due to large presence of multinational companies and intensity in R&D investments. Players focus on differentiation through innovative solutions and precision marketing.

SWOT Analysis
Strengths: Johnson & Johnson and Procter & Gamble are well established brands with extensive R&D and manufacturing capabilities.
Weaknesses: High capital requirements pose challenges for smaller players to scale up. Regional players have limited geographical reach.
Opportunities: Growing geriatric population suffering from neurological disorders offers scope for newer therapies and diagnostics. Emerging economies present huge unmet demand.
Threats: Stringent regulations can delay product approvals. Supply chain disruptions impact availability of essential supplies. Patent expiries increase generic competition.

Key Takeaways
The global neuroscience market size is expected to witness high growth over the forecast period supported by increasing incidence of neurological conditions, advantages of minimally invasive therapies and rapid diagnostics.

The North American region currently dominates the neuroscience market globally driven by high healthcare spending, availability of advanced treatments and growing elderly population. However, Asia Pacific is likely to see the fastest growth owing to rising disposable incomes, growing medical tourism and increasing focus of international players.

Key players operating in the neuroscience market are Johnson & Johnson, Procter & Gamble, Kimberly-Clark, Essity Aktiebolag, Kao Corporation, Daio Paper Corporation, Unicharm Corporation, Premier FMCG, Ontex, Hengan International Group Company Ltd., Drylock Technologies and Natracare LLC. These companies focus on development of novel therapeutics leveraging technology and acquiring smaller innovative firms to enhance their product portfolios.

Get more insights on this topic:
https://www.marketwebjournal.com/neuroscience-market-share/