The neuroscience market comprises products and devices used in the study and research of the nervous system. Neuroscience services and products help in the diagnosis and treatment of neurological disorders. Key products in the neuroscience market include neuro-microscopes, electrophysiology instruments, neuro-imaging instruments, lab equipment, and implantable devices. Advances in neuroscience technology have helped gain deeper insights into brain functions and conditions affecting the nervous system.

The Neuroscience Market is estimated to be valued at US$ 32.75 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market key trends:

One of the major trends driving growth of the neuroscience market is the increasing adoption of neuroscience services. Neurological disorders impose a huge economic and social burden worldwide. However, ongoing research is leading to the development of better diagnostic and treatment options. This is increasing the demand for neuroscience services across hospitals, diagnostic centers, and research institutions. Additionally, a large aging population prone to neurological diseases will further propel the need for neuroscience services over the forecast period. Furthermore, increasing collaborations between neuroscience technology developers and service providers are expanding access to advanced neuroscience solutions. This is expected to significantly contribute to the market growth.

 

Porter's Analysis

Threat of new entrants: The high capital requirement and stringent regulatory requirements pose significant barriers for new companies. Moreover, established players have economies of scale which makes it difficult for new players.
Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized nature of products and services. However, larger institutions like research organizations and pharmaceutical companies have moderate power given their higher purchase volumes.
Bargaining power of suppliers: The industry relies on specialized components and equipment from a limited number of global suppliers resulting in their strong bargaining position. However, established relationships ensure continuous supply.
Threat of new substitutes: While computational neuroscience offers alternatives, there is no substitute that can replicate the functionality of physical equipment. Thus, the threat is low.
Competitive rivalry: Being a specialized segment, companies compete on technological advancements, product customization, and service quality to gain market share.

 

SWOT Analysis

Strengths: Advanced R&D capabilities, vast product portfolio, strong brand recognition.
Weaknesses: High dependency on limited suppliers, capital intensive industry requiring large investments.
Opportunities: Rising research expenditure worldwide, growing geriatric population driving brain health solutions, untapped emerging markets.
Threats: Stringent regulations delaying new products, economic slowdowns impacting sales, threat from open-source tools/freeware.

 

Key Takeaways

The Global Neuroscience Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period, due to increasing research funding for brain disorders. North America dominates currently due to presence of major players and concentration of research activities. However, Asia Pacific is likely to grow at the fastest pace due to rising healthcare spending, westernization & growing middle class.

Regional analysis: North America currently accounts for the largest share of over 35% in the global neuroscience market due to presence of major players like Alpha Omega, GE Healthcare and increasing research activities for brain disorders like Parkinson’s, Alzheimer’s etc. However, Asia Pacific is poised to witness the highest growth during the forecast period. Rising healthcare spending, increasing middle class population with greater affordability, expanding research base are some factors driving the neuroscience market in Asia Pacific, especially in China, India and Japan.

Key players: Key players operating in the neuroscience market are Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, Trifoil Imaging Inc. Major players are focusing on new product launches, mergers, acquisitions and geographic expans

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