Increasing Burden Of Neurological Diseases Worldwide Is Expected To Be A Major Factor Accelerating The Growth Of The Global Neuroscience Market

Neuroscience involves use of various methods to measure and image the brain activity. Neuroscience is umbrella term focusing on molecular, cellular, developmental, structural, functional, evolutionary, computing, psychosocial, and medical aspects of the nervous system. Research in neuroscience is constantly evolving based on biology, pharmaceutical science, medicine, cognitive science, and biomedical engineering. Neuroscience-based devices help in collecting valuable information regarding activities in brain and can be used in various areas such as better understanding of pathophysiology and symptoms of various chronic neurological diseases such as epilepsy, Alzheimer’s disease and other dementias; cerebrovascular diseases including stroke, migraine, and other headache disorders, multiple sclerosis, Parkinson's disease, neuro-infections, brain tumors; and traumatic disorders of the nervous system due to head trauma.

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These devices consist of different instruments that are required for neuroscience-based experiments. Various types of electrophysiology instruments and imaging instruments are utilized to map the brain and examine the brain activity.

The global neuroscience market size was valued at US$ 26,593 million in 2017, and is expected to witness a CAGR of 3.9% over the forecast period (2018 – 2026).

Market Dynamics

High prevalence of chronic neurological diseases leads to increasing research activities in the field of neuroscience, which in turn is expected to boost growth of the neuroscience market. For instance, according to the Centers for Disease Control and Prevention’s (CDC) factsheet in 2018, on an average, every 40 seconds someone in the U.S. has a stroke. According to CDC’s factsheet in 2018, the annual cost of stroke-related treatment is around US$ 34 billion in the U.S., which includes cost of healthcare services, medicine, and human capital cost. Similarly, The European Union incurs costs of US$ 51.4 billion, annually due to stroke and around 50% of the costs include follow up care cost and potential human capital loss to economy.

Increasing prevalence of various chronic neurological diseases worldwide is expected to be a major driver for growth of the global neuroscience market. This is owing to high unmet medical need in terms of timely diagnosis and effective treatment of neurological diseases. This in turn requires better understanding of pathophysiology of the diseases and improvement in knowledge about functioning of nervous system, which is expected to boost demand for neuroscience devices.

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Key players operating in the global neuroscience market include, 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, and Trifoil Imaging Inc.

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