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Neuroscience Market 2019 | Future Growth By Top Players Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, Newport Corpora

07-11-2019 04:29 PM CET | Health & Medicine

Press release from: Coherent Market Insights (CMI)

Neuroscience

Neuroscience

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).

Increasing burden of neurological diseases worldwide is expected to be a major factor accelerating the growth of the global neuroscience market

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.

According to World Alzheimer Report in 2016, around 46.5 million people suffered from Alzheimer’s disease and the number was expected to reach 50 million by 2017, with a frequency of one new patient of Alzheimer’s disease every there seconds worldwide.

According to World Health Organization (WHO) 2016 report, around 6 million deaths occur due to stroke, annually and over 80% of these deaths take place in low- and middle-income countries. Moreover, over 50 million people suffer from epilepsy and 47.5 million people from dementia, with 7.7 million new cases, annually worldwide.

Increasing product launch and government funding for neuroscience research is expected to propel the neuroscience market growth

Key players in the market are focused on launching new instruments and software components, which address current research needs for neuroscience. This in turn is expected to boost the market growth. For instance, in 2015, Blackrock Microsystems LLC showcased new digital, wireless brain-interface titled — CerePlex W – at Society for Neuroscience Conference (SfN), Washington, U.S.

Furthermore, increasing government funding for research in the field of neuroscience is also expected to propel the market growth. For instance, in 2013, the U.S. government announced the BRAIN initiative (Brain Research through Advancing Innovative Neurotechnologies), which has the mandate of developing a host of tools to study brain activity.

Moreover, increasing research and development towards understanding neural activity and its application in improving quality of life for patients is also expected to boost the market growth. For instance, in 2017, a team of researchers at Case Western Reserve University successfully regained control of one of patients’ right arm, which was paralyzed from the shoulders down after a cycling accident. This research utilized Blackrock’s Utah Array as a component of an investigational brain-computer interface (an instrument).

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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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