Neuroscience Market 2022 | Industry Outlook, Size, Share and Growth Analysis

According to Precision Business Insights (PBI), the latest report the global neuroscience market is expected to be worth USD 31,376.3 million in 2021 and projected to grow at a 4.1% CAGR over 2022 to 2028. The key factor driving the market expansion is the rising number of fatalities caused by neurological illnesses such as Parkinson's disease, Alzheimer's disease, schizophrenia, and other brain-related ailments. Other factors including the increasing demand for neuroimaging technologies and ongoing brain mapping research and investigation programs. Furthermore, governments throughout the world are taking positive steps to raise awareness of neurological illnesses and treatment alternatives. In addition, the increasing use of microscopy, optogenetics, magnetic resonance imaging (MRI), and electrophysiology tools in the diagnosis of various neurological diseases is driving market expansion.

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The Brain Imaging Segment is Dominating the Global Neuroscience Market:
The Brain Imaging segment is expected to account for a larger revenue share. The market is anticipated to grow at a double-digit growth rate over the forecast years owing to the increased frequency of neurological conditions, and an aging population predisposed to neurodegenerative diseases such as Parkinson's, Alzheimer's, dementia, epilepsy, and others are likely to fuel expansion in the brain imaging and neuroimaging market. Moreover, market players are focusing on acquisition and collaboration to maintain the growth in the market. For Instance, In November 2019, Canon Medical Systems Corporation acquired Switzerland-based MRI research & development company Skope Magnetic Resonance Technologies AG. This acquisition is expected to facilitate the development of innovative technologies in MR imaging and diagnostics.

Asia Pacific Leads Global Neuroscience Market:
Asia Pacific is anticipated to hold a significant market share in the Global Neuroscience Market and is projected to grow at a significant growth rate over the forecast years, owing to rapid growth in the animal farming industry across the USA and Canada coupled with an increase in demand for quality livestock products. Moreover, the presence of a huge number of market players enhancing their revenue through strategic alliances with other market players also influence the market growth. The Asia Pacific is expected to create lucrative opportunities over the forecast years owing to rapid growth in population coupled with a rise in domestic and international trading of livestock products across China, India, and Japan. Moreover, an increase in the R&D for the development of newer products also impels the market revenue over the forecast timeframe.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Neuroscience Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In February 2022, NeuroNexus Technologies (US) launched NeuroNexus Summa Framework. The solution was designed for both experienced electrophysiologists as well as life science researchers who are looking to easily incorporate electrical signal read-outs from biological cells and tissues into their research workflow.

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The neuroscience market is segmented based on technology, component, end-user and geography.
Based on the Technology, the market is segmented into the following:
• Brain Imaging
• Neuro-Microscopy
• Electrophysiology
• Neuroproteomic Analysis
• Animal Behaviour Analysis
• Others

Based on the Component, the market is segmented into the following:
• Instruments and Consumables
• Software and Services

Based on the End-User, the market is segmented into the following:
• Hospitals
• Diagnostic Laboratories
• Research and Academic Institutes
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the Global Neuroscience Market report are Biobserve GmbH, Doric Lenses Inc., GE Healthcare, Kernel, Laserglow Technologies, Mightex Systems, NeuroNexus Technologies, Noldus Information Technology, Prizmatix Ltd, Siemens Helthineers, Medtronic Plc, Canon Medical Systems Corporation, Neusoft Medical Systems Co. Ltd.

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This release was published on openPR.