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Neuroscience Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Neuroscience Global Market
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According to The Business Research Company's, The neuroscience market size has grown strongly in recent years. It will grow from $33.21 billion in 2023 to $35.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased funding for neuroscience research, emergence of neuroinformatics, genomic and proteomic research in neuroscience, public awareness and education, drug discovery and development, global aging population, neuroscience-based education and learning.
The neuroscience market size is expected to see strong growth in the next few years. It will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to precision medicine in neurological treatments, expansion of neuropharmacology, neuroinformatics for big data management, patient-centric approaches in neurological care, global health initiatives for neurological disorders, innovations in neurological diagnostics, ethical considerations and guidelines. Major trends in the forecast period include brain imaging technologies, neurostimulation therapies, artificial intelligence in neuroscience, brain-computer interface (bci) technology, telemedicine in neurology, collaboration between industry and academia, cross-disciplinary approaches.
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Market Drivers and Trends:
Increased incidences of neurological disorders, such as Alzheimer's disease is expected to propel the neuroscience market. Neurological disorders are a broad category of medical conditions that primarily affect the nervous system, including the brain, spinal cord, and peripheral nerves. Alzheimer's disease is a progressive neurodegenerative disorder that primarily affects the brain, leading to a decline in cognitive function and memory. Neuroscience plays a vital role in understanding and treating Alzheimer's disease (AD), By studying the structure and function of the nervous system, neuroscientists are gaining insights into the causes of AD and developing new strategies for diagnosis, prevention, and treatment. For instance, in 2021, according to the Alzheimer's Association, US-based non-profit voluntary health organization that focuses on Alzheimer's disease care, Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021 the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. Thus, the increased incidences of neurological disorders, such as Alzheimer's disease is driving the neuroscience market.
Technological advancement is a key trend gaining popularity in the neuroscience market. Major market players are concentrating their efforts on creating innovative technologies such as artificial intelligence and machine learning to bring advancement in neuroscience. Artificial intelligence enables machines to mimic and even outperform human mental powers and machine learning is a part of artificial intelligence. Artificial intelligence (AI) models are built to carry out intelligence-based tasks that are offering new theories about how the same processes are regulated within the brain. For instance, in December 2021, Biogen Inc., a US-based biotechnology company collaborated with TheraPanacea to focus on multiple therapeutic areas in neuroscience. The collaboration was aimed at using machine learning (ML) and artificial intelligence (AI) analysis to create digital health solutions that could enhance patient care, hasten the development of new drugs, and deepen the understanding of the pathologies that underlie neurological illnesses. TheraPanacea is a France-based medical technology company specializing in artificial intelligence.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Alpha Omega Inc., General Electric Company, Siemens Healthineers AG, NeuroNexus Technologies Inc., Doric Lenses Inc., Blackrock Neurotech, Axion Biosystems Inc., Femtonics Ltd., Carl Zeiss AG, Danaher Corporation (Leica Microsystems), Koninklijke Philips N.V., Toshiba Corporation, Hitachi Medical Corporation, Scientifica Ltd., Intan Technologies Inc., Laserglow Technologies Inc., Mightex Systems, Neuralink Corporation, Kernel Corporation, BrainCo Inc., MindMaze Inc., Paradromics Inc., NeuroPro Inc., NeuroSky Inc., EMOTIV Inc., Cercare Medical A/S, Plexon Inc., Noldus Information Technology bv, Neuralynx Inc., Vigil Neuroscience
Neuroscience Market 2024 Key Insights:
• The neuroscience market size is expected to see strong growth in the next few years. It will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surging Geriatric Demographics Fueling Growth In The Neuroscience Market
• Technological Advancements Transforming The Landscape Of The Neuroscience Market
• North America was the largest region in the neuroscience market in 2023
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