Neuroscience Market Set to Reach USD 41.6 Billion by 2031 as Technological Innovations and Rising Neurological Disorders Drive Growth | TMR

The global neuroscience market, valued at US$30.1 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 3.7% over the forecast period of 2023-2031, reaching US$41.6 billion by the end of 2031. The market expansion is being fueled by a surge in degenerative neurological disorders coupled with rapid advancements in neurotechnologies.

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Neuroscience Market Outlook 2031

A combination of increased incidences of neurological disorders and transformative technological developments is redefining the neuroscience landscape. The adoption of breakthrough innovations-including whole brain imaging, neuro-microscopy, electrophysiology, neuroproteomics analysis, animal behavior analysis, neuro-functional analysis, and other emerging techniques-is accelerating early diagnosis and treatment, thereby minimizing long-term impairments.

Key technological advancements such as generative AI, brain-computer interfaces, and portable MRI units are revolutionizing neuroimaging and neurofeedback systems. These innovations enable healthcare professionals to initiate treatment during the prodromal phase of diseases, ultimately improving patient outcomes.

Market Introduction

Neuroscience encompasses the comprehensive study of the nervous system-from its structural intricacies and functional dynamics to its developmental and degenerative aspects. With an estimated 86 billion neurons composing the human brain, the field of neurobiology plays a pivotal role in understanding various conditions such as epilepsy, brain cancer, Alzheimer's disease, and traumatic brain injuries. Tools like functional MRI (fMRI) and electroencephalography (EEG) are instrumental in capturing real-time changes in brain activity, providing invaluable insights into cognitive function and aiding in the early detection of age-related mental disorders such as dementia.

Market Drivers

Increase in Prevalence of Degenerative Neurological Disorders

Rising global lifespans have led to an expanding geriatric population, which in turn has resulted in a higher incidence of conditions like Alzheimer's disease, Parkinson's disease, and multiple system atrophy.

Recent reports indicate that nearly six million Americans aged 65 and above were affected by Alzheimer's in 2020-a figure expected to double by 2050. Worldwide, dementia cases are projected to rise from 55 million in 2021 to 78 million by 2030.

Additionally, neurological disorders remain a leading cause of disability and the second largest cause of fatality globally, underscoring the urgent need for advanced diagnostic and therapeutic interventions.

Advancements in Technologies Fueling Neuroscience Industry

Technological breakthroughs are being leveraged to develop enhanced neurofeedback and neuroimaging systems. For instance, initiatives like the U.S. Government's BRAIN program are pioneering novel approaches to decipher the complexities of human brain connectivity.

Digitalization in healthcare has enabled remote brain-computer interface systems, which facilitate communication for paralyzed patients by transmitting real-time data from the brain to external devices.

The recent launch of AI-powered diagnostic systems-such as Philips' CT 3500, designed for high-volume and high-precision screening-further exemplifies the sector's commitment to integrating cutting-edge technology into routine clinical practice.

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Neuroscience Market Regional Insights

Leading Region: North America

North America dominated the neuroscience market in 2022, bolstered by robust funding from both governmental and private sectors. In 2021, the U.S. National Institutes of Health allocated US$4.1 billion toward neurodegenerative disease research, reinforcing the region's leadership in neuroscience innovation.

The expedited approval of pioneering products by regulatory bodies, including the U.S. FDA, has further accelerated market growth in the region.

Asia Pacific and Beyond

Asia Pacific is emerging as a promising market with significant initiatives in neuroscience research in countries like China and India. For example, China's introduction of the China Brain Project in September 2022 focuses on brain-inspired computing, neuroinformatics, and clinical applications, paving the way for substantial advancements in the field.

Analysis of Key Players

Global neuroscience companies are actively securing regulatory approvals and engaging in strategic collaborations to expand their portfolios. Notable industry players include NEURALINK, Kernel, BrainCo, Inc., MindMaze, Paradromics, NeuroPro, NeuroSky, EMOTIV, Inc., Cercare Medical A/S, Plexon, Inc., Noldus Information Technology B.V., Femtonics Ltd., Neuralynx, Inc., Neurable, Inc., Bitbrain Technologies, Halo Neuroscience, and NeuroNexus Technologies, Inc.

These companies are investing in innovative research initiatives and inorganic growth strategies to drive market expansion and develop next-generation technologies for mapping the human brain's connectomics-a critical step in understanding human behavior from decision-making to execution.

Key Developments

Portable MRI Innovation: In 2023, Philips launched a portable 1.5T MRI unit-the first lightweight and helium-free system-designed to enhance accessibility and efficiency in neuroimaging.

Advanced Neuro Frameworks: In February 2022, NeuroNexus Technologies introduced the NeuroNexus Summa Framework, which enables researchers to integrate electrical signal data from biological tissues into advanced neurological studies.

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Segment Analysis:

Component: Instrument, Software, Services

Technology: Whole Brain Imaging, Neuro-microscopy, Electrophysiology, Neuroproteomics Analysis, Animal Behavior Analysis, Neuro-functional Analysis, Others

End-User: Hospitals, Diagnostic Laboratories, Academic & Research Institutions, Others

Regions Covered: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Companies Profiled:

NEURALINK, Kernel, BrainCo, Inc., MindMaze, Paradromics, NeuroPro, NeuroSky, EMOTIV, Inc., Cercare Medical A/S, Plexon, Inc., Noldus Information Technology B.V., Femtonics Ltd., Neuralynx, Inc., Neurable, Inc., Bitbrain Technologies, Halo Neuroscience, NeuroNexus Technologies, Inc.

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