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Neuroscience Market to Reflect Impressive Growth Rate by 2025
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According to World Health Organization, in 2007, it was estimated that neurological disorders affected up to 1 Bn people worldwide. Neurological diseases make up 11% of the world’s disease burden, excluding the mental health and addiction disorders. The cost of neurological diseases is high across the globe. For example, the European Brain Council estimated in 2010 that neurological diseases in Europe alone cost US$ 1 trillion a year. Approximately 50 Mn people worldwide have epilepsy, making it one of the most common neurological diseases globally. Nearly 80% of the people with epilepsy live in low- and middle-income countries.
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Increasing R&D in neuroinformatics for the development of efficient tools and algorithms to enhance brain structurally and functional mapping of the brain are the factors driving the growth of the global neuroscience market. Laboratories and academic institutes that are involved in research projects analyzing animal models to gain insights into brain functioning are generating more demand and fueling the neuroscience market growth. Rise in the incidence of various malignant central nervous system (CNS) disorders including Alzheimer’s disease and Parkinson’s, & growing prevalence of inherited genetic disorders are the main reasons for demand generation in the global neuroscience market. Government funding is encouraging the continuation of such research and it is expected to boost growth at a moderate rate during the forecast period. Novel product development resultant of ongoing R&D will further positively influence growth of the global neuroscience market during the forecast period.
Neuroscience market is segmented on the basis of technology into Neuromicroscopy, Whole Brain Imaging, Electrophysiology, Neuro-proteomic Analysis, Neuro Functional Visualization, Neuro-cellular Manipulation, Stereotaxic Surgeries, Neuro-biochemical Assays & Animal Behavior Analysis. Data analysis & related services for the purpose of information processing as well as storage of real-time data obtained from these studies also forms a considerable share of industry because of its skilled and labour intensive nature and need for long-term data storage facilities such as in case of brain function – age-related studies in primate and non-primate animal models.
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Geographically, neuroscience market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The neuroscience market is currently dominated by the North America owing to the presence of a large number of ongoing research projects aided by government universities. Moreover, rise in incidence of CNS associated disorders in the regional population is also expected to boost growth over the forecast period. Asia Pacific expected to witness higher growth in neuroscience market due to rising patient awareness regarding nervous system disorders, & rising healthcare expenditures coupled with increasing focus of global players in the countries like India and China. The market will typically witness a higher growth rate in countries such as the Germany, Spain, U.K., Italy and France. The neuroscience market in the U.K. is developed and well-established, and is comparatively easy to enter, making the neuroscience market in the country stronger than in any other European countries.
Major players operating in this market include Trifoil Imaging Inc., Sutter Instrument Corporation, Newport Corporation, Neurotar Ltd., Femtonics Ltd., Scientifica Ltd., Axion Biosystems, Intan Technologies, Neuralynx Inc, Thomas Recording GmbH, Blackrock Microsystems LLC, LaVision Biotec GmbH, Mediso Medical Imaging Systems, Plexon Inc, Alpha Omega, and NeuroNexus Technologies. Major players present in the global neuroscience market are involved in pre-clinical research and development of optogenetics and behavior analysis techniques that can be utilized in the study of CNS disease etiology. These players are also involved in the development of techniques and equipment that minimize invasiveness during the treatment or surgery to the brain tissues and allow rapid recovery.
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