The global neuroscience market is anticipated to reach USD 30.8 billion by 2020, according to a new report by Grand View Research, Inc. Growing developments in the field of neuroinformatics and rise in patented research initiatives supported and funded by the government are factors anticipated to drive this market during the forecast period.
The introduction of novel technologies for mapping neuronal circuits in the brain to enhance understanding of brain function are expected to boost growth of this market over the forecast period. Furthermore, increasing global geriatric population is anticipated to significantly drive demand for neuroscience based research as this segment of the population is more prone towards high risk of CNS disorders such as Parkinsonism and Alzheimer’s thereby propelling market growth.
Increasing demand for diverse microscopy and imaging tools for visualization of intra-neural connections is also anticipated to serve as high impact drivers for the growth of this industry over the forecast period.
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Further key findings from the report suggest:
- Whole brain imaging, neuro-microscopy and electrophysiology technologies and related equipment used for neuroscience research combined formed the largest revenue generating segment in 2013.
- Major factors attributing to this large share include presence of advancements in these techniques such as Clear Unobstructed Brain Imaging Cocktails and Computational Analysis (CUBIC), which allows whole brain imaging in single-cell resolution. Owing to the projected development in techniques such as PET, MRI and various advanced microscopes, these segments are anticipated to witness considerable growth over the forecast period.
- Neuro-proteomic analysis and neuro-cellular manipulation are expected to register fastest growth of over 3.5% in each segment over the forecast period owing to advancements in these segments with respect to disease etiology.
- Instrumentation for neuroscience market in technology components accounted for the largest market share with respect to revenue as a consequence of high market prices of instruments used in neuro-analytical experiments. Data analysis and software tools are anticipated to register significant growth over the forecast period owing to advancements in development of efficient data tracing and manipulation algorithms.
- North America was observed to be the largest regional market accounting for around 40% of the total revenue in 2013 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.
- The Asia Pacific market for neuroscience is expected to grow at lucrative rate with the high CAGR of approximately 3.0% from 2015 to 2020 and its revenue is estimated to reach over USD 8000 million in 2020.
- Existence of high unmet medical requirements and rapidly intensifying patient awareness regarding nervous system disorders’ research and rising healthcare expenditures in emerging economies of India and China are factors that are anticipated to attribute towards growth of this industry in the given region through to 2020.
- Major participants 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.
- This market is competitive in nature marked by high industry rivalry levels. Players are striving to gain competitive advantage by focusing on advanced technology in order to trace the neuronal mechanism behind occurrence of chronic CNS disorders.
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