Neuroscience Global Market Report 2024

The global neuroscience market 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 observed in the historical period is linked to several factors, including amplified funding for neuroscience research, the rise of neuroinformatics, advancements in genomic and proteomic research within neuroscience, heightened public awareness and education, efforts in drug discovery and development, the impact of a globally aging population, and the integration of neuroscience into education and learning methodologies.

The global neuroscience market 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 projected growth in the upcoming period is driven by the advancement of precision medicine in neurological treatments, the widening scope of neuropharmacology, the utilization of neuroinformatics for managing extensive data sets, a shift towards patient-centric approaches in neurological care, global health initiatives targeting neurological disorders, innovations in neurological diagnostics, and a focus on ethical considerations and guidelines.

The neuroscience market anticipates significant growth driven by the increasing geriatric population, typically referring to individuals aged 65 and older. With reduced immunity and advancing age, this demographic is more susceptible to various ailments, including neurological disorders like lumbar arthrosis and dementia. As projected by the UN Department of Economic and Social Affairs in 2020, the population over 65 is expected to rise from 9.3% in 2020 to nearly 16.0% by 2050. Concurrently, the World Health Organization estimates a global increase from 1 billion to 1.4 billion individuals aged 60 and above by 2030, underscoring the market drive stemming from the growing elderly demographic.

Another driver stimulating the neuroscience market is the escalating incidence of neurological disorders, specifically Alzheimer’s disease. These disorders encompass a spectrum of nervous system conditions affecting the brain, spinal cord, and peripheral nerves. Alzheimer's, a progressive neurodegenerative ailment, substantially impacts cognitive functions and memory. Neuroscience serves a critical role in comprehending and addressing Alzheimer's by exploring nervous system structures and functions, aiding in diagnosis, prevention, and treatment strategies. Reports from the Alzheimer’s Association in 2021 indicated 6.2 million Americans aged 65 and older living with Alzheimer's dementia, projecting a surge to 12.7 million by 2050, highlighting the escalating prevalence driving the neuroscience market.

Technological advancement emerges as a pivotal trend shaping the neuroscience landscape. Leading market players are focused on pioneering technologies, notably artificial intelligence (AI) and machine learning (ML), to revolutionize the field. AI, capable of mimicking and surpassing human mental capacities, coupled with ML as a subset, offers novel insights into brain processes. Notably, in December 2021, Biogen Inc., in collaboration with TheraPanacea, leveraged ML and AI to develop digital health solutions for neurological illnesses. TheraPanacea, specializing in AI-driven medical technology, aligns with the industry’s transformative trajectory.

Prominent companies in neuroscience are investing in innovative products like computed tomography (CT) scanners to fortify their market position. These scanners, utilizing X-rays to create detailed cross-sectional images of internal body structures, play a crucial role in diagnosing conditions such as strokes, brain tumors, and traumatic brain injuries. GE Healthcare's launch of the Revolution Apex CT scanner in July 2021, equipped with advanced imaging systems and AI platforms, signifies the industry's commitment to cutting-edge technology. The platform's exceptional features, including world-record gantry speed and high temporal resolution, underscore its impact on neurological imaging diagnostics.

In March 2022, AbbVie, a biopharmaceutical company based in the United States, completed the acquisition of Syndesi Therapeutics SA for an undisclosed sum. AbbVie's objective behind this acquisition was to bolster its neuroscience portfolio by gaining access to Syndesi's range of advanced SV2A modulators, notably their flagship drug SDI-118. Syndesi Therapeutics SA, headquartered in Belgium, specializes in drug discovery within the field of neurology within the biotechnology sector.

Major companies operating in the neuroscience market report are 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

North America was the largest region in the neuroscience market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuroscience market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neuroscience market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Diverse branches within neuroscience encompass neuro-microscopy, electrophysiology technologies, neuro-cellular manipulation, whole brain imaging, and other specialized tools provided through instruments, consumables, software, and services. Neuro-microscopy, tailored for surgeries involving the brain, spinal cord, and spine, serves as an operating microscope. It facilitates illumination and magnification of deeper surgical fields, equipped with features like a binocular head with adjustable eyepieces and foot controls, ensuring enhanced precision and maneuverability. The application of neuroscience spans across hospitals, diagnostic labs, research facilities, and academic institutes, supporting various scientific endeavors and medical advancements.

This report provides neuroscience market statistics, including neuroscience industry global market size, regional shares, competitors with a neuroscience market share, detailed neuroscience market segments, market trends and opportunities, and any further data you may need to thrive in the neuroscience industry. This neuroscience market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neuroscience market consists of the revenues earned by consulting services, installation services, and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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