Neuroscience Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Neuroscience market studied is anticipated to grow with a CAGR of nearly 4.1%, during the forecast period. Certain factors that are driving the market growth includes rising disease burden of brain-associated disorders, advancement in the field of neuroscience and neuro-technology and increasing R&D expenditure and government funding. Neurovascular disease is a leading cause of adult disabilities and death and includes any abnormality of the blood vessels within or supplying blood to the brain and spine. This includes narrowing of the arteries, which decreases blood flow to the brain and increases the risk of a stroke. Additionally, a neurovascular disease may cause the weakening of the arteries that can lead to brain aneurysms and other conditions that increase the risk of a stroke.

According to National Health Service, roughly 3% of adults in the United Kingdom have a brain aneurysm. That means that these ‘unruptured’ brain aneurysms affect about 3,000 people in every 100,000. Yet only about eight of these 100,000 adults will have a bleed from an aneurysm in any one year.

According to Neurology India, the annual incidence of aneurysmal Subarachnoid hemorrhage (SAH) between 6 and 16/100,000 population, about 76,500-204,100 new cases occur in India each year. Thus owing to the overall scenario of prevalence of neurovascular disease, it indicates that the market studied is expected to grow.

Key Market Trends

Brain Imaging Holds Significant Share in the Neuroscience Market

MRI is the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). 97% of MRI sites perform the brain examinations and 1 in 4 MRI scans is of the brain, making it one of the most commonly performed exams in neurology. Neurological uses of MRI systems include the diagnosis of brain and spinal cord tumors, infection and vascular irregularities, which may lead to stroke.

MRI can also detect the disorders, along with performing the monitoring of degenerative disorders, such as multiple sclerosis, and it can even document brain injury from trauma. Therefore all these factors are expected to drive the overall market growth.

North America Dominates the Global Neuroscience Market

In the North American region, the United States accounted for the largest market share. According to the Centers for Disease Control and Prevention (CDC), stroke results in the death of about 140,000 Americans each year, which is 1 out of every 20 deaths. In the United States, it is estimated that there is at least one stroke within every 40 seconds and every four minutes, someone dies of a stroke. Approximately 87% of all strokes are ischemic strokes, in which blood flow to the brain gets blocked.

As per stated by the Brain Aneurysm Foundation, an estimated 6.5 million people in the United States have an unruptured brain aneurysm, or 1 in 50 people. The annual rate of rupture is approximately 8-10 per 100,000 people. There are almost 500,000 deaths worldwide each year caused by brain aneurysms, and half the victims are younger than 50 years. Therefore the increasing demand for the neuroimaging devices and the growing research activities in the field of neuroscience contribute to the growth of the market in North America.

Competitive Landscape

The global Neuroscience market is moderately competitive and consists of a large number of players like Biobserve GmbH, Doric Lenses Inc., GE Healthcare, Kendall Research Systems LLC, Laserglow Technologies, Mightex Systems, NeuroNexus Technologies, Noldus Information Technology, Prizmatix Ltd., Siemens Helthineers, among others. All these companies holds a substantial market share in the market.

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• The market estimate (ME) sheet in Excel format
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