Neuroscience Market Overview
As per MRFR analysis, the Neuroscience Market Size was estimated at 35.4 (USD Billion) in 2022. The Neuroscience Market Industry is expected to grow from 36.9 (USD Billion) in 2023 to 53.9(USD Billion) by 2032. The Neuroscience Market CAGR (growth rate) is expected to be around 4.3% during the forecast period (2024 - 2032).
Key Neuroscience Market Trends Highlighted
The neuroscience market is poised for continued expansion due to emerging trends in healthcare and technology. The increasing prevalence of neurological disorders, advancements in neuroimaging techniques, and growing investment in research and development are driving market growth.
Key market drivers include the rising burden of neurological diseases such as Alzheimer's and Parkinson's, the aging population, and the development of novel therapies and treatments for brain disorders. Opportunities exist in the exploration of personalized medicine approaches, the integration of artificial intelligence (AI) in neurology, and the development of non-invasive brain stimulation technologies.
Recent trends in the neuroscience market include the increasing adoption of wearable devices for neurophysiological monitoring, the rise of precision medicine in neurology, and the development of novel drug delivery systems for targeted brain therapies. Industry leaders are focusing on developing innovative solutions to address unmet medical needs in the field of neuroscience, further propelling market expansion.
Figure 1: Neuroscience Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neuroscience Market Drivers
Advancements in Medical Imaging and Diagnostics
One of the key factors that have facilitated the growth of the Neuroscience Market Industry is the rapid development of neuroimaging techniques. Novel and sophisticated technologies such as fMRI, EEG, and MEG have provided researchers with exclusive insights into the anatomy and functioning of the brain. As such, they have been ordered to improve the diagnosis, monitoring, and treatment of neurological diseases. What is more, recently developed imaging techniques may identify important features of brain activity that allow the development of efficient and less traumatizing treatment regimens that have better outcomes.
In addition, many of the neuroimaging devices have become miniaturized and portable, which facilitates the decentralization of healthcare numerous times and hinders the underprovision of diagnostics. The second essential factor that has facilitated the development of the Neuroscience Market Industry is the improvement in diagnostics and the invention of medicine. The researchers have found a variety of biomarkers and developed testing genetic kits, which allowed the identification of up to seven different types of molecular anomalies that may cause a certain subtype of the disease.
Being able to localize the issues and the origins with great precision, the researchers can derive highly personalized and targeted treatment regimens.
Growing Prevalence of Neurological Disorders
The other prominent factor driving the Neuroscience Market Industry is the rising incidence of neurological disorders across the globe. Conditions such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, and stroke are playing a role in the increase, which is mainly due to the aging population and changes in lifestyle. Moreover, neurological aspects such as chronic pains, spatial disorientation, and many more are common nowadays and occur due to accidents and stress.
However, these disorders have become a huge burden on healthcare systems and society and have increased the need for efficient appointments and remedies. It is because of the prevalence of neurological disorders that research efforts and novel approaches have increased. Pharmaceutical companies across the globe are investing millions of money in the discovery and research of new drugs to treat neurological disorders by focusing on specific mechanisms.
Moreover, the non-invasive intervening processes are also starting to shine by performing various applications such as deep brain stimulation and transcranial magnetic stimulation to the set of various neurological disorders.
Government Funding and Initiatives
It is evident that government funding and initiatives are vital in the support of research and development in neuroscience. Governments across the globe have realized the social and economic impacts of neurological disorders. As such, they have been devolving a significant amount of money to assist in financing neuroscience-related research programs, conducting clinical trials, and the development of healthcare infrastructure, among other neuroscience field developments.
The funding has played a key role in the establishment of various neuroscience specialty research centers, the advancement of new technologies, and the financing of personnel training costs. However, other government initiatives have been more useful in the research field, such as the BRAIN initiative in the United States and the Human Brain Project in Europe. The two have not only increased international collaborations but have also enhanced the pace at which problems affecting the nervous systems are being solved.
Neuroscience Market Segment Insights
Neuroscience Neuroscience Technique Insights
The rise in the number of research and development facilities and advancements in technology will catapult the growth of the Neuroscience Technique segment in the coming years. This segment is led by Neuroimaging, accounting for 38.1% of the total market value in 2023, and will maintain this colossal share throughout the forecast period. Electrophysiology is anticipated to exhibit a CAGR of 4.34% as a result of a growing number of electroencephalography and electromyography procedures. Behavioral Neuroscience, Neurogenetics, and Computational Neuroscience will also boost the overall market growth.
Neuroimaging is primarily used to detect or monitor brain disorders or diseases through imaging techniques such as MRI or CT. Owing to the increasing rate of neurodegenerative diseases like Alzheimer's and Parkinson’s diseases, the demand for such services is skyrocketing. On the other hand, electrophysiology is the study of recording the electrical activity in the nervous system. This is primarily used in the diagnosis of epilepsy, during sleep studies, and in monitoring brain activity when performing surgery. Behavioral Neuroscience is also used to study the correlation between the brain and behavior.
It uses various techniques such as animal models, psychopharmacology, and neuropsychology to find the neural basis of behavior. Neurogenetics studies the genetic reason for various brain disorders, while Computational Neuroscience uses computer models to study and measure brain activities. The increasing rate of neurological diseases and disorders and the upsurge in research and development activities are the main factors contributing to the growth of the Neuroscience Market. The market is anticipated to grow in the forecast as well.
Figure 2: Neuroscience Market, By Neuroscience Technique, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neuroscience Application Insights
The Neuroscience Market is segmented into various applications, including Neurology, Psychiatry, Addiction Treatment, Drug Discovery, and Neuromarketing, among others. Each segment represents distinct market opportunities and challenges. Neurology, constituting the largest application segment, is driven by the rising prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis. In 2023, the Neurology segment accounted for approximately 45% of the Neuroscience Market revenue. It is projected to maintain its dominant position throughout the forecast period, reaching a value of USD 15.34 billion by 2032, exhibiting a CAGR of 13.2%.
Psychiatry, the second-largest application segment, focuses on the diagnosis and treatment of mental health disorders such as depression, anxiety, and schizophrenia. The segment is expected to witness robust growth due to increasing awareness about mental health and the rising adoption of neuroscience-based therapies. By 2032, the Psychiatry segment is estimated to reach USD 10.23 billion, growing at a CAGR of 13.6%. Addiction Treatment is another significant application segment, driven by the growing demand for effective treatments for substance use disorders.
The segment is expected to benefit from advancements in neuroscience research and the development of novel therapeutic approaches. Drug Discovery leverages neuroscience principles to identify and develop new drugs for neurological and psychiatric disorders. The segment is expected to witness significant growth due to the increasing need for innovative treatments and the rising prevalence of chronic diseases. Neuromarketing, a relatively new application segment, utilizes neuroscience techniques to understand consumer behavior and preferences. The segment is gaining traction as businesses seek to tailor their marketing strategies based on brain responses and subconscious cues.
Neuroscience End-User Insights
The Neuroscience Market segmentation by End-User includes Hospitals Clinics, Research Institutions, Pharmaceutical Companies, Biotechnology Companies, and Educational Institutions. In 2023, Hospitals Clinics held the largest market share of 35.2%, primarily due to the increasing prevalence of neurological disorders and the growing adoption of advanced neuroscience technologies in these settings. Research Institutions are expected to witness a significant growth rate during the forecast period, owing to rising government and private funding for neuroscience research and the development of new treatments.
Pharmaceutical Companies are expected to contribute a substantial share to the overall market, driven by the demand for novel drugs and therapies for neurological conditions. Biotechnology Companies play a crucial role in the development and manufacturing of biotechnology products used in neuroscience research and diagnostics. Educational Institutions offer specialized programs and training in neuroscience, contributing to the skilled workforce in the industry. Market growth is expected to be fueled by the rising prevalence of neurological disorders, advancements in technology, and increasing investment in research and development activities.
Neuroscience Product Insights
The Neuroscience Market market is segmented into various product categories, including MRI Systems, CT Scanners, PET Scanners, EEG Systems, and EMG Systems. Among these, MRI Systems held the largest market share in 2023, accounting for approximately 40% of the revenue. The increasing adoption of MRI Systems for diagnostic imaging, due to their non-invasive nature and high image quality, is driving the growth of this segment. CT Scanners, with a market share of around 30% in 2023, are also widely used in neurological imaging, especially for trauma and stroke diagnosis.
PET Scanners, EEG Systems, and EMG Systems are other notable product segments, each catering to specific applications in neuroscience research and clinical diagnosis.
Neuroscience Regional Insights
The regional landscape of the Neuroscience Market exhibits significant variations in market size and growth dynamics. North America holds a dominant position, accounting for a substantial share of the revenue. The region's strong healthcare infrastructure, high research and development investments, and presence of leading pharmaceutical and biotechnology companies contribute to its dominance. Europe follows closely, driven by advancements in medical technology and a large patient population. The Asia-Pacific (APAC) region is witnessing rapid growth, fueled by rising healthcare expenditure and increasing awareness of neurological disorders.
South America and the Middle East and Africa (MEA) regions are expected to experience steady growth, albeit at a slower pace compared to other regions.
Figure 3: Neuroscience Market, By Regional, 2023 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Neuroscience Market Key Players And Competitive Insights
The Neuroscience Market is occupied by a wide variety of players delivering highly specific products and services. In practice, such issues as Abbott Laboratories, Biogen, and Medtronic may be regarded as the major industry competitors with a significant stake in the market and driving industry innovation. In this regard, the Neuroscience Market players are characterized by their high level of research and development capacity, which enables the creation of the most advanced technologies and treatments for numerous neurological disorders. Moreover, many smaller niche players that are highly engaged in certain manufacturing fields or clinical interests may be highlighted since the main discovery of some highly-applicable research is consolidated in some particular companies. However, there are many mergers and acquisitions within the market when larger entities purchase smaller organizations to broaden their product pool and get access to unique devices and technologies.
One of the most significant competitors in the Neuroscience Market is Abbott Laboratories, operating as a worldwide medical devices and pharmaceuticals manufacturer. Delivering numerous products and services, Abbott has been notable due to its high competency level and impressive customer engagement, particularly in the areas of development and manufacturing electrophysiological monitoring systems, neuromodulation devices and related diagnostic equipment. Being a company that significantly contributes to the neuroscience field through its efforts in research and development, Abbott delivered some innovative deep brain stimulation systems that are historically relevant for the treatment of movement disorders. The firm’s advantage in the market, in addition to these companies, is its status with an established brand and customer network. Another crucial competitor in the neuroscience market is Medtronic, which specializes in medical devices and products and mainly focuses on implantable items and related therapy delivery. These include deep brain stimulation devices, spinal cord stimulation products, and other neuromodulation equipment. The company is rather innovative and can boast of its strong solutions for patients or develop alongside them, which is its significant advantage and well-formed relationships with healthcare providers.
Key Companies in the Neuroscience Market Include
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Regeneron Pharmaceuticals
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UCB
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Pfizer
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Denali Therapeutics
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SanofiAventis U.S. LLC
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Merck Co., Inc.
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Cassava Sciences
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Takeda Pharmaceutical Company Limited
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BrainStorm Cell Therapeutics
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GE Healthcaren
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F. HoffmannLa Roche Ltd
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Novartis AG
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Johnson Johnson
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Otsuka Pharmaceutical
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Eli Lilly and Company
Recent news developments in the neuroscience market include
In January 2023, the FDA approved the first-ever gene therapy for Alzheimer's disease, marking a significant breakthrough in the treatment of this devastating condition.
In March 2023, researchers at Stanford University developed a new brain-computer interface that allows paralyzed patients to control a computer using their thoughts.
In June 2023, the European Commission launched a new initiative to invest €1 billion in neuroscience research over the next 10 years.
These developments underscore the rapid pace of innovation in the neuroscience market and the growing potential for new treatments and technologies to improve the lives of patients with neurological disorders.
Neuroscience Market Segmentation
Neuroscience Neuroscience Technique Outlook
- Neuroimaging
- Electrophysiology
- Behavioral Neuroscience
- Neurogenetics
- Computational Neuroscience
Neuroscience Application Outlook
- Neurology
- Psychiatry
- Addiction Treatment
- Drug Discovery
- Neuromarketing
Neuroscience End-User Outlook
- Hospitals Clinics
- Research Institutions
- Pharmaceutical Companies
- Biotechnology Companies
- Educational Institutions
Neuroscience Product Outlook
- MRI Systems
- CT Scanners
- PET Scanners
- EEG Systems
- EMG Systems
Neuroscience Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2023
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35.4(USD Billion)
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Market Size 2024
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36.9 (USD Billion)
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Market Size 2032
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53.9 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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4.3% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Regeneron Pharmaceuticals, UCB, Pfizer, Denali Therapeutics, SanofiAventis U.S. LLC, Merck Co., Inc., Cassava Sciences, Takeda Pharmaceutical Company Limited, BrainStorm Cell Therapeutics, GE Healthcaren, F. HoffmannLa Roche Ltd, Novartis AG, Johnson Johnson, Otsuka Pharmaceutical, Eli Lilly and Company
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Segments Covered
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Neuroscience Technique, Application, End-User, Product, Regional
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Key Market Opportunities
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Alzheimer's and neurodegenerative disease treatmentAdvancements in neuroimaging technologiesPsychiatric and neurological disorders diagnosticsPersonalized medicine for brain disordersDigital therapeutics
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Key Market Dynamics
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Rising prevalence of neurological disordersTechnological advancements in neuroimaging and neuroinformaticsGovernment funding for neuroscience researchIncreasing adoption of personalized medicineGrowing focus on mental health
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The neuroscience market is expected to reach USD 53.9 billion by 2032, growing at a CAGR of 4.3% from 2024 to 2032.
The key drivers of the neuroscience market include the rising prevalence of neurological disorders, growing adoption of advanced technologies, increasing government funding for neuroscience research, and rising demand for personalized medicine.
The major applications of neuroscience include the diagnosis and treatment of neurological disorders, the development of new drugs and therapies, understanding brain function, and improving human performance.
The key competitors in the neuroscience market include Abbott Laboratories, Biogen Inc., Boston Scientific Corporation, Danaher Corporation, GE Healthcare, Johnson Johnson, Medtronic plc, Nevro Corp., Siemens Healthineers AG, and Stryker Corporation.
The key regional markets for neuroscience include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The key challenges facing the neuroscience market include the high cost of research and development, lack of skilled professionals, ethical concerns, and regulatory hurdles.
The key opportunities for the neuroscience market include technological advancements, increasing awareness of neurological disorders, growing demand for personalized medicine, and rising government support.
The key trends in the neuroscience market include the adoption of artificial intelligence, machine learning, and big data, the development of non-invasive brain stimulation techniques, and the growing focus on personalized medicine.
The key factors to consider when investing in the neuroscience market include market size, growth rate, competitive landscape, regulatory environment, and technological advancements.
The future outlook for the neuroscience market is positive, with continued growth expected over the next decade. Key factors driving this growth include the rising prevalence of neurological disorders, increasing adoption of advanced technologies, and growing demand for personalized medicine.
