Summary

The neuroscience market is expected to grow at a strong CAGR of around 4% during the forecast period owing to the rising geriatric population and increasing investment in neuroscience research and development. Moreover, technological advancements in imaging systems and neuroinformatic tools, increasing R&D activities by pharmaceutical and biotech companies, and the growing adoption of neuroscience-based therapies. Furthermore, the increasing prevalence of diseases such as Alzheimer's and Parkinson's, along with the rising geriatric population, is expected to drive the demand for neuroscience products and services. For instance, according to a report from the Alzheimer's Disease Association, in 2022, neurodegenerative diseases affect millions of people worldwide. In the United States, as many as 6.2 million people may have Alzheimer's disease. Moreover, government initiatives to support neuroscience research and funding for the development of new treatments are also contributing to the growth of the market. Also, the rising demand for non-invasive and minimally invasive procedures and increasing awareness and acceptance of mental health issues are driving growth in the neuroscience market.

Some of the major players operating in the market include Carl ZEISS AG; Leica Microsystems; General Electric; Siemens; Koninklijke Philips N.V.; TOSHIBA CORPORATION; Hitachi, Ltd.; ESAOTE SPA; HAAG-STREIT GROUP; and Optofine Instruments Pvt. Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst component, the services held a dominating share of the market in 2021”
Based on component, the market is segmented into instruments, software, and services. Amongst these, the services category is expected to grow at the fastest rate of CAGR during the forecast period. Because of these services help organizations identify areas of opportunity and develop effective strategies for growth, ensuring that advanced neuroscience equipment and technology are properly installed and configured, optimizing their performance, and making sure that equipment and technology remain in good working order, minimizing downtime and ensuring the continuity of research and clinical operations.

“Amongst end-user, the diagnostic laboratories held the majority share of the market in 2021”
By end-user, the market is bifurcated into hospitals, diagnostic laboratories, research and academic institutes, and others. Among these, the diagnostic laboratories category is expected to grow at the fastest CAGR during the forecast period. Diagnostic laboratories play a crucial role in the neuroscience market as they offer advanced neurodiagnostic services to patients, including neuroimaging, genetic testing, and cognitive assessment. They provide clinicians with the tools needed to accurately diagnose and treat neurological disorders, contributing to better patient outcomes. Diagnostic laboratories also drive innovation in the field through the development of new diagnostic technologies and testing methods. These factors will drive the growth of this market.

“APAC is expected to witness significant growth”
The APAC region is expected to witness significant growth in the neuroscience market due to the increasing prevalence of neurological disorders and the growing geriatric population. For instance, according to a report published by the Chinese government's National Health Commission in 2019, the prevalence of neurological disorders in China has been increasing rapidly in recent years. The report estimated that there were approximately 300 million people with neurological disorders in China, accounting for about 22% of the country's total population. The rising healthcare expenditure and government initiatives to improve healthcare infrastructure are also contributing to the growth of the neuroscience market in the APAC region. Furthermore, the increasing focus of key players on expanding their presence in the region is driving market growth.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global neuroscience market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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