Neuroscience Market Size To Reach $65.2 Billion By 2030

Neuroscience Market Growth & Trends

The global neuroscience market size is expected to reach USD 65.2 billion by 2030, growing at a CAGR of 5.56% from 2023 to 2030, based on a new report by Grand View Research, Inc. This growth can be attributed to the increasing incidence of chronic neurological disorders. Stroke, epilepsy, multiple sclerosis, dementia, Parkinson’s disease, and other disorders are major contributors to the high neurological disease burden. According to World Stroke Organization (WSO), more than 12.2 million incidences of stroke are reported yearly. In addition, it is estimated that, globally, one in four people above the age of 25 years will suffer from a stroke in their lifetime. Thus, the increasing prevalence of stroke is projected to propel the demand for devices associated with it, thereby driving market growth.

Furthermore, there is an increase in the interest of manufacturers in supporting research and development (R&D) to launch novel and technologically advanced neurovascular interventional devices, such as aspiration catheters and clot retrieval devices. In January 2023, Infinity Neuro received CE-mark approval for its aspiration catheters from the European regulatory organization for the treatment of patients with hemorrhagic and ischemic stroke. Thus, the approval and launch of new devices used for diagnosing and treating patients suffering from various neurological diseases have been at the forefront recently. Due to technological advancements in artificial intelligence (AI) and software development in the last few years, the demand for software and services has increased in the healthcare sector, especially in the diagnosis and research field.

Software plays an important role in providing good image quality and facilitating health management to minimize the risk of treatment failure. In February 2023, Hyperfine, Inc. received U.S. FDA clearance for its upgraded AI-powered software. This software clearance implies the use of software that improves the image quality for diffusion-weighting imaging (DWI) of the brain. It is anticipated to boost the R&D of new software in the coming years and support market growth. Moreover, major players are acquiring companies to strengthen their market positions. This strategy enables companies to increase their capabilities, expand product portfolios, and improve competencies. For instance, in November 2022, Bruker Corp. acquired Inscopix, Inc. This acquisition strengthened Bruker’s position in the in-vivo brain function imaging portfolio, thereby driving market growth.

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Neuroscience Market Report Highlights

• In terms of components, the instrument segment dominated the market with a revenue share of 64.71% in 2022. This dominance can be attributed to the growing use of instruments during diagnostic and surgical procedures

• In terms of technology, the brain-imaging segment dominated the industry with a share of 25.19% in 2022. This can be attributed to increased awareness among physicians about the importance of brain imaging in the diagnosis and treatment of neurological disorders

• The diagnostic laboratories end-user segment dominated the industry with a revenue share of 42.04% in 2022. The increasing number of diagnostic centers engaged in neuroscience disease diagnosis is projected to fuel demand for devices, such as MRI and CT scans

• North America held the largest revenue share of 31.42% in 2022. Technological advancements and high investment by the government and the adoption of advanced neuroscience devices are expected to drive the regional market growth

• Strategic partnerships, major investments in R&D, and the development of new products or product modifications are the key strategies adopted by market players to increase the reach of their products and improve availability in diverse geographic areas

Neuroscience Market Segmentation

Grand View Research has segmented the global neuroscience market based on component, technology, end-user, and region:

Neuroscience Component Outlook (Revenue, USD Million, 2018 - 2030)

• Instruments

• Consumables

• Software & Services

Neuroscience Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Brain Imaging

• Neuro-Microscopy

• Stereotaxic Surgeries

• Neuro-Proteomic Analysis

• Neuro-Cellular Manipulation

• Others

Neuroscience End-user Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Diagnostic Laboratories

• Research and Academic Institute

Neuroscience Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Neuroscience Market

• Carl Zeiss AG

• Danaher Corp.

• GE Healthcare

• Siemens Healthcare Pvt. Ltd.

• Koninklijke Philips N.V.

• Canon Inc.

• B. Braun SE

• Medtronic

• Stryker

• Boston Scientific Corp.

• ABBOTT

• Terumo Corp.