Global neuroscience industry demand was worth USD 24.09 Billion in 2013 and is anticipated to reach above USD 30.80 billion by 2020. Rising investment in R&D resulting in the development of numerous products in the neuroinformatics coupled with adequate funding from the government are key factors that drive growth in this market.
Neuro-informatics involve designing and developing efficient tools and algorithms that can augment the performance of structural and functional mapping. Global Neuroscience market is expected to grow at CAGR of 2.9% over the next seven years.
Increasing occurrence of malicious disorders including Parkinsonism and Alzheimer’s disease together with other inherited CNS disorders has resulted in increased necessity for new improvements in neuroscience industry. The market is expected to experience growth over the forecast period on account of growing demand in laboratories and academic centers. The market players aim at introducing unique technologies with the ability to obtain insights to understand better the compound nervous functionalities and neural manipulations. Furthermore, increasing aggregate geriatric population every year is anticipated to drive significantly the demand owing to a growing need for better treatment and medication.
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Rising demand for imaging machines & microscopic devices and intraneural imaging tools for visualization of intra-neural links is also foreseen to serve as a growth driver for this industry over the forecast period. In 2013, electrophysiology technology, whole brain imaging and neuro-microscopy equipment intended for neuroscience research collectively formed the chief revenue producing units owing to rapid advancements in these techniques that allow brain imaging with single cell resolution PET, MRI, and other advanced microscopes are expected to witness substantial growth due to expected developments in near future.
Neuro-cellular manipulation and neuro-proteomic analysis are estimated to record fastest growth rate of over 3.5% owing to improvements regarding disease etiology over the forecast period. Instrumentation of technology modules for Neuroscience market accounted for the largest share of the market in terms of revenue as a result of highly priced instruments used in neuro-analytical testing. Also, data analysis and software implements are predicted to observe a significant growth in the next seven years on account of efficient data tracking algorithms and methodologies.
In 2013, North America emerged as the largest regional market contributing to over 40.0% of the overall revenue owing to extensive ongoing research projects assisted by government universities. Furthermore, the surge in the incidence of CNS-related disorders in the regional population is expected to propel growth in the next seven years.
The Asia Pacific industry for neuroscience is estimated to grow at a CAGR of nearly 3.0% over the forecast period to reach a revenue over USD 8.00 billion by 2020. The increase in patient awareness coupled with the presence of unmet medical needs on nervous system syndromes is expected to drive market growth. In addition to increasing healthcare expenses in emerging markets of China and India are anticipated to propel growth in demand.
Key companies include Sutter Instrument Corporation, Trifoil Imaging Inc., Newport Corporation, Femtonics Ltd., Neurotar Ltd., Scientifica Ltd, Intan Technologies, AxionBiosystemsNeuralynxInc, Blackrock Microsystems LLC, Thomas Recording GmbH, LaVisionBiotec GmbH, PlexonInc, Mediso Medical Imaging Systems, NeuroNexus Technologies and Alpha Omega.
The market is characterized by intense competition on account of growing number of firms and extensive R&D. Companies in the market emphasize on new developments using advanced technology to differentiate and trace neural mechanisms.
Grand View Research has segmented neuroscience market on the basis of technology, technology components, and region:
Neuroscience Technology Outlook (Revenue, USD Million, 2012 - 2020)
Whole Brain Imaging
Neural activity implants
Long-term access implants
Neuroscience Technology Component Outlook (Revenue, USD Million, 2012 - 2020)
Data analysis and services
Neuroscience Regional Outlook (Revenue in USD Million, 2012 - 2020 )
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