The Neuroscience Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Neuroscience Global Market Report 2024, The neuroscience market size has grown strongly in recent years. It will grow from $33.21 billion in 2023 to $35.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased funding for neuroscience research, emergence of neuroinformatics, genomic and proteomic research in neuroscience, public awareness and education, drug discovery and development, global aging population, neuroscience-based education and learning.
The neuroscience market size is expected to see strong growth in the next few years. It will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to precision medicine in neurological treatments, expansion of neuropharmacology, neuroinformatics for big data management, patient-centric approaches in neurological care, global health initiatives for neurological disorders, innovations in neurological diagnostics, ethical considerations and guidelines.. Major trends in the forecast period include brain imaging technologies, neurostimulation therapies, artificial intelligence in neuroscience, brain-computer interface (bci) technology, telemedicine in neurology, collaboration between industry and academia, cross-disciplinary approaches.
The rising geriatric population is expected to propel the neuroscience market. Adults 65 years and older are referred to as members of the geriatric population. Due to lowered immunity and advanced age, the elderly population is susceptible to many diseases including neurological disorders. Lumbar arthrosis and dementia are the most common neurological disorders in older people, which can be treated through neuroscience. For instance, according to a 2020 report from the UN Department of Economic and Social Affairs, the population over the age of 65 is expected to increase from 9.3% in 2020 to almost 16.0% in 2050. According to a factsheet published by the World Health Organization in October 2021, there will also be 1.4 billion people over the age of 60 in the world by 2030, up from 1 billion in 2020. Thus, the rising geriatric population is driving the neuroscience market.
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The neuroscience market covered in this report is segmented –
1) By Type: Neuro-Microscopy, Electrophysiology Technologies, Neuro-Cellular Manipulation, Whole Brain Imaging, Other Types
2) By Service: Instruments And Consumables, Software And Services
3) By End User: Hospitals, Diagnostic Labs, Research And Academic Institutes
Technological advancement is a key trend gaining popularity in the neuroscience market. Major market players are concentrating their efforts on creating innovative technologies such as artificial intelligence and machine learning to bring advancement in neuroscience. Artificial intelligence enables machines to mimic and even outperform human mental powers and machine learning is a part of artificial intelligence. Artificial intelligence (AI) models are built to carry out intelligence-based tasks that are offering new theories about how the same processes are regulated within the brain. For instance, in December 2021, Biogen Inc., a US-based biotechnology company collaborated with TheraPanacea to focus on multiple therapeutic areas in neuroscience. The collaboration was aimed at using machine learning (ML) and artificial intelligence (AI) analysis to create digital health solutions that could enhance patient care, hasten the development of new drugs, and deepen the understanding of the pathologies that underlie neurological illnesses. TheraPanacea is a France-based medical technology company specializing in artificial intelligence.
The neuroscience market report table of contents includes:
1. Executive Summary
2. Neuroscience Market Characteristics
3. Neuroscience Market Trends And Strategies
4. Neuroscience Market – Macro Economic Scenario
5. Global Neuroscience Market Size and Growth
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26. South America Neuroscience Market
27. Brazil Neuroscience Market
28. Middle East Neuroscience Market
29. Africa Neuroscience Market
30. Neuroscience Market Competitive Landscape And Company Profiles
Top Major Players:
- Alpha Omega Inc
- General Electric Company
- Siemens Healthineers AG
- NeuroNexus Technologies Inc
- Doric Lenses Inc
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