Global Neuroscience Market to Surpass US$ 38.9 Billion by 2027 - Coherent Market Insights

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Jan 23, 2020, 09:32 ET

SEATTLE, Jan. 23, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global neuroscience market was valued at US$ 27,630.13 million in 2018, and is expected to exhibit a CAGR of 3.9% over the forecast period (2019-2027).

Key Trends and Analysis of the Neuroscience Market:

Key trends in market include rising patient pool in the neurological disorders, research & development in the field of neuroscience, technological advancements of the products in the market, and adoption of inorganic growth strategies such as acquisition, agreements, mergers & collaborations by the market players, which are expected to boost growth of the neuroscience market over the forecast period.

Increasing number of patients with the neurological disorders is expected to propel the market during the forecast period. For instance, according to the Neurological Alliance, a report - NEURO NUMBERS 2019 published in March 2019 states, globally at least 1 in 6 individual suffer from a neurological condition, which is expected to account for around 14.7 million neurological cases currently present globally.

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Major players are focusing on mergers & collaborations to strengthen their position in the neuroscience market. For instance, in February 2019, Siemens Healthineers entered into a partnership with icometrix, a leading company in software solutions, which utilizes artificial intelligence to extract clinically meaningful data from brain scans. This partnership enables radiologists to access the best-in-class icobrain artificial intelligence technology the Siemens Healthineers digital marketplace for MRI through Siemens Healthineers digital marketplace. With this partnership these two pioneered company is expected to strengthen their position in the digital healthcare market by providing advanced technology to the radiologists & patients.

However, high cost of imaging products used in studying neuroscience are expected to hamper growth of the neuroscience market over the forecast period. For instance, according to the American Health Imaging, the cost of CT scan ranges from US$ 270 on very low end to nearly US$ 5,000 on the high end. The cost varies due to the location and facility. For instance, in Houston, Texas the average cost of CT scanners is over US$ 3,000, while it costs around US$ 1,611 in Omaha, Nebraska. Along with this, these equipment are bind to various stringent regulations and there are risks & side effects, which are expected to restrain the market growth. For instance, the medical imaging devices are falls under the Federal Food, Drug, and Cosmetic Act (FD&C Act) as amended by the Medical Device Amendments of 1976 and subsequent related amendments. Most of the existing medical imaging technologies are considered non-510(k)-exempt Class I and Class II medical devices by FDA which makes them eligible for clearance under the 510(k) pathway. Through this pathway, the newly introduced medical devices needs to be substantially equivalent to existing, which is later legally marketed as Class I and Class II devices in terms of intended use, indications for use, and technological characteristics may be cleared for the U.S. market.

Key Market Takeaways:

The global neuroscience market is expected to exhibit a CAGR of 3.9% during the forecast period (2019-2027), attributed to rising cases of neurological disorders. For instance, according to the World Health Organization (WHO), in 2016, there were over 50 million people who suffered with epilepsy and over 10.0% of people suffered from migraine globally.
Key players in the market are focusing on technologically advanced products to make the market well enhanced and featured digitally to enhance their product portfolio, which is expected to propel the market growth over the forecast period. For instance in December 2019, GE Healthcare launched New Imaging Tech and Intelligent Apps at Radiological Society of North America (RSNA) 2019, U.S. The company launched over 30 imaging intelligent applications and smart devices, which were designed to drive efficiency in radiology departments. This product launch aims to enhance productivity and cost savings of systems which are utilized in the radiology divisions by 2025.

Key players operating in the global neuroscience market include:

Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc.

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