- Global neuroscience market was worth USD 24 billion in 2013. It would grow at a CAGR of 2.8% from 2012 to 2020. Ongoing research in neuroinformatics would be the chief growth driver.
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Extensive research is being conducted by academic institutes and laboratories to comprehend the workings of complex neuronal circuits & manipulation, and nervous functioning. This is owed to growing instances of inherited genetic disorders and central nervous system disorders like Parkinsonism and Alzheimer’s disease. Government funding will boost such research. Increasing patented research in two-photon microscopy and optogenetics that enhance visualization of neuronal circuits will create future opportunities.
The global neuroscience market can be classified on the basis of technology, technology components and region. Key technology segments include whole brain imaging, neuro-microscopy, electrophysiology, neuro-functional analysis, neuro-proteomic analysis, neuro-cellular manipulation, stereotaxic surgeries, neuro-biochemical assays, and animal behavior.
Neuro-microscopy, whole brain imaging, and electrophysiology technologies and related equipment utilized in neuroscience research, together, dominated the market in terms of revenues in 2013. Neuro-proteomic analysis and neuro-cellular manipulation would grow at the fastest rate (CAGR of more than 3.4% in each segment) from 2012 to 2020.
Main technology components are data analysis & services, instrumentation, and consumables. Instrumentation held the largest revenue share in 2013. This is due to high market prices of neuroscience instruments. These instruments assist in diagnosis of brain tumor and diseases associated with damage to brain cells.
Data analysis & services also accounted for a substantial share of the market. This may be attributed to need for prolonged data storage facilities and high requirement of skilled labor. Development of algorithms that efficiently trace and manipulate data will further growth of data analysis and software tools.
North America, Europe, Asia Pacific, and RoW – Rest of the World, constituted the regional segments. North America fetched revenues amounting to about USD 9,600 million in 2013. This was a result of high allotment of federal funds for research, presence of superior healthcare infrastructure, and high prevalence of central nervous system disorders.
Fastest growth would occur in Asia Pacific due to existence of a largely untapped customer base. Growing awareness relating to nervous system disorders and increasing healthcare expenditures in China and India are other favorable factors.
Leading market participants include Newport Corporation, Trifoil Imaging Inc., Neurotar Ltd., and Stutter Instrument Corporation. They strive to develop minimally-invasive treatment techniques so as to enable speedy recovery.
Information Source: Grand View Research
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