Facts and Factors Market Research has published a new report titled “Neuroscience Market By Component (Instrument, Services, and Software) and By End-User (Academic Institutes, Hospitals, Research Institutes, and Diagnostic Laboratories): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”. According to the report, the global Neuroscience market is predicted to be valued at approximately USD 27,806 million in 2018 and is expected to reach a value of around USD 36,113 million by 2025, at a CAGR of around 3.7% between 2019 and 2025.
Neuroscience is a multidisciplinary science that is related to the scientific study of the structure as well as functions of the nervous system. Apart from this, it integrates physiology, computational neuroscience, behavioral neuroscience, cytology, molecular biology, anatomy, cellular biology, cognitive neuroscience, and pharmacology in order to know the key features of neural circuits and neurons.
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Surge in the cases of cerebral stroke & other serious disorders to boost the market trends
An increase in the incidences of cerebral stroke and other neural disorders including Alzheimer’s disease, Parkinsonism, and epilepsy is set to raise the market demand during the forecast timeline. For instance, as per national institute of neurological disorders and stroke, nearly fifty million U.S. citizens each year are adversely impacted due to neurological diseases resulting in countless loss of life along with annual monetary expenditure due to medical spending as well as loss of productivity.
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Furthermore, technological breakthroughs in neuroscience will help in charting a profitable roadmap for the industry over the forecast period. Citing an instance, modern imaging methods provide exceptional insights into brain activities. Apart from this, diffusion tensor imaging is utilized for understanding neural ailments like schizophrenia. However, the huge price of instruments like MRI systems that are used in detecting neural disorders will inhibit market expansion over the forecast timeline. Nevertheless, a prominent rise in research activities taking place in wearable technology has resulted in launching of wearables that help in detecting & controlling neural activities, thereby offering lucrative growth avenues for the industry during the forecast timespan.
Software segment to register highest CAGR over the forecast timeline
The software segment is set to record the highest growth rate of more than 3.5% during the forecast period owing to high approval rate of software applications along with the launching of MRI compatible pacemakers.
Hospitals segment to dominate the end-user landscape over the forecast timeline in terms of revenue
The segmental growth during the period from 2019 to 2025 is credited to the growing preference of the patient population base to get admitted to hospitals or clinics for getting better treatment after diagnosing the neural disorder. Moreover, rise in the neurological disorders across the globe is expected to transform into remarkable market elevation over the forecast timeline.
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North America to account majorly towards the overall market revenue share by 2025
The regional market growth during the forecast period is due to the increase in the number of research ventures supported by government & academic institutions. In addition to this, bulge in the cases of disorders of central nervous system among the geriatric population in the region will culminate in massive regional market expansion over the forecast timeline.
Some of the key players involved in the business include Alpha Omega, Femtonics Ltd., Axion Biosystems, Neurotar Ltd., Neuralynx, Inc., Blackrock Microsystems LLC, Intan Technologies, Thomas Recording GmbH,Scientifica Ltd., LaVision Biotec GmbH, Mediso Medical Imaging Systems, NeuroNexus Technologies, Newport Corporation, Plexon, Inc., Sutter Instrument Corporation, and Trifoil Imaging, Inc. among others.
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This report segments the Neuroscience market as follows:
Neuroscience Market: By Component Analysis
Neuroscience Market: By End-User Analysis
- Academic Institutes
- Research Institutes
- Diagnostic Laboratories
Neuroscience Market: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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