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.
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