Neuroscience is Estimated to Witness High Growth Owing to Increasing Research and Development in Neurological Disorders

Neuroscience involves the study of the nervous system including the brain, spinal cord, and associated tissues. With increasing research and development in neurological disorders such as Alzheimer's disease, Parkinson's disease, and epilepsy, neuroscience has significant potential to better understand the functioning of the nervous system and help develop effective treatment options for such disorders.

The global neuroscience market is estimated to be valued at US$ 32.75 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market Dynamics:
One of the key drivers fueling the growth of the neuroscience market is the increasing research and development in neurological disorders. Neurological disorders place a significant burden on individuals and healthcare systems worldwide. According to the World Health Organization, neurological disorders affect over 1 billion people globally per year resulting in large unmet medical needs. Consequently, there is extensive research being conducted worldwide to understand the causes and identify more effective treatments for neurological diseases. This has led to significant investments in neuroscience research. Additionally, advancements in areas such as biosensors, imaging technologies, and neuroinformatics are also contributing to the growth of the neuroscience market by enabling more detailed investigation of the nervous system. However, high costs associated with neuroscience research and lack of expertise may hinder market growth over the forecast period.

SWOT Analysis
Strength: The neuroscience market is growing at a moderate pace due to increasing prevalence of neurological disorders. Growing geriatric population is another factor augmenting market growth as elderly are more prone to neurological issues. Technological advancements in diagnosis and treatments are helping physicians provide better care to patients.
Weakness: High costs associated with neuroscience research and development as well as advanced neurotechnologies hamper market growth. Lack of skilled healthcare professionals trained in neurology poses another challenge. Limited availability of effective therapeutic options for many diseases also acts as a restraint.
Opportunity: Untapped potential in emerging economies presents lucrative opportunities for players. Collaborations between companies and research institutes can aid discovery of novel drug candidates and treatments. Adoption of digital tools like AI and data analytics can help improve diagnostics and patient monitoring. Growing focus on personalized neuromedicine holds promise.
Threats: Risk of side effects associated with neuropharmaceuticals remains a concern area. Stringent regulatory approvals for new products increase clinical trials costs and delays market entry. Alternatives therapies not involving drugs also threaten conventional drugs demand. Patent expiries of blockbuster drugs pose revenue loss risk for existing players.

Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth over the forecast period owing to increasing prevalence of neurological disorders worldwide.

Regional analysis: Asia Pacific region dominated the global neuroscience market in 2023 and is anticipated to maintain its lead over 2023-2030. Countries like China, India, and Japan are major revenue generators due to large population base and improved accessibility to healthcare. Growing investments by public and private players in neurology R&D will aid regional market expansion.

Key players: Key players operating in the neuroscience market are Johnson & Johnson (US), Procter & Gamble (US), Kimberly-Clark (US), Essity Aktiebolag (publ) (Sweden), Kao Corporation (Japan), Daio Paper Corporation (Japan), Unicharm Corporation (Japan), Premier FMCG (South Africa), Ontex (Belgium), Hengan International Group Company Ltd. (China), Drylock Technologies (Belgium), Natracare LLC (US), First Quality Enterprises, Inc. (US), Bingbing Paper Co., Ltd. (China). These companies are focusing on new product launches, acquisitions and expansion strategies to increase their market share.

 

Get more insights on this topic:
https://www.rapidwebwire.com/neuroscience-market-size/

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