Neuroscience market to reach USD 65.8B by 2030

The SNS Insider report indicates that the neuroscience market was valued at USD 42.6 billion in 2022, and is expected to reach market size of USD 65.8 billion by 2030, with a compound annual growth rate (CAGR) of 5.6% expected over the forecast period from 2023 to 2030.

The neuroscience market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study deals with the drivers and restraints of the global market.

The impact of these drivers and constraints on demand during the forecast period is analysed. The opportunities on the market at global level are also highlighted in this report.

Based on SNS Insider’s research, growing trade of neuroscience devices and consumables for diagnostics and imaging purpose of brain and nervous system to study of the structure and function of the nervous system and neurological disorders in countries, such as Poland and Russia is expected to boost the growth of neuroscience market in Europe.

Market growth factors
Increasing the research and development of key market players

Market growth is expected to be driven by an increase in research activity on the development of new medicines. For instance, in May, 2022, AbbVie Inc., a pharmaceutical company, submitted the new drug application to the U.S.

Food and Drug Application (FDA) for investigation of ABBV-951 (Foscarbidopa/Foslevodopa) for the treatment of Parkinson’s Disease.

Key regional development
The largest market share in 2022 was recorded by North America at 31.42%. The strong presence of companies involved in the development, production and commercialisation of devices used for diagnosis and treatment of neurological disorders can be attributed to this situation.

For example, CERENOVUS launched an advanced balloon guide catheter EMBOGUARD in February 2022, which is intended to be used during endovascular procedures primarily for patients with acute ischemic stroke.

Asia Pacific is expected to grow at a faster pace During the forecast period. This is due to increased investment in healthcare logistics infrastructure, contributing to the growth of the neurological industry.

The Chinese government launched the China Brain Project (CBP) in September 2022, with a starting investment of USD 746 million, to focus on areas of the neural basis of cognitive function, brain inspired computing, and brain disorders, and to treat them. Research and development in the area of neuroscience is expected to be stimulated by these initiatives from public authorities, which will contribute to market growth. SNS Insider