April 14, 2024

Neuroscience Market is Primed to Witness Surge Due to Advancements in Genome Sequencing

Neuroscience is the scientific study of the nervous system which includes the brain, spinal cord, and nerves. Neuroscience aids in understanding diseases, disorders, and conditions that impact the human brain and nervous system. The main advantages of neuroscience research include developing treatments and cures for neurological diseases, disorders like Alzheimer’s, Parkinson’s, epilepsy etc. Understanding how the healthy brain works is essential for developing treatments and helping individuals with brain injuries, developmental disorders, and mental health conditions.

The global neuroscience market is estimated to be valued at US$ 37.73 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in The Neuroscience Market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players.

The key opportunities in the neuroscience market include increasing incidence of neurological disorders, rising investment and funding for neuroscience research from government as well as private organizations, growing awareness about brain health, advancements in genomics, and development of novel therapeutic approaches.

Technological advancements in genome sequencing have enabled large-scale identification and analysis of DNA variations driving neuroscience research. Next-generation sequencing tools have accelerated research in neurodevelopmental, neuropsychiatric, and neurodegenerative disorders by better understanding disease mechanisms at the molecular level.

Market Drivers

The major drivers fueling the growth of the neuroscience market include rising prevalence of neurological disorders globally owing to increasing geriatric population, growing focus on drug discovery and development for brain diseases, increasing applications of brain mapping technologies, and advancements in genomics and proteomics techniques providing new insights into brain function. According to WHO, neurological disorders affect over 1 billion people globally each year indicating huge market potential for neuroscience research and solutions.

Challenges in Neuroscience Market

The neuroscience market faces several challenges related to fundamental understanding of complex brain functions, developing advanced tools and techniques for brain research, and translating basic research into clinical applications. Understanding how billions of neurons interact in highly complex neural circuits remains a significant scientific challenge. Developing new technologies like brain organoids, high-resolution brain scans, implantable devices requires multi-disciplinary expertise and huge investments. Translating basic neuroscience into safe and effective therapies for brain disorders is an lengthy process requiring rigorous clinical trials. Limited understanding of brain’s plasticity and repair mechanisms also hinders development of regenerative interventions. High risks and costs involved makes it difficult for startups and SMEs to sustain long-term R&D in this field.

SWOT Analysis

Strengths: Growing focus on brain health worldwide is driving increased funding and importance of neuroscience research. Advances in areas like neuroimaging, neuroproteomics are enhancing understanding of brain functions.

Weaknesses: Fundamental gaps remain in understanding of neural circuits, signaling pathways and plasticity mechanisms. High costs and risks associated with clinical trials pose challenges.

Opportunities: Untapped potential exists in developing applications of neuroscience in fields like human enhancement, AI, and connected/wireless brain-machine interfaces. Rising incidence of neurological disorders also presents opportunities.

Threats: Ethical concerns around some advanced technologies like neural implants, organoids need to be adequately addressed. Competition from affordable alternatives in developing markets is a threat.

Geographical Regions

North America accounts for the largest share of the global neuroscience market, valued at around US$ 15 Bn in 2024 owing to presence of major players and concentration of advanced research infrastructure in the US and Canada. Asia Pacific region is expected to witness the fastest CAGR of over 25% during forecast period, driven by increasing healthcare investments, emergence of local innovators, and rising neurological disease burden in China, India and Japan.

India in particular stands out as an emerging hub for low-cost clinical trials and manufacturing of neuropharmaceuticals. The India neuroscience market is projected to reach around US$ 2 Bn by 2031 due to initiatives promoting neuroscience research collaborations between Indian and international institutes. Favorable regulations also attract foreign investment and partnerships in this sector.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it