Global Neuroscience Market Size

Neuroscience Market Analysis

The neuroscience market is expected to register a CAGR of 4.1% during the forecast period (2022-2027).

The COVID-19 pandemic is expected to have an impact on the neuroscience market. Various research studies have been published to provide insight into the effect of the pandemic on the studied market. For instance, as per the study 'Global prevalence and burden of depressive and anxiety disorders in 204 countries and territories in 2020 due to the COVID-19 pandemic' published in October 2021, there were an estimated 75.2 million additional dealing with anxiety disorders in 2020. The cases increased by 25.6% in 2020 as compared to 2019. This pandemic has created an increased urgency to strengthen mental health systems in most countries. The COVID-19 pandemic has also impacted the workflows of clinical trials, R&D, and pipeline products are likely to be affected, leading to slow growth during the forecast period, despite the presence of a robust late-stage product pipeline. For instance, according to the Alzheimer Research Forum (Alzforum), in March 2020, Alzheimer's clinical studies in the United States, Europe, and Australia have put observational cohort studies on hold, and many have stopped dosing and in-person clinic visits for treatment and prevention trials. Thus, it is expected that COVID-19 had a significant impact on the studied market.

Factors such as the rising disease burden of brain-associated disorders, advancement in the field of neuroscience and neuro-technology, increasing research and development expenditure, and government funding are driving the growth of the neuroscience market. As per the Alzheimer's Association 2021 Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021 the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. According to the "World Alzheimer Report 2021" published in September 2021, over 55 million people live with dementia worldwide. This is forecasted to reach 78 million by 2030. Also, as per data published by the Brain Aneurysm Foundation in 2020, over 6.5 million people in the United States are suffering from an unruptured brain aneurysm, which accounts for around 1 in 50 people.

Apart from the high burden of brain disorders, the developing technologies for examining brain-associated disorders are expected to influence positively on the neuroscience market growth. In September 2021, NeuroWave Systems Inc. received approval from Food and Drug Administration for NeuroSENSE NS-901 Monitor. It is a brain function monitor for assessing the adequacy of anesthesia and sedation in clinical settings and monitoring the state of the brain in anesthetized patients (18 years of age and older). The system acquires bilateral EEG signals and calculates bilateral WAVCNS indices, one for each brain hemisphere. Similarly, product approvals are another factor in market growth. For instance, in April 2021, a 510(k) clearance was granted by the United States Food and Drug Administration (FDA) to Integra LifeSciences Corporation for their innovative CereLink ICP Monitor. This device is intended to be used as an interface between standard physiological pressure monitoring systems and compatible strain-gauge type pressure transducers. In September 2020, True Digital Surgery (TDS) and Aesculap, Inc. launched the Aesculap Aeos Robotic Digital Microscope for neurosurgery and other surgical procedures. Similarly, in June 2020, Canon Medical Systems Corporation signed an agreement on the establishment of a joint venture with a leading Russian healthcare provider, for the sales and maintenance of diagnostic imaging equipment manufactured by Canon Medical. Such technological innovation will help in brain monitoring during critical surgeries thus, driving the market.

Thus, owing to the overall scenario of the burden of neurovascular disease coupled with growing technological advancements is expected to propel market growth. However, ethical concerns regarding animal experiments and the high cost of specific instruments are expected to hinder market growth.