Increasing Demand for Personalized Medicine has Propelled the Growth of the Neuroscience Market in the North America Region!
- Himanshu Patni
- July 13, 2023
- HEALTHCARE, NEWS
- Neuroscience Market, Neuroscience Market growth, Neuroscience Market trends
- 0 Comments
North America is experiencing rapid growth, driven by several factors including the increasing prevalence of neurological disorders, growing investments in research & development, and the adoption of advanced technologies and treatments. The region is home to many leading research institutions, clinical centers, and neuroscience companies, which are at the forefront of innovation and discovery in the field. The U.S. is the largest market for neuroscience in North America, accounting for a significant share of the region’s growth. The country is home to several major pharmaceutical & biotechnology companies that are investing heavily in the development of new therapies and treatments for neurological disorders, as well as a few leading research institutions and clinical centers that are conducting cutting-edge research in the field.
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Canada has a significant growth rate in the North American neuroscience market, with an increasing number of companies and research institutions focused on developing new treatments & therapies for neurological disorders, and rising cases of neurological diseases in the region. For instance, as per the Public Health Agency of Canada, neurological diseases account for more than 6% of the country’s total healthcare spending. Also, Alzheimer’s disease and other forms of dementia affect over 500,000 population in Canada, with an estimated 25,000 new cases diagnosed each year.
Further, the North American neuroscience market is expected to grow at a strong CAGR of 3% during the forecast period (2022-2030). This is mainly due to the growing awareness and understanding of mental health, increasing adoption of brain-computer interfaces (BCIs) in healthcare, and the rising incidence of traumatic brain injuries (TBIs).
North America Neuroscience Market Revenue (2020-2030) – USD Mn
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Based on component, the market is segmented into instruments, software, and services. Amongst these, the services category is expected to grow at the fastest rate of CAGR during the forecast period. Because of these services help organizations identify areas of opportunity and develop effective strategies for growth, ensuring that advanced neuroscience equipment and technology are properly installed and configured, optimizing their performance, and making sure that equipment and technology remain in good working order, minimizing downtime and ensuring the continuity of research and clinical operations.
By end-user, the market is bifurcated into hospitals, diagnostic laboratories, research and academic institutes, and others. Among these, the diagnostic laboratories category is expected to grow at the fastest CAGR during the forecast period. Diagnostic laboratories play a crucial role in the neuroscience market as they offer advanced neurodiagnostic services to patients, including neuroimaging, genetic testing, and cognitive assessment. They provide clinicians with the tools needed to accurately diagnose and treat neurological disorders, contributing to better patient outcomes. Diagnostic laboratories also drive innovation in the field through the development of new diagnostic technologies and testing methods. These factors will drive the growth of this market.
Global Neuroscience market Segmentation
Market Insight, by Product
- Instruments
- MRI Imaging System
- Neuromicroscopy
- Software
- Services
- Consulting Services
- Installation Services
- Maintenance Services
Market Insights, by Technology
· Hospitals
· Diagnostic Laboratories
· Research and Academic Institutes
Others
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- APAC
- China
- India
- Japan
- Rest of APAC
- Rest of the World
Top Company Profiles
- Carl ZEISS AG
- Leica Microsystems
- General Electric
- Siemens
- Koninklijke Philips N.V.
- TOSHIBA CORPORATION
- Hitachi, Ltd.
- ESAOTE SPA
- HAAG-STREIT GROUP
- Optofine Instruments Pvt. Ltd.
