Neuroscience technology fundamentally influences how people understand the brain and various aspects of thought, consciousness, and higher-order activities in the brain. It also includes technologies designed to improve and repair brain function and allow clinicians & researchers to visualize the brain. Moreover, from pharmaceutical drugs to brain scanning, this technology affects nearly all industrialized people either directly or indirectly, be it from drugs for ADD, depression, sleep, or anti-neurotics to cancer scanning, stroke rehabilitation, and much more. Currently, modern science can image nearly all aspects of the brain and control a degree of the function of the brain. It can help control over-activation, sleep deprivation, depression, and many other conditions. Therapeutically it can help improve brain function, improve stroke victims’ motor coordination, reduce epileptic episodes, and even help patients in degenerative motor disease—advances in the field promise many new enhancements and rehabilitation methods for patients suffering from neurological problems.
The global Neuroscience technology market is likely to grow at a significant CAGR in the forecasting period 2020-2027. The major factor in the growing demand for neurotechnology is the rising neurological disorders or diseases and increasing research in neuroscience. Additionally, the increasing utilization of analytical, cellular, and imaging technology and also diagnostics to help explicate mechanisms that can help better explain disease development and aid in drug discovery for neurological disorders and neurodegenerative diseases. Furthermore, the growing public-private funding for imaging & screening technology and the easy development of customized reagents and dependable instruments with decreasing cost and time are expected to witness remarkable growth of neuroscience technology. The increasing clinical usage of imaging and screening technology in pharmacology for the treatment of numerous diseases such as Cerebral stroke, Alzheimer’s disease, Huntington’s, epilepsy, ALS/FTD &Parkinsonism and to accelerate molecular biomarker and therapeutic discoveries are expected to propel the demand for neuroscience technology over the coming years.
Moreover, the upsurge in demand for neuroscience drug discovery from early target identification through in vivo pharmacology and in-vitro pharmacology has been through a large amount of change over the previous decades and also removes obstacles &disrupts barriers in brain drug targeting. Furthermore, the rapidly increasing neurological problem with the rise in need of preclinical imaging, decreasing use of animal, rise in the extensive R&D activities at the academic and industrial level. The increasing scope of lie detection of brain finger printing & imaging technology (such as MRI) fuels the demand for neuroscience technology in the healthcare market across the globe.
Neuroscience technology is used to treat neurological and neurodevelopmental disorders through detection and imaging equipment’s which can be diminished at an early stage and with high accuracy. The advantages of large market size, low market concentration, and increasing imaging accuracy have attracted various enterprises and pharmaceutical industries to the layout. Moreover, adaptation in technology, considerable government funding, and the development of novel medicines are expected to foster the growth of the neuroscience technology market over the forecast period.
Application such as reliable object recognition, detecting breast cancer faster & better than doctors, and playing video games with virtual reality glasses with brain wave sensors are significantly leading the market of neuroscience technology. However, the higher cost of imaging techniques such as MRI is expected to hamper the positive impact of the neuroscience market over the forecast period.
The global neuroscience technology market is segregated into Instrument, Software, and services based on the component. The instrument segment is estimated to the highest growth over the analysis timeframe. Moreover, in instruments segment, the product such as MRI imaging systems, neuro microscope, and others are accounted for the largest market share due to increasing use for the diagnosis & treatment purposes. The high cost of these products contributes to the large revenue in the market.
The software segment will grow significantly due to the rising adoption of technology in research organizations.
Based on the end-user, the global neuroscience technology market is segmented into hospital & diagnostics centers, pharmaceuticals & biotechnology companies, research institutes, and academic institutions. The hospital & diagnostics centers segment will reduce the global neuroscience technology market by 2027 due to the surge in the number of hospitals &diagnostics centers using neurotechnology for disease diagnosis and treatment and the availability of advanced technology.
The pharmaceuticals and biotechnology companies assigned for the largest share of the neuroscience technology market in 2019 because of the increasing use of imaging equipment in drug discovery and animal modeling.
The global neuroscience technology market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography.
North America is estimated to project considerable growth over 2020-2026. It is owing to advents in technology, the presence of leading industry players offering innovative products, and the increasing demand for neuroimaging devices.
The Asia Pacific will capture a prominent share of the neuroscience technology market by 2027. Due to the continually improving healthcare infrastructure in the region, mounting health care expenditures in emerging countries such as India and China, and growing neurological disorders.
Companies such as Axion Biosystems, Alpha Omega Inc, Blackrock Microsystems LLC, Femtonics Ltd, GE Healthcare, Intan Technologies, LaVisionBiotec GmbH, Mediso Medical Imaging Systems, Neuro Nexus Technologies, Newport Corporation, Neuralynx Inc, Plexon Inc, Siemens Healthineers, Scientifica Ltd, Sutter Instrument Corporation, Thomas Recording GmbH and Trefoil Imaging In a care the key players in the global neuroscience technology market.