The neuroscience market involves the research and development of products and services used to diagnose and treat neurological disorders and other disease and injuries of the nervous system. Products include neurostimulators, neuroprosthetics, lumbar supports, orthopedic mattresses and other sleeping aids that provide relief from back pain.

The global neuroscience market is estimated to be valued at US$ 32.75 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising Prevalence of Neurological Disorders
The increasing burden of neurological disorders has accelerated the growth of neuroscience market over the forecast period. Neurological disorders such as Alzheimer's disease, Parkinson's disease, stroke, epilepsy, multiple sclerosis, and migraine affect millions of people worldwide every year and are among the leading causes of death and disability. As per estimates by WHO, neurological disorders affect nearly 1 billion people globally and account for over 10% of the global disease burden. With growing geriatric population and increasing lifestyle-related risk factors, the incidence of neurological disorders is expected to increase further in the coming years. This will drive the demand for effective neuroscience products and services for treatment and management of these conditions.

Segment Analysis
The global neuroscience market can be segmented by products and services. Under products, the consumables segment dominates the market. Consumables devices and accessories such as electrodes, probes, batteries etc. are frequently used for various diagnostic and research purposes in neuroscience. They have wide applications in imaging, electrophysiology, neuropathology and other areas in neuroscience. Due to their recurring need, the consumables segment accounts for more than 40% share of the total neuroscience market.

Key Takeaways
The Global Neuroscience Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Growth will be driven by increasing research activities in neurodegenerative disorders like Alzheimer’s and Parkinson’s disease.

Regional analysis: North America currently dominates the global neuroscience market due to rapid adoption of advanced neuroscience technologies and presence of major players in the region. Within North America, the US holds the largest share. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period. This can be attributed to increasing healthcare expenditure, rising geriatric population, and growing research funding in major Asian countries like China and India.

Key players: Key players operating in the neuroscience market are Johnson & Johnson, Procter & Gamble, Kimberly-Clark, Essity Aktiebolag, Kao Corporation, Daio Paper Corporation, Unicharm Corporation, Premier FMCG, Ontex, Hengan International Group Company Ltd., Drylock Technologies, Natracare LLC, First Quality Enterprises, Inc., Bingbing Paper Co., Ltd. Johnson & Johnson and Procter & Gamble dominate the market with their wide product portfolio and strong distribution channel.

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