Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Neuroscience Market, by Component (Instrument, Software, and Services), by End User (Hospital, Diagnostic Laboratories, Research Institutes, and Academic Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 27,630.13 million in 2018, and is expected to exhibit a CAGR of 3.9% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
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Neurological disorders are the diseases related to central and peripheral nervous system. Some of the neurological disorders include epilepsy, Alzheimer disease and other dementias, cerebrovascular diseases including stroke, migraine, and other headache disorders, multiple sclerosis, Parkinson’s disease, neuroinfections, brain tumors, traumatic disorders of the nervous system due to head trauma, neurological disorders as a result of malnutrition, among others. Moreover, these diseases are affected by various infections such as bacterial (Mycobacterial tuberculosis and Neisseria meningitides), viral (Human Immunodeficiency Virus (HIV), Enteroviruses, West Nile Virus, and Zika), fungal (Cryptococcus, and Aspergillus), and parasitic (malaria and Chagas). These pathogens has potential to affect the nervous system, which leads to neurological symptoms, owing to the infection itself or weakens immune response of the individuals.
The increasing incidence of neurological disorders, globally is expected to propel growth of the market over the forecast period. For instance, according to the World Health Organization (WHO), a report published, in 2016, globally, around 7.7 million new cases of dementia are reported every year. Moreover, Alzheimer disease-being the most common cause of dementia, contributes to 60.0-70.0% of such cases. Furthermore, according to the Mindgardens Neuroscience Network, in 2017, in Australia, the leading cause of disability is mental health and neurological disorders, which accounted for 20.5% of total Australian daily adjusted life years (DALYs).
Additionally, key players in the market are focusing on launching new products, which is expected to propel the market growth over the forecast period. For instance, in August 2017, GE Healthcare launched Signa Premier, a new wide bore 3.0T magnetic resonance imaging (MRI) system in the U.S. This system delivers a new level of clinical performance with additional research-focused capabilities, especially for neurology and oncology research.
Browse 23 Market Data Tables and 26 Figures spread through 165 Pages and in-depth TOC on “Neuroscience Market” – Global forecast to 2027, by Component (Instrument, Software, and Services), by End User (Hospital, Diagnostic Laboratories, Research Institutes, and Academic Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Neuroscience Market Press Release, click the link below: https://bit.ly/2DG8GJI
Among regions, Asia Pacific is expected to offer lucrative growth opportunities to market players in the Neuroscience market over the forecast period, attributed to rising incidence of CNS disorders in the region. For instance, according to the National Center for Biotechnology Information (NCBI), an article published in 2018 reports that the burden of dementia in Japan is growing and it is expected that 1 in 5 elderly people will suffer from dementia in Japan by 2025.
Similarly, increasing patient pool of neurological disorders in the region is further expected to augment growth of the market over the forecast period. For instance, according to the Mindgardens Neuroscience Network, the total prevalence of neurological disorders in 2017 in Australia was 10.6 million (43.0%) followed by mental health disorders of 4 million (16.3%), and substance disorders of 0.8 million people (3.2.0%).
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Key Takeaways of the Neuroscience Market:
- The global neuroscience market is expected to exhibit a CAGR of 3.9% over the forecast period, attributed to increasing product development and regulatory product approvals that are expected to augment growth of the neuroscience market over the forecast period. For instance, INSIGHTEC (Israel) and GE Healthcare (U.S.) received an approval from the U.S. Food and Drug Administration (FDA) and Conformité Européenne (CE) mark for its Exablate Neuro with the SIGNA Premier MRI, in July 2019. The product offers focused ultrasound treatment options for neurology disorders.
- Among component, instrument segment accounted for major market share in the neuroscience market in 2018, attributed to better results in with less time which is driving manufacturers for product development and launches. For instance, Codman Neuro (Division of DePuy Synthes) launched CODMAN CERTAS plus programmable valve, in September 2015. The product is an MRI-resistant programmable valve with eight different pressure settings, which aids in the treatment of hydrocephalus.
- Among end user, hospitals segment accounted for major market share in the neuroscience market in 2018, attributed to rising incidence neurological disorders, globally. For instance, according to the Mindgardens Neuroscience Network, in 2017, the total burden of neurological, mental health, and substance abuse disorders accounted for 11.1% of the total burden of disease, globally.
- Key players operating in the global neuroscience market include Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, and Trifoil Imaging Inc.
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