Market Trends of Global Neuroscience Industry
This section covers the major market trends shaping the Neuroscience Market according to our research experts:
Brain Imaging is Expected to Hold a Significant Share in the Neuroscience Market during the Forecast Period
By technology, brain imaging is expected to hold a significant market share over the forecast period. Magnetic resonance imaging (MRI) is considered the best tool for diagnostic imaging and neuroscience research. It provides morphological images with the highest spatial resolution and unmatched soft tissue contrast, as well as the unique functional information of the central nervous system (CNS). According to a research study 'A Novel Brain-Computer Interface Virtual Environment for Neurofeedback During Functional MRI' published in January 2021, a project was initiated to develop and implement a novel real-time functional magnetic resonance imaging (rt-fMRI)-based neurofeedback (NF) training paradigm which was further evaluated on the subjects for shooter game virtual environments. The study demonstrated positive results stating that participants were able to actively engage in in-game tasks and improve across sessions. Therefore, the developments in MRI focused on improving cognition and helping in improved brain functions will drive the studied market during the study period.
Moreover, the increasing focus on research and development is leading to the development of effective neurofeedback systems, thereby contributing to market growth. For instance, as per an October 2021 update by the National Institute for Health and Care Research (NIHR) Maudsley Biomedical Research Centre 2022, a May 2020 published study, titled, 'Neurofunctional and behavioral measures associated with fMRI-Neurofeedback learning in adolescents with Attention-Deficit/Hyperactivity Disorder (ADHD)' led to Medical Research Council funding of GBP 1.3 million for a larger trial with 100 children with ADHD. This will compare fMRI-neurofeedback to a placebo that is not related to their brain activity. The work also led to new collaborations locally and with the National Institute of Mental Health and Dresden University. The team has since secured funding (approximately GBP 2 million from NIHR, Action Medical Research) to trial other brain-based therapies in ADHD, including different types of non-invasive brain stimulation treatments such as transcranial direct current stimulation and stimulation of the trigeminal nerve which is responsible for sensations in the face. Owing to the high acceptance of MRI, market players continuously focus on advancing this technology through market development strategies. For instance, in November 2019, Canon Medical Systems acquired an MRI research and development company Skope Magnetic Resonance Technologies AG to promote advanced research and development of MRI systems. Therefore all these factors are expected to drive the overall market growth.
North America Dominates the Global Neuroscience Market during the Forecast Period
North America is expected to hold the largest market share over the forecast period. The major factors contributing to the growth of the studied market are the rise in funding for various research regarding neurodegenerative diseases, the rise in disease prevalence and awareness, and the presence of key market players. For instance, according to the Parkinson's Foundation organization approximately one million people will be living with Parkinson's disease (PD) in the United States by the end of the year 2020, and nearly 60,000 Americans are diagnosed with Parkinson's disease each year. Increasing funding is a key factor in market growth. As stated by the National Institute of Health, in 2020, the funding for neurodegenerative diseases was USD 4,021 million, and it increased to an estimated USD 4,110 million in 2021. The rising funding for research is expected to attract most of the major players, thus, leading to the high growth of the market studied. According to the Parkinson's Foundation, nearly one million people were living with Parkinson's disease (PD) in the United States in 2020. As per the same source, there are also approximately 60,000 Americans diagnosed with PD each year. Thus, the incidence of Parkinson's disease increases with age, but an estimated 4% of people with PD are diagnosed before age 50. Expansion and product launch is one of the key factors for the growth of the market. For instance, in May 2021, Sens.ai is the first at-home neuro-optimization system to incorporate heart coherence training with brain training to help people manage stress. Such activity by the key market player to bring technological advancement is expected to grow the market over the forecast period. Product approvals are another factor in market growth. For instance, 510(k) clearance was granted in March 2021 to Brain Scientific Inc for its next-generation NeuroCap device. This device is an advanced Electroencephalogram (EEG) electrode array which is employed in routine clinical and research settings to obtain rapid EEGs where STAT EEG recordings are desired.
Therefore, owing to the above-mentioned factors, the market is expected to drive during the forecast period.
