The neuroscience market was valued over USD 24 billion in 2013. It is estimated to attain USD 30.8 billion by 2020, at a 2.9% CAGR over the forecast phase. Major factor attributing to market growth is the intense neuroinformatics R&D to develop algorithms for functional & structural diagramming of the brain.
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The market aims to improve its research brain mapping and comprehend nervous functions, composite neuronal circuits, & neuronal manipulation. Academic institutes and research laboratories involved in analyzing research projects on animal models to understand brain functioning are prime end-users of the market. The government’s substantial support to the research will allow the market to be stable. Increasing patent research in two-photon microscopy and optogenetics to accurately map neuronal circuits is expected to boost the neuroscience market growth.
Whole brain imaging, electrophysiology technologies & research related equipment, and neuro-microscopy jointly generated the biggest revenue share in 2014. This is on account of growth of procedures such as MRI, PET, and a variety of superior microscopes, these sectors are anticipated to observer significant growth in the forecast phase. Neuro-cellular manipulation & neuro-proteomic analysis will attain profitable growth on account of significant developments during the forecast phase.
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On the basis of components, neuroscience R&D in instrumentation had the biggest revenue share in 2013 as a result of high market prices of instruments. Moreover, for diagnosing chronic illnesses like damaged brain cell and brain tumor, the market depends on instruments employed in neuroscience. Data analysis & tools will display a significant growth rate owing to improvements in data tracing and manipulation algorithms.
The neuroscience market was dominated by North America by contributing more than USD 9.5 billion worth of revenue in 2013. This was due to government funding & strong initiatives for research, huge number of CNS (central nervous system) disorder patients, and healthcare centers with highly sophisticated infrastructure.
Asia Pacific is estimated to grow the fastest from 2015 to 2020 because of unmet healthcare needs, increasing awareness about CNS, and growing spending for healthcare in developing nations like China and India. Major players of the neuroscience market are Trifoil Imaging Inc., Femtonics Ltd., Sutter Instrument Corporation, Scientifica Ltd., and Plexon Inc.
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