Neuroscience refers to the scientific study of the brain and nervous system. It is an interdisciplinary science that works closely with other disciplines, including cellular and molecular biology, physiology, anatomy, and human behavior and cognition. It provides valuable insights into the anatomy of the brain and neurological, physical, and psychological functioning. It also assists neurologists in understanding various factors that can aid in the development of medications and strategies to treat and prevent numerous neurological disorders. Nowadays, researchers and neuroscientists are increasingly employing advanced imaging techniques for identifying neural networks involved in understanding disease pathways, early disease diagnosis, and cognitive processes.
The global neuroscience market reached a value of US$ 32.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 41.24 Billion by 2027 exhibiting a CAGR of 3.80% during 2022-2027. The increasing number of deaths due to various neurological disorders, such as Parkinson’s disease, Alzheimer’s, schizophrenia, and other brain-related conditions, represents the primary factor driving the market growth. Besides this, the escalating demand for neuroimaging devices and the ongoing brain mapping research and investigation projects are other major growth-inducing factors.
Additionally, the governments of various nations are taking favorable initiatives to spread awareness about neurological diseases and the available treatment options. Along with this, the rising usage of microscopy, optogenetics, magnetic resonance imaging (MRI), and electrophysiology instruments in the diagnosis of several neurological disorders is catalyzing the market growth. Furthermore, the leading players are developing innovative medical devices that offer enhanced efficiency and patient compliance to expand their product portfolio and gain a competitive edge. Moreover, the growing awareness regarding the benefits of advanced neuroscience devices, such as the combination of other imaging devices along with the MRI and neuro microscopes over conventional standalone imaging devices, is propelling the market growth. Other factors, including the surging government funding for research and development (R&D) activities, advancements in the field of neuroscience and neuro-technology, increasing healthcare expenditure, rising geriatric population, and improving healthcare infrastructure, are also providing a positive thrust to the market growth.
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