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Neuroscience Market |
Over the projected period, rising cases of neurological disorders such as Alzheimer's, Parkinson's, and other dementias are expected to propel the neuroscience industry forward.
According to the Alzheimer's Disease International (ADI) World Alzheimer Report 2015, there were 4.9 million (49.0%) new dementia cases in Asia, 2.5 million (25.0%) in Europe, 1.7 million (18.0%) in the Americas, and 0.8 million (8.0%) in Africa in 2015.
Furthermore, according to Parkinson's UK, around 137,000 persons in the United Kingdom were diagnosed with Parkinson's disease in 2015.
After Alzheimer's disease, Parkinson's disease is the most common age-related neurodegenerative condition.
For example, according to Parkinson's UK, the anticipated number of patients suffering from Parkinson's disease in Northern Ireland in 2015 was 241, with 157 men and 85 women.
In 2018, the global neuroscience market was estimated at US$ 27,630.13 million, with a CAGR of 3.9 percent predicted during the forecast period (2019-2027).
Over the projection period, the top players' inorganic initiatives are expected to fuel market expansion.
Inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions are being pursued by major market players, which are likely to promote market growth throughout the forecast period.
For example, Philips and Hong Duc General Hospital in Ho Chi Minh City, Vietnam, signed a seven-year cooperation deal in April 2019 under which Philips will provide Hong Duc General Hospital with the most up-to-date medical imaging, patient monitoring, and healthcare IT solutions.
Furthermore, Charles River Laboratories International, Inc. purchased Brains On-Line, a contract research organization (CRO), in August 2017 to expand the company's Central Nervous System (CNS) services portfolio.
Regional Insights into the Global Neuroscience Market
The industry is predicted to rise as a result of increased product launches by market participants.
Because of the region's vast healthcare industry, North America is likely to have a leading position in the market.
Key businesses are focusing on launching new items in the region to maintain their market position.
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