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Growing Prevalence of Various Neurological Diseases Globally and Initiatives Taken by the Government are driving the growth of Neuroscience Market

HYDERABAD, TELANGANA, INDIA, January 10, 2023 /EINPresswire.com/ -- The Global Neuroscience Market size is forecasted to reach $36.27 billion by 2024, growing at a CAGR of 3.49% during the forecast period. Several initiatives undertaken by the government, as well as the healthcare community, are set to impact the overall market growth. The market is also impacted by the rising prevalence of neurological disorders as well. The prevalence of various neurological conditions is increasing globally and could be considered as a major market driver. Timely diagnosis and effective treatment are required for neurological disorders and devices that help in the identification and proper treatment of such neurological diseases are gaining importance. This is set to drive the overall market.

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Key Takeaways

The North America region has been estimated to be the dominating region for the Neuroscience Market owing majorly to the availability of advanced healthcare systems. Information on other major regions is also given in the final report.

The global growth in the prevalence of various neurological disorders is set to fuel market growth. Other major market drivers are explained in the neuroscience market report.

Ethical regulations regarding testing on animals are considered a major challenge to the market. Other challenges and information on how they affect the overall market are mentioned in the final report.

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Segment Analysis

1. Neuroscience is associated with nervous system study. Based on research areas and subjects of study, neuroscience is multidisciplinary. The study of how the nervous system functions, typically using physiological techniques, such as stimulation with electrodes, light-sensitive channels, or ion- or voltage-sensitive dyes is known as neurophysiology. The number of techniques that can be used for imaging has been estimated to hold a larger segment of the market. This is owing to the increasing accuracy of such devices from technological advancements. In this segment, Neuro-Microscopy is estimated to grow the fastest due to technological advancements and increasing applications.

2. The instrumentation segment has been estimated to account for the majority of the market share in this segment. This is owing to the substantial use of these devices in the diagnosis of several neurological disorders. However, the Data Analysis and Service Segments are estimated to have a larger CAGR of 4.23% owing to the increasing number of research firms that provide pre-clinical data analysis services as well as the rapid development of various techniques for analysis.

3. The North America Region has been estimated to hold dominance for the market with an overall market share of 35% owing to the availability of developed healthcare systems as well as the presence of neuroscience-based research entities and the rising prevalence of neurological disorders in the region. This region also has a variety of organizations, universities and institutes that create various initiatives and events to promote Research and Development into neuroscience. However, the APAC region was found to have a larger CAGR. This is owing to the continually improving healthcare in the region as well as the increasing target population.

Competitive Landscape:

The top 5 players in the Neuroscience Market Industry are -

1. Doric Lenses Inc.
2. GE Healthcare
3. Seimens Healthcare GmbH
4. Noldus Information Technology
5. Biobserve GmbH

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