Neuroscience Market To Report Immense Growth, Revenue To Surge To US$ 34,800 Million By 2024
With the presence of a large pool of participants, the global neuroscience market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Alpha Omega, Axion Biosystems, Blackrock Microsystems LLC, Femtonics Ltd., Intan Technologies, and LaVision Biotec GmbH are some of the key vendors of neuroscience across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the neuroscience market study.
Citing an instance, in September 2018, researchers have unveiled secret behind the brain workings and demonstrated as to how the brain encodes speech. In a strategic move that can take neuroscience market to scalable heights, recently, Insightec Limited—a medical technology innovator of incisionless surgery—declared that the U.S FDA has given a green signal for Exablate Neuro™ compatible MRI scanners for treating patients suffering from essential tremors.
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As estimated in this report, the global neuroscience market stood at US$ 26,350 million in the year 2016. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this neuroscience market is expected to reach US$ 34,800 million by the end of the forecast period. The main components available in this neuroscience market are an instrument, software, and services. Among the three, the demand for a software component is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Massive Use Of Neurological Devices For Clinical Studies To Drive Growth
“Enhanced use of imaging machines, intraneural imaging tools, and other neuroscience equipment are predicted to influence neuroscience market size in the years ahead,” says the author of this study. Apart from this, massive ongoing research & development activities along with the introduction of new technologies for brain mapping & other neurological studies to understand neuron functioning will augment neuroscience market growth over the coming years. In addition, prominent use of myriad instruments such as electrophysiology instruments, MRI instruments, optogenetics instruments, and microscopy instruments for studying neurological ailments will drive neuroscience market growth in the years ahead.
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Enhanced R&D Activities & Government Funding To Aid Regional Dominance
Regionally, North America has been leading the worldwide neuroscience market and is anticipated to continue on the dominant position in the years to come, states the neuroscience market study. Large-scale presence of neuroscience-based research institutes, government support, the occurrence of neurological disorders, and easy availability well-developed healthcare systems are the key factors behind the dominance of the North America neuroscience market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional neuroscience market. In addition, massive R&D activities taking place in the neuroscience domain across the countries such as the U.S. and Canada will further spring up the development of neuroscience market in North America.
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