The Latin America, Middle East and Africa Neuroscience Market would witness market growth of 7.8% CAGR during the forecast period (2023-2030).
A crucial trend that is becoming increasingly popular in the market is technological development. To advance neuroscience, major market participants focus on developing cutting-edge technologies like artificial intelligence and machine learning. Machine learning is a subset of artificial intelligence, enabling machines to emulate and surpass human mental abilities. AI models are created for performing intelligence-based activities, and these tasks provide new insights into how the same processes are controlled within the brain.
For instance, Thera Panacea and Biogen Inc., a biotechnology corporation, cooperated in December 2021 to focus on several therapeutic areas in the brain. The partnership's goal was to use machine learning (ML) and artificial intelligence (AI) analysis to build digital health solutions that may improve patient care, speed the discovery of novel medications, and increase knowledge of the pathologies underlying neurological disorders.
The field of AI has benefited from neuroscience ideas, and vice versa. As an illustration, neuroscience has aided researchers in validating existing AI-based models. The development of deep neural network architectures with various applications, including text processing and speech recognition, has also been aided by biological neural networks.
In 2018, the UAE’s health spending totalled $13.7 billion (AED 50.3 billion). This comprises the seven emirates’ contributions to the federal budget, and their healthcare outlays. By 2023, spending is expected to increase to $18.3 billion (AED 67.2 billion), which amounts to a 6% annual compound growth rate in local and US dollars. The projected increase in health spending over ten years to 2028 is $26 billion (AED 95.5 billion). Hence, the rising healthcare expenditure and development of the healthcare infrastructure will present lucrative opportunities for the expansion of the market in this region.
The Brazil market dominated the LAMEA Neuroscience Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,162 million by 2030. The Argentina market is showcasing a CAGR of 8.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 7.3% during (2023 - 2030).
Based on Component, the market is segmented into Instruments, Consumables, and Software & Services. Based on Technology, the market is segmented into Brain Imaging, Stereotaxic Surgeries, Neuro-Microscopy, Neuro-Proteomic Analysis, Neuro-Cellular Manipulation, and Others. Based on End User, the market is segmented into Diagnostic Laboratories, Hospitals, and Research & Academic Institute. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Neuroscience Market is Projected to reach USD 64 Billion by 2030, at a CAGR of 5.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Carl Zeiss AG, Danaher Corporation, Koninklijke Philips N.V., GE HealthCare Technologies, Inc., Terumo Corporation, B. Braun Melsungen AG, Medtronic PLC, Stryker Corporation, Boston Scientific Corporation and Abbott Laboratories
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