The North America Neuroscience Market would witness market growth of 4.8% CAGR during the forecast period (2023-2030).
There are a number of scientific subfields that are connected to neuroscience, such as linguistics, computation, philosophy, psychology, and chemistry. Neuroscience is a necessary field from a cellular, functional, behavioural, molecular, evolutionary, and therapeutic standpoint, and needs to be studied extensively. Several technologies in the market are available for imaging the nervous system. The market is anticipated to expand throughout the forecast period due to the accuracy of the equipment used by neuroscientists. Numerous techniques are used in this component, including proteomic analysis and neuro-microscopy. Proteomic technologies are heavily utilized in neuroscience and are in high demand due to their availability.
The key driver of market expansion is the rise in fatalities caused by various neurological disorders, including Parkinson's disease, Alzheimer's disease, schizophrenia, and other conditions affecting the brain. For instance, the Alzheimer's Association estimates that 6 million Americans already have Alzheimer's disease, which will increase to 13 million by 2050. The increasing demand for neuroimaging technologies and the ongoing study and exploration into brain mapping are two more key factors that stimulate the demand for neuroscience imaging.
Mexico’s population is aging and will likely continue to do so in the future decades. Two main concerns dominate the social and political situations in which population aging occurs, as is typical in many developing nations. Due to the rapid fall in fertility and changes in living arrangements, the old social order in which younger generations are responsible for the elderly’s well-being is rapidly changing. Hence, due to lowered immunity and advanced age, the elderly population is susceptible to many diseases including neurological disorders. Lumbar arthrosis and dementia are the most common neurological disorders in older people, which can be treated through neuroscience and the aging population in the region is expected to surge the demand for neuroscience, thereby propelling the market growth in North America.
The US market dominated the North America Neuroscience Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $16,328.2 million by 2030. The Canada market is experiencing a CAGR of 7.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.2% 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 U.S., Mexico, Canada, and Rest of North America.
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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