According to the latest research by Future Market Insights, Cognitive neuroscience market is set to witness a 4.6% CAGR growth during the year 2021-2031. The market has been a moderately competitive market developing at a rapid rate and is anticipated to observe lucrative growth with rising cases of neurological disorders that include Parkinson’s, Alzheimer’s diseases, and other dementias are projected to drive the market growth.
Also, neuroscience-based initiatives by government bodies, high influencing factors, such as current brain mapping research and investigation ventures, and technological advancements in algorithms and tools that are applied in neuroscience space, are anticipated to propel the market growth.
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What is Driving Demand for Cognitive Neuroscience?
The rising number of brain-related disorders and the number of advanced healthcare systems are certain driving factors for the market.
Furthermore, key factor that has accelerated the research studies in this arena is the growth in the number of various malignant CNS disorders such as Parkinsonism and Alzheimer’s disease. As geriatric population is prone to various central nervous systems associated disorders such as schizophrenia, Alzheimer’s, and Parkinsonism, with growth in the older population, this market is anticipated to witness lucrative growth.
Also, constant launch of novel products by major participants in the market to fight several neurological disorders is anticipated to increase Y-O-Y growth of this market.
Surge in Number of Deaths Due to Neurological Disorders likely to boost the Cognitive Neuroscience Sales
The rising incidents of neurological disorders, which include Parkinson’s, Alzheimer’s, and other brain-related disorders are expected to encourage participants in the cognitive neuroscience market to help combat such disorders. In 2018, over one hundred thousand people died because of Alzheimer’s in the United States.
Also, rising number of neurological disorder cases are expected to increase the number of deaths occurring due to these disorders. Moreover, the government bodies are growing the medical expenditure to support development of medical facilities in neuroscience leading to development of the market.
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US and Canada Cognitive Neuroscience Market Outlook
United States and Canada led the Cognitive Neuroscience market. U.S. Cognitive Neuroscience market is anticipated to witness noteworthy growth owing the existence of neuroscience based research organizations as well as availability of advanced healthcare systems.
Moreover, large organizations and many neuroscientists are spreading knowledge and awareness through programs concerning the brain system in government as well public offices. Also, rise in number of deaths associated with neurological disorders is one of the key factors for the development of the market in U.S.
Europe Demand Outlook for Cognitive Neuroscience
Europe is second leading market and is anticipated to register a significant growth because of the growing burden of neurological diseases in Europe and the availability of large manufacturers in the region.
In 2017, as per ‘The burden of neurological diseases in Europe’ report, over a million deaths occurred in the WHO European region due to neurological diseases. It lead towards a high demand for the growth of the cognitive neuroscience market.
Who are the Key Manufacturers and Suppliers of Cognitive Neuroscience?
Some of the leading manufacturers and suppliers of cognitive neuroscience include
- Siemens Healthineers
- Scientifica Ltd.
- Alpha Omega Inc.
- GE Healthcare
- Biobserve GmbH
- NeuroNexus Technology
- Laserglow Technologies
- Kendall Research Systems LLC and others.
The cognitive neuroscience market is moderately competitive, with the existence of a large number of players in global markets. Key players in the market are focusing on mergers & acquisitions and partnerships with other small players. Moreover, companies are also concentrating on research activities and new product launches.
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