Market Analysis - Neurology 2020
Neurology focuses on broad array of disorders and cure of brain and connecting neurons. According to the latest survey conducted by WHO, it is revealed that Neurological Disorders encompassing Stroke, Alzheimer & Dementia, Epilepsy and many more accounts for more than 12% of deaths worldwide on an average and it is also predicted that the number of disability –adjusted life years vanished due to Neurological disorders are expected to accelerate from 95 million globally in 2015 to 103 million by 2030.Moreover, the worldwide cost of neurological squeal solitary estimated in 2010 was US$ 2.5 trillion and it is assumed that the value will spike to over US$ 6 trillion by 2030.
Over the past 25 years, the burden of neurological disorders has been increased substantially. Neurological disorders are the leading cause of death and disability in the world today. The most prevalent neurological disorders were:
Headache Cases (about 1,500 million)
Migraine (about 1,000 million)
Medication overuse headaches (about 60 million)
Alzheimer's disease and dementia (about 46 million)
Between 1990 and 2015, the number of deaths from neurological disorders increased by 36.7%, and the number of DALYs by 7.4%. The rates of cases per 100,000 people increased in Parkinson's disease (by 15.7%), Alzheimer's disease (2.4%), motor neuron disease (3.1%), and brain and nervous system cancers (8.9%). Higher rates of prevalence of neurological disorders in rural areas, 6-8 million people with epilepsy and high case fatality rates of stroke (27-42%) call for urgent strategies in India
The global neuroscience market was valued at around USD 26,350 million in the year 2016 and it is expected to reach approximately USD 34,800 million by 2024. The global neuroscience market is expected to exhibit a CAGR of more than 3.5% between 2017 and 2024.
Importance & Scope:
Neurology today holds a position in the various medical centers of the world which varies from complete nonexistence to high and complex development. Invasion of the field of neurology by different types of clinicians, the rapid development of psychiatry, the late appearance of neurosurgery and the important recent advances in neurophysiology and neuro-anatomy, all help to account for this variability and demand a reconsideration of the scope of neurology. A survey of neurology, neurosurgery and neuropathology as they are to be found in various centers of learning today supports this view. From the time that neurology first emerged as a specialty, it has suffered a progressive reduction in scope.
Neuromarketing is the incorporation of neuroscience with day to day market activities in order to identify and study consumer behavior and perception, based on cognitive and affective response to marketing inducements. The first step of neuromarketing includes the accumulation of information about how the target market would respond if a new product penetrates the market.
Neuroscience is beneficial in interpreting and studying the consumer perceptions and has played a vital role in enhancing behavioral predictions of consumers. Neuroscience allows research firms and marketing companies to concentrate and customize their services according to customer expectations. Accurate product positioning can be devised with the help of neuroscience to access the brain functions of the customer.
The neuromarketing technology is differentiated by technology, solutions, and end user. Based on technology, the neuromarketing technology market is sub-segmented into functional magnetic resonance imaging (fMRI), electroencephalography (EEG), Eye tracking, Positron emission tomography (PET), and magneto encephalography (MEG). Furthermore, the solutions segment is sub divided into customer experience, people engagement, and product development.
The global Neuromarketing technology Market is expected to reach USD 100 million by 2023 growing at a 12% CAGR over the forecast period 2017-2023.
Neuromarketing technology is further divided on the basis of end user that includes retail, healthcare, food & beverage, and consumer electronics.
Geographically, the neuromarketing technology is categorized into five different regions such as North America, Asia Pacific, Europe and the Rest of the World.
North America is expected to be a prominent region in the neuromarketing technology market over forecast period. The U.S. is the leading country in the region owing to increase in number of solution providers of neuroscience technology. However, the U.S has a highly advanced technological infrastructure which has made them early adopters of technology and has encouraged many companies to the study consumer behavior effectively. In the light of these factors, the neuromarketing technology market is anticipated to be driven over the review period 2017-2023. Europe is also estimated to have a significant growth in the neuromarketing technology market over the next few years. With compare to China and Japan, Asia Pacific is expected to emerge as the fastest growing regional market owing to the owing to constantly improving healthcare system and presence of significant target population in the region.
Market Growth of Neuroscience:
The global neuroscience market size was valued at USD 28.42 billion in 2016 and is expected to grow at a CAGR of 3.1% over the forecast period. High influencing factors, such as on-going brain mapping research and investigation projects, neuroscience-based initiatives by government bodies and technological advances in tools and algorithms that are implemented in neuroscience space are expected to propel the market growth.
Neuroscience Market size by technology 2012-2020 (USD Million)
Directors, Neurologist, Neurosurgeons, Psychiatrist, Head of department, Professors and Students from Academia in the research of Neuroscience.
Related Associations and Societies:
The brain & behaviour research foundation
American Academy of Neurology
European Neurological Societies
World Federation of Neurology
Spanish Society of Neurology
Hilarescere Foundation in Italy
Italian MS society in Italy
Southern Clinical Neurological Society
ESNR European Society of Neuroradiology
Vision sciences society
Akili Interactive Labs
Siemens Medical Solutions USA, Inc.
Xenon Pharmaceuticals Inc
Janssen Global Services
Bausch Health Companies Inc.
La Renon Corporate House