Global Cognitive Neuroscience Market Highlights over 2022 – 2031
The global cognitive neuroscience market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Cognitive neuroscience is a combination of psychology and neuroscience, which focuses of the neural substrates of mental diseases. The growth of the market can be attributed to the increasing prevalence of mental disorders, such as, Parkinson’s disease, Alzheimer’s disease, dementia, and others. According to the data by the Parkinson’s foundation, 10 million people worldwide are living with Parkinson’s disease. Further, a report by the World Health Organization (WHO) reported that more than 55 million people live with dementia worldwide, while nearly 10 million new cases are reported every year. Moreover, the advancement in medical technologies, including brain mapping, genomic research, and others, is anticipated to boost the market growth. The increasing investment in the R&D activities in the medical field, along with rising health awareness amongst the people is estimated to boost the market growth. Moreover, the developing public healthcare infrastructure and high government expenditure for the development of new drugs is anticipated to significantly fuel the growth of the market. As per the statistics by the World Bank, 9.856% of the global GDP was spent for healthcare in 2018.
The market is segmented by application into brain imaging, neurological research, neurological disorders, psychiatry, and others, out of which, the neurological research segment is anticipated to hold a substantial share in the global cognitive neuroscience market over the forecast period on account of increasing demand for new treatment approaches for mental disorders, along with the high investment in the medical R&D activities. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Cognitive Neuroscience Market Regional Synopsis
On the basis of geographical analysis, the global cognitive neuroscience market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of emergent healthcare infrastructure and improved medical facilities available in developing nations, such as, China, India, Bangladesh, and Indonesia. Moreover, favorable market policies in these countries, attracting international investment, along with the growing disposable income are estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of growing prevalence of mental diseases in the region. According to the data by the Alzheimer's Association, estimated 6.2 million Americans, aged 65 and older are living with Alzheimer's dementia, as in 2021. The high healthcare expenditure, presence of major pharmaceutical companies, and increasing research activities for the development of new drugs, are further estimated to boost the market growth. According to the statistics by the World Bank, in 2018, North America spent USD 10,050.516 for the healthcare of every individual. The total healthcare expenditure accounted for 16.415% of the total GDP of North America in the same year.
The global cognitive neuroscience market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cognitive neuroscience market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing prevalence of mental disorders, such as, Parkinson’s disease, dementia, and Alzheimer’s disease, is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Alpha Omega Inc., Laserglow Technologies, Biobserve GmbH, Medtronic Plc, Abbot Laboratories, Pear Therapeutics, Inc., Penumbra, Inc., Stryker Corporation, and Boston Scientific Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The neurological research segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Non-availability of cognitive neuroscience in the underdeveloped and developing regions, is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period on the back of increasing healthcare expenditure in the region.
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