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Neuroscience Market Segmented By MRI Imaging Systems, Neuromicroscopy, Consulting Services, Installation Services, Maintenance Services as Component type
MEA: Instrument segment is expected to maintain its dominance in terms of revenue in the MEA neuroscience market over the forecast period due to developing medical infrastructure in region. MEA neuroscience market is anticipated to register a moderate CAGR of 5.1% over the forecast period. In terms of revenue, Rest of MEA market is expected to register sluggish CAGR rate over the forecast period.
APAC: The neuroscience market in China has dominated the APAC neuroscience market over the forecast period due to increasing incidences of CNS disorders among ageing population in the country. The APAC neuroscience market is expected to register a significant CAGR of 7.0% over the forecast period.
Europe: Instrument segment is anticipated to dominate the Europe neuroscience market and contribute the leading shares over the forecast period. The Europe neuroscience market is expected to witness a significant 1.7X growth by 2025 as compared to that of estimated in 2016. Germany is expected to dominate the Europe neuroscience market in terms of revenue over the forecast period due to increasing acceptance of neuroscience studies in the country.
North America: North America neuroscience market is anticipated to register a significant CAGR over the forecast period due to the increasing demand of neuroimaging devices in brain imaging and research activities. Instruments and Hospitals segments as well as U.S. market is expected to dominate the North America market in terms of revenue throughout the forecast period.
Latin America: Latin America neuroscience market is anticipated to register a moderate CAGR of 5.2% over the forecast period. Brazil is expected to maintain its dominance in terms of revenue in the Latin America neuroscience market over the forecast period due to developed medical infrastructure in the country.
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Increasing government spending on healthcare infrastructure in developed regions is expected to boost the growth of neuroscience market. As per the centers for Medicare and Medicaid Services, the overall healthcare spending in North America is expected to increase at an average of 4.6% per year during the period 2016–2019. National health spending in the U.S. is projected to grow at an average rate of 5.6% per year due to the large health insurance coverage impact of the Affordable Care Act. As a result of this increasing trend of government spending, the U.S. is going to see expanding interest in overall medical devices, including neuroscience devices in 2017.
Strategic acquisitions and collaborations among key players will drive the neuroscience market, especially to develop novel and integrated medical devices and compatible software for MRI and neuromicroscopy devices. The acquisitions and collaboration space is dominated by players who have a strong product portfolio and patented technologies dedicated to and compatible with diagnostic applications along with local GMP certified manufacturing facilities. For instance, in July 2017, Koninklijke Philips N.V. acquired TomTec Imaging Systems GmbH (TOMTEC), a leading provider of intelligent image analysis software to strengthen its business in the software segment.
Increasing trade of neuroscience devices and consumables for diagnostics and imaging purpose of brain and nervous system to study of the structure and function of the nervous system and neurological disorders in countries, such as Poland and Russia is expected to boost the growth of neuroscience market in Europe.
Moreover, increasing awareness towards the benefits of advanced neuroscience devices, such as combination of other imaging devices along with the MRI and neuromicroscopes over conventional standalone imaging devices is also expected to drive market growth in the region.
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