New York, July 19, 2022 (GLOBE NEWSWIRE) -- As per the World Health Organization, anxiety and depressive disorders are the most prevalent mental disorders, affecting 1 in 8 persons, or 970 million people worldwide, in 2019. On account of the COVID-19 pandemic, the percentage of persons who suffer from anxiety and depression illnesses increased from 26% to 28% in 2020. In 2019, 301 million people, including 58 million children and adolescents, suffered from an anxiety disorder. In the same year, 280 million individuals—including 23 million children and teenagers—were dealing with depression, and 40 million people had bipolar disorder.
Research Nester has published a detailed market report on ‘Global Cognitive Neuroscience Market’ for the forecast period, i.e., 2022-2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions, namely, North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
It is recorded that 24 million people, or 1 in 300 people (0.32%) worldwide, suffer from schizophrenia. Adults had a prevalence rate of 1 in 222 (or 0.45%) at this time. Schizophrenia patients have a 2 to 3 times higher risk of dying young than the general population. The global cognitive neuroscience market is estimated to gain significant revenue by growing at a CAGR of ~5% over the forecast period. The market is anticipated to grow on the back of the growing prevalence of mental disorders, namely, Parkinson’s disease, Alzheimer’s disease, Schizophrenia, depression, and anxiety. In addition to this, the increasing prevalence of dementia across the globe is predicted to drive market growth over the forecast period. As of 2020, 55 million individuals are estimated to live with dementia worldwide, and there are estimated to be around 10 million new cases each year.
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Furthermore, increasing demand for advanced methods to treat various mental disorders more effectively, and huge investments in therapeutic research and development activities, are further anticipated to drive the global market growth during the forecast period. Along with this, increasing mental health awareness worldwide, and the mental health initiatives are taken by global organizations, are also projected to drive the market growth across the forecast period. For instance, WHO established a special initiative for mental health; the purpose of this initiative is to grant more than 100 million people access to quality and inexpensive mental health treatment by 2023 across low and middle-income countries. In addition to this, the rising geriatric population across the globe, who are more prone to chronic mental disorders is predicted to boost market growth over the ensuing years. As sourced by the population census, the percentage of people over 60 in the world will nearly double, from 12 to 22 %, between 2015 and 2050. The percentage of persons 60 years and older who have a mental disorder is about 15%.
The global cognitive neuroscience market is segmented on the basis of application into brain imaging, neurological research, neurological disorders, psychiatry, and others, out of which, the neurological research segment is anticipated to hold a significant market share over the forecast period, owing to its application and the growing demand for innovative approaches to treat mental disorders, and increasing expenditure on healthcare sector across the globe. According to a report by the World Bank, global expenditure on healthcare has continuously increased between 2000 and 2018 and reached almost USD 8 trillion, which is 10% of global GDP. In addition to this, the increasing investment in the research and development field for the better understanding, diagnosis, and treatment of mental disorders is estimated to drive the segment growth over the forecast period.
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Further, on the basis of type, the market is segmented into magnetic resonance imaging (MRI), functional magnetic resonance imaging, positron emission tomography, and others. Out of these, the functional magnetic resonance imaging (fMRI) segment is predicted to attain the largest share market share over the forecast period. This can be attributed to the general availability of fMRI, which is feasible on a clinical 1.5T scanner. Moreover, other advantages of fMRI such as, non-invasive diagnosis, non-requirement of a radioisotope or other pharmacologic agent, relative affordability, and high spatial resolution are estimated to boost the segment growth. Moreover, the increasing cases of brain stroke and Alzheimer’s are estimated to drive the segment growth over the forecast period. According to World Health Organization, over 11 million strokes occur annually in low- and middle-income countries, including those in the WHO South-East Asia Region. Each year, this results in 4 million fatalities and leaves around 30% of survivors with severe disabilities. For the 70% of survivors who make a full recovery, the chance of having another stroke is significantly raised.
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. Out of these, the market in the North America region is projected to hold the largest market share over the forecast period on the back of the increasing prevalence of mental disorders in the region. For instance, an estimated 52.9 million individuals in the United States who were 18 years or older had a mental disorder in 2020. This figure corresponded to 21% of all American adults. Females were more likely than males to have a mental illness. In addition to this, increasing investment in research and development activities in the region is expected to drive market growth during the forecast period. According to figures from the World Bank, North America spent 2.734% of its GDP on research and development in 2018.
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On the other hand, the global cognitive neuroscience market in Asia Pacific region is expected to gain a substantial market share over the forecast period on account of the increasing prevalence of mental disorders, specifically, dementia in the region. For instance, dementia in the Asia Pacific is estimated to increase from 23 million cases in 2015 to 71 million by 2050. In addition to this, increasing awareness among the people regarding mental disorders, significant investment in the research and development sector, and the rising geriatric population who are more prone to mental illness are estimated to drive market growth in the region over the forecast period. For instance, in the Asia Pacific region, the number of older people will triple reaching 1.3 billion by 2050 and one in four persons will be older than 60 years. Moreover, in progressive countries like Singapore and Thailand, there are an estimated 1.2 million seniors with dementia and 2.12 million elders living with depression.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Some of the prominent key players and their company profiling mentioned in the global cognitive neuroscience market research report include Judges Scientific Plc, Alpha Omega Inc., Laserglow Technologies, Biobserve GmbH, Medtronic Plc, Abbot Laboratories, Pear Therapeutics, Inc., Penumbra, Inc., Stryker Corporation, Boston Scientific Corporation, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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