The global neuroscience antibodies and assays market is expected to reach USD 4.18 billion by 2023 from USD 2.57 billion in 2018, at a CAGR of 10.2%. Growth in this market is driven by the rising incidence of neurological diseases, increasing investments in neuroscience research, and growth in the pharmaceutical and biotechnology industries. On the other hand, quality and cost concerns over the production of antibodies are the major factor restraining the growth of this market.
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The neuroscience antibodies and assays market is segmented on the basis of product, technology, application, end user, and region. Based on product, the neuroscience antibodies and assays market is segmented into consumables and instruments. The consumables segment is expected to account for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. The consistent usage of consumables and their frequent purchases, and rising government initiatives in the genomics and proteomics research sector is the major factor supporting the growth of the consumables segment during the forecast period. Based on type, the consumables market is segmented into reagents, antibodies, and assays kits. The reagents segment is expected to account for the largest share in 2018. The large share of this segment is attributed to the high consumption of reagents in various routine assays and techniques.
Based on technology, the neuroscience antibodies and assays market is segmented into immunoassays/immunochemistry, molecular diagnostics, clinical chemistry, and other technologies. The immunoassays/immunochemistry technology segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the development of novel antibodies and assays for immunoassay techniques, technological developments in immunoassays, and rising government initiatives in the genomics and proteomics research sector.
Based on end user, the neuroscience antibodies and assays market is segmented into pharmaceutical and biotechnology companies, academic and research institutes, and hospitals and diagnostic centers. The pharmaceutical and biotechnology companies segment accounted for the largest market share in 2018. The high uptake of neuroscience antibodies in the drug discovery and development process and the presence of a large number of pharmaceutical players in this market are driving the neuroscience antibodies and assays market for this end-user segment.
Among the four regional segments, Asia is expected to grow at the highest CAGR during the forecast period. The high growth in the Asian market is attributed to factors such as favorable regulatory guidelines, rising incidence of neurological diseases, growing presence of market players in emerging economies, and favorable government investments in the life sciences sector.
