Neurodiagnostics Market Size Worth USD 14.83 Billion in 2032 | Emergen Research

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21 Mar, 2023, 20:20 GMT

VANCOUVER, BC, March 21, 2023 /PRNewswire/ -- The Neurodiagnostics Market refers to the use of various techniques to diagnose and monitor neurological disorders and conditions. The market is expected to grow significantly in the coming years, driven by several factors such as an increasing prevalence of neurological disorders, rising awareness about the benefits of early diagnosis, and the development of innovative diagnostic tools and technologies.

As of 2022, the global Neurodiagnostics Market was valued at USD 7.28 Billion and is projected to grow at a CAGR of 7.3% during the forecast period, reaching a value of USD 14.83 Billion in 2032. The market is primarily driven by the growing prevalence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, epilepsy, and multiple sclerosis, among others. According to the World Health Organization (WHO), neurological disorders affect millions of people worldwide and are the leading cause of disability and death globally.

In addition to the rising prevalence of neurological disorders, there is an increasing awareness about the benefits of early diagnosis and treatment of these conditions. Early diagnosis allows for timely treatment, leading to better outcomes for patients and reduced healthcare costs. As a result, there is a growing demand for neurodiagnostic tests, including EEG, EMG, and imaging technologies such as MRI, CT, and PET scans.

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Furthermore, technological advancements in diagnostic tools and technologies are driving the growth of the Neurodiagnostics Market. For instance, the development of advanced imaging technologies such as functional MRI (fMRI) and diffusion tensor imaging (DTI) has improved the accuracy of diagnosis and monitoring of neurological conditions. Similarly, the use of artificial intelligence (AI) and machine learning algorithms in neurodiagnostic tools has enabled more precise and efficient diagnosis and monitoring.

Another significant factor driving the growth of the Neurodiagnostics Market is the increasing adoption of telemedicine and remote patient monitoring. The COVID-19 pandemic has accelerated the adoption of telemedicine, allowing healthcare providers to remotely diagnose and monitor patients with neurological conditions. This has led to an increased demand for neurodiagnostic devices that can be used for remote patient monitoring, such as EEG and EMG devices.

Despite the promising growth prospects, the Neurodiagnostics Market faces some challenges that could hinder its growth. These challenges include the high cost of neurodiagnostic tests, limited access to advanced diagnostic tools and technologies in developing countries, and the shortage of skilled neurologists and technicians.

In conclusion, the Neurodiagnostics Market is expected to grow significantly in the coming years, driven by factors such as the increasing prevalence of neurological disorders, rising awareness about the benefits of early diagnosis, and the development of innovative diagnostic tools and technologies. The market faces some challenges that need to be addressed, but the growing demand for telemedicine and remote patient monitoring is expected to provide opportunities for growth in the market.

Strategic Initiatives:

Major companies included in the market report are GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., Canon Inc., Lifelines Neuro, Natus Medical Incorporated, Hoffmann-La Roche Ltd., FUJIFILM Holdings Corporation, Mitsar Co. LTD.

  1. In 2021, Koninklijke Philips N.V. announced the launch of its Azurion Neuro platform, which is designed to support image-guided therapy for neurological conditions. The platform includes a range of tools and features to help clinicians accurately diagnose and treat a variety of neurological disorders.
  2. In 2020, Natus Medical Incorporated announced the acquisition of Embla Systems, a leading provider of sleep diagnostic solutions. The acquisition is aimed at expanding Natus Medical's product offerings in the neurodiagnostics market, particularly in the area of sleep diagnostics.

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New Product Launches:

  1. Nihon Kohden Corporation: In 2021, Nihon Kohden announced the launch of its EEG-1200A, a compact and portable EEG system designed for use in a variety of clinical settings. The system features advanced signal processing technology and is designed to provide accurate and reliable neurodiagnostic testing.
  2. GE Healthcare: In 2020, GE Healthcare announced the launch of its SIGNA 7.0T MRI system, which is designed for high-resolution imaging of the brain and other neurological tissues. The system features advanced imaging capabilities and is designed to provide high-quality diagnostic imaging for a variety of neurological disorders.

Statistics and Government Regulations on Neurodiagnostics Market

  • According to the World Health Organization (WHO), neurological disorders affect up to one billion people worldwide, and the prevalence is expected to increase with aging populations.
  • The WHO also reports that neurological disorders are responsible for approximately 12% of global deaths, making them a significant contributor to the global burden of disease.
  • A study published in the Journal of Alzheimer's Disease estimates that the global cost of dementia-related disorders was USD 1 trillion in 2018, highlighting the need for effective and early diagnosis through neurodiagnostics.
  • The U.S. Food and Drug Administration (FDA) regulates neurodiagnostic devices and requires manufacturers to meet safety and efficacy standards before they can be marketed in the United States.
  • In Europe, the European Medicines Agency (EMA) regulates neurodiagnostic devices and requires manufacturers to obtain CE marking before they can be marketed in the European Union.
  • The Clinical Laboratory Improvement Amendments (CLIA) regulate clinical laboratories in the United States that perform neurodiagnostic tests and require them to meet certain quality standards.
  • The International Organization for Standardization (ISO) has developed standards for the design and manufacture of neurodiagnostic devices to ensure their safety, reliability, and quality.
  • The American Clinical Neurophysiology Society (ACNS) has established practice guidelines for neurodiagnostic testing to ensure consistency and accuracy in the diagnosis and treatment of neurological disorders.

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Some Key Highlights From the Report

  • The diagnostic and imaging systems segment is expected to account for the largest revenue share in the global neurodiagnostics market during the forecast period due to the increasing demand for neurodiagnostic imaging, such as electroencephalography (EEG), magnetic resonance imaging (MRI), computed tomography (CT), and other imaging systems. The growing prevalence of neurological disorders, such as Alzheimer's disease and stroke, is further driving the market growth. On the other hand, the rising focus on precision medicine and customized solutions is anticipated to be a major factor driving the development of innovative diagnostic techniques.
  • The neuro degenerative diseases segment is expected to account for the largest revenue share in 2022 due to the increasing prevalence of neurological disorders such as Parkinson's disease, Alzheimer's disease, multiple sclerosis and Huntington's disease. Moreover, technological advancements in neurodiagnostics products coupled with various government initiatives to increase awareness about preventive measures for these diseases are also expected to drive market growth.
  • The hospitals and surgery centers segment is expected to account for the largest revenue share in 2022 due to the increasing number of patients with neurological disorders. Additionally, the growing preference for minimally invasive procedures and the rapid advancements in medical technologies are driving the growth of this segment. Furthermore, favorable government policies related to healthcare infrastructure and reimbursement policies are also contributing to its growth.
  • North America is expected to account for a large revenue share over other regional markets in 2022 due to the increasing prevalence of neurological disorders, market presence of major players, and rising medical tourism across countries such as Mexico and Canada. The US is home to some of the world's leading companies in the neurology equipment market and has a high concentration of healthcare providers with access to advanced technology.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global neurodiagnostics market report on the basis of product, condition, end-use, and region:

  • Product Outlook (Revenue, USD Billion; 2019–2032)
    • Diagnostic and Imaging Systems
      1. Electroencephalogram (EEG) Systems
      2. Electromyography (EMG) Products
      3. Magnetic Resonance Imaging (MRI) Systems
      4. Ultrasound Imaging Systems
      5. Computed Tomography (CT) Scanner
      6. Magnetoencephalogram (MEG) System
      7. Position emission tomography (PET) System
      8. Angiography System
      9. Others
    • Clinical Testing Instruments
      1. PCR
      2. Next-Generation Sequencing (NGS)
      3. Sanger Sequencing
      4. Others
    • Reagents & Consumables
      1. Media and Serra
      2. Solvents
      3. Enzymes, Protein & Peptides
      4. Probes
      5. Buffers
      6. Antibodies
      7. Others
  • Condition Outlook (Revenue, USD Billion; 2019–2032)
    • Neuro Degenerative Diseases
    • Epilepsy
    • Stroke
    • Headache Disorders
    • Sleep Disorders
    • Others
  • End-Use Outlook (Revenue, USD Billion; 2019–2032)
    • Hospitals and Surgery Centers
    • Neurology Centers
    • Ambulatory Care Centers
    • Diagnostic Laboratories & Imaging Centers
    • Research Laboratories & Academic Institutes

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