Neurodiagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: February 24, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 7.9 billion |
|
Revenue Forecast in 2030 |
US$ 14.52 billion |
|
CAGR |
7.0% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Technology, Condition, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global neurodiagnostics market was valued at US$ 7.9 billion in 2021 and is expected to register a revenue CAGR of 7.0% to reach US$ 14.52 billion by 2030.
Neurodiagnostics Market Fundamentals
Neurodiagnostics is the study and documentation of electrical activity in the brain, central nervous system, and peripheral nervous system. The state-of-the-art digital equipment are used to record electrical patterns throughout the brain and nervous system. The recorded electrical activity of the nervous system provides valuable information that can aid doctors in the diagnosis and treatment of neurological problems, such as epilepsy, headaches, head and spinal injuries, seizures, sleep disorders, strokes, and unexplained comas.
The advances in medical technology and the development of new diagnostic tools and techniques are currently driving the neurodiagnostics market. For instance, the development of high-resolution imaging systems, such as magnetic resonance imaging (MRI) and computed tomography (CT), has greatly improved the ability to diagnose and monitor neurological disorders. Furthermore, the increasing usage of non-invasive diagnostic techniques, such as electroencephalography (EEG), has made it easier to diagnose and treat neurological disorders. Key players in the neurodiagnostics market are investing heavily in research and development to introduce new products and improve existing ones. This is expected to contribute to the revenue growth of the market as new diagnostic tools and techniques are becoming widely available. Overall, the neurodiagnostics market outlook is positive, with continued growth expected in the coming years.
[856757]
Neurodiagnostics Market Dynamics
The increasing incidence rate of neurological disorders, such as dementia, epilepsy, headache disorders, multiple sclerosis, brain tumor, Parkinson’s disease, and Huntington’s disease, is the key driving factor of the global neurodiagnostics market revenue growth. Moreover, a rise in the demand for early diagnosis and treatment of neurological diseases and the presence of minimally or non-invasive testing procedures are also propelling the market revenue growth. The adoption of advanced technologies, such as the hybridization of PET and SPECT with MRI & CT scanners, in imaging procedures is boosting the global market revenue growth. Additionally, the growing geriatric population, which is more prone to brain disorders, such as Alzheimer’s disease, and the increasing number of traumatic brain injuries are fueling the demand for neurodiagnostics. Furthermore, the rise in research and development activities focused on neurological biomarkers and the usage of technologies, such as digital biomarkers and clusters of biomarkers, is fueling the revenue growth of the global market. The continuous launch of new products by the major players is expected to boost global market development during the forecast period.
However, the high cost of the equipment used in neurodiagnostic is the major factor restricting the global neurodiagnostics market revenue growth. Moreover, the stringent regulatory policies are also cramping the revenue growth of the global market. Similarly, the shortage of skilled healthcare professionals and lack of awareness regarding neurodiagnostics are hindering the revenue growth of the global market.
Neurodiagnostics Market Ecosystem
The global neurodiagnostics market has been analyzed from four perspectives: technology, condition, end user, and region.
Neurodiagnostics Market by Technology
[854565]
Based on technology, the global neurodiagnostics market has been segmented into neuroimaging technologies, in-vitro diagnostics, and others.
The neuroimaging technologies segment is further sub-segmented into magnetic resonance imaging (MRI), computed tomography (CT), nuclear medicine imaging (PET, SPECT), near-infrared spectroscopic imaging (NIRS), electroencephalography (EEG), magnetoencephalography (MEG), and voxel-based morphometry (VBM).
The neuroimaging technologies segment dominated the global neurodiagnostics market with the largest revenue share in 2021. The adoption of advanced technologies and increased application of neuroimaging technologies in the pre-surgery and post-surgery is playing a pivotal role in segment growth. Additionally, the presence of non-invasive imaging technologies and hybrid modalities is also boosting segment growth. Neuroimaging devices provide a complete view of the brain and help in processing complex data, thus increasing the demand for neuroimaging devices.
Neurodiagnostics Market by Condition
Based on the condition, the global neurodiagnostics market has been segmented into epilepsy, neurodegenerative diseases, stroke, sleep disorders, and others.
The neurodegenerative diseases segment accounted for the largest revenue share of the global neurodiagnostics market in 2021. The rise in the prevalence of diseases, such as Alzheimer’s disease, Huntington’s disease, Parkinson’s disease, motor neuron disease, and multiple system atrophy, is the major growth factor of the segment. Alzheimer’s disease is the most common form of neurodegenerative disease. According to WHO, there are around 55 million people living with dementia. Moreover, there is a rise in research and development activities focused on developing novel drugs for neurodegenerative diseases. The government and non-government organizations are taking initiatives to spread awareness regarding neurodegenerative diseases. These factors are expected to propel the market revenue growth.
Neurodiagnostics Market by End User
Based on the end user, the global neurodiagnostics market has been segmented into hospitals & surgery centers, diagnostic & imaging centers, neurology centers, and others.
The hospitals & surgery centers led the global neurodiagnostics market with the largest revenue share in 2021. Neurodiagnostics involves the usage of high-tech and expensive equipment primarily present in hospitals with skilled professionals to handle these devices. Moreover, hospitals have well-developed healthcare infrastructure and much more efficient insurance procedures, thus increasing the overall footfall of patients in hospitals.
Neurodiagnostics Market by Region
Based on the region, the global neurodiagnostics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global neurodiagnostics market in 2021. Asia Pacific is the fastest-growing regional market. The large share of North America can be associated with the rising incidence of neurological disorders, such as stroke, dementia, epilepsy, and traumatic brain injuries (TBI). According to the Centers for Disease Control and Prevention (CDC), an estimated 1.5 million Americans suffer from TBI each year. Moreover, well-developed healthcare infrastructure with the availability of advanced technologies and the presence of major players are expected to boost regional revenue growth. In a June 2021 interview, the Chief Scientific Officer of the Alzheimer Society of Canada, for instance, predicted that more than one million Canadians would have dementia over the following ten years. This shows that the rising incidence of Alzheimer’s in North America is anticipated to raise the demand for diagnostic and imaging systems, which might further fuel market expansion during the forecast period.
Neurodiagnostics Market Competitive Landscape
The prominent players operating in the global neurodiagnostics market are:
Neurodiagnostics Market Strategic Developments
The neuroimaging technologies segment accounts for the largest revenue share of the market due adoption of advanced technologies and the presence of non-invasive imaging technologies.
In terms of revenue, the neurodiagnostics market was valued at US$ 7.9 billion in 2021.
The high purchase and installation cost of equipment and the lack of respective healthcare professionals in developing countries restrain the market revenue growth.
The global neurodiagnostics market is expected to register a revenue CAGR of 7% during the forecast period from 2022 to 2030.
GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V., Nihon Kohden Corporation, and Bio-Rad Laboratories Inc. are among the top market players.
*Insights on financial performance are subject to availability of the information in the public domain