Neurodiagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: 24 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 7.9 billion |
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Revenue forecast in 2030 |
US$ 14.52 billion |
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Growth Rate |
CAGR of 7.0% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Year |
2020 |
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Segments covered |
Technology, Condition, End User, and Region. |
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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.
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 the doctors in the diagnosis and treatment of neurological problems such as epilepsy, headaches, head and spinal injuries, seizures, sleep disorders, strokes, and unexplained comas.
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 use 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 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.
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Market Dynamics
The increasing incidence rate of the neurological disorder such as dementia, epilepsy, headache disorders, multiple sclerosis, brain tumor, Parkinson’s disease, Huntington’s disease etc. is the key driving factor of the global neurodiagnostics market. Moreover, the rise in the demand for early diagnosis and treatment of neurological diseases and presence of minimally or non-invasive testing procedure is also propelling the market growth. The adoption of advance technology in the imaging technologies such as the hybridization of PET and SPECT with MRI & CT scanners this is also boosting the global market growth. Additionally, the growing geriatric population which is more prone to brain disorder such as Alzheimer and the increasing number of traumatic brain injuries is also increasing the demand for neurodiagnostics. Furthermore, the rise in the research and development of neurological biomarker and used of technology such digital biomarker and clusters of biomarkers is fueling the growth of the global market. The continuous launch of new product by the major market players is also expected to boost the growth of the global market. However, the high cost of the equipment used in neurodiagnostic is the major factor restricting the global neurodiagnostic market. Moreover, the stringent regulator policy is also cramping the growth of the global market. Similarly, the lack of skilled healthcare professionals and lack of awareness regarding neurodiagnostics is also hindering the growth of the global market.
Market Ecosystem
The global neurodiagnostics market has been analyzed from four perspectives: Technology, Condition, End User, and Region.
Neurodiagnostics Market by Technology
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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 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 the segment growth. Additionally, the presence of noninvasive imaging technologies and hybrid modalities is also boosting the segment growth. The neuroimaging devices provide a complete view of the brain and help in to process the complex data thus increasing the demand for neuroimaging devices.
Neurodiagnostics Market by Condition
The global neurodiagnostics market based on condition, has been divided into epilepsy, neurodegenerative diseases, stroke, sleep disorders, and others.
The neurodegenerative diseases hold 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, multiple system atrophy etc. is the major growth factor of the segment. Alzheimer's disease is the most common form of neurodegenerative diseases, according to WHO there are around 55 million people living with dementia. Moreover, there is rise in the research and development to developed novel drugs for neurodegenerative diseases which is also boosting the segment growth. The government and non-government organizations are taking initiatives to create awareness regarding neurodegenerative diseases this is also expected to propel the market growth.
Neurodiagnostics Market by End User
Based on end user, the global neurodiagnostics market has been segmented into hospitals & surgery centers, diagnostic & imaging centers, neurology centers, and others.
The hospitals & surgery centers leads the global neurodiagnostics market with the largest revenue share in 2021. Neurodiagnostics involves use of high-tech and costly equipment primarily present in hospitals with skilled professionals to handle these devices. Moreover, hospital have well-developed healthcare infrastructure and have much efficient insurance procedure thus increasing the overall footfall of patients in hospitals.
Neurodiagnostics Market by Region
Based on 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 related to the rising incidence of neurological disorders such stroke, dementia, epilepsy, and traumatic brain injuries (TBI) etc. According to Centers for Disease Control and Prevention (CDC) it is estimated that 1.5 million Americans suffer from TBI each year. Moreover, well-developed healthcare infrastructure with availability of advance technology is also propelling the regional growth. Furthermore, the presence of major players in the region is also expected to boost the regional 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 the North American area is anticipated to raise demand for diagnostic and imaging systems, which might further fuel market expansion during the forecast period.
Competitive Landscape
The prominent players operating in the global neurodiagnostics market are:
Strategic Development
The neuroimaging technologies segment accounts for the largest revenue share of the market due adoption of advance technologies and the presence of non-invasive imaging technologies.
In terms of revenue the neurodiagnostics market accounts for 7.9 billion in 2021.
High purchase and installation cost of equipment, and lack of respective healthcare professional in developing countries restrain the market growth.
The CAGR of the global neurodiagnostics market for the forecasting period of 2022 to 2030 is 7%.
Some prominent players operating in the global neurodiagnostics market are GE Healthcare, Siemens Healthineers AG, Koninklijke Philips N.V., Nihon Kohden Corporation, Bio-Rad Laboratories Inc., Canon Inc., Thermo Fisher Scientific Inc., Qiagen.
*Insights on financial performance are subject to availability of the information in the public domain
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Snehal Deshmukh
Principle Consultant
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