Global Neurodiagnostics Market, By Product (Diagnostic Imaging Systems, Clinical Diagnostic Instruments, Reagents and Consumables), Condition (Neurodegenerative Diseases, Stroke, Epilepsy, Headache Disorders, Sleep Disorders, Neuroimaging Technologies, In Vitro Diagnostics, Neuroinformatics), End User (Hospitals and Surgical Centers, Diagnostic Laboratories and Imaging Centers, Neurology Centers, Ambulatory Care Centers, Research Laboratories and Academic Institutes) – Industry Trends and Forecast to 2029.
Neurodiagnostics Market Analysis and Size
According to the Global Burden of Disease/Institute for Health Metrics and Evaluation, neurological diseases were the leading cause of disability-adjusted life years (DALY) (approximately 276 million) and deaths worldwide in 2016. (approximately 9 million people) Furthermore, the World Health Organization (WHO) predicts that the number of people suffering from neurological diseases will rise from 95 million in 2015 to 103 million by 2030.
Data Bridge Market Research analyses that the neurodiagnostics market which was USD 7.28 billion in 2021, is expected to reach USD 12.79 billion by 2029, at a CAGR of 7.3% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Neurodiagnostics Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Diagnostic Imaging Systems, Clinical Diagnostic Instruments, Reagents and Consumables), Condition (Neurodegenerative Diseases, Stroke, Epilepsy, Headache Disorders, Sleep Disorders, Neuroimaging Technologies, In Vitro Diagnostics, Neuroinformatics), End User (Hospitals and Surgical Centers, Diagnostic Laboratories and Imaging Centers, Neurology Centers, Ambulatory Care Centers, Research Laboratories and Academic Institutes)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthcare GmbH (Germany), Canon Inc. (Japan), Lifelines Neuro (U.S.), Natus Medical Incorporated. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), FUJIFILM Holdings Corporation (Japan), Mitsar Co. LTD. (Russia), Advanced Brain Monitoring, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), QIAGEN (Germany), Nihon Kohden Corporation (Japan), ANT Neuro (Netherlands), FONAR Corp. (U.S.), Fujirebio (Japan), DRG INSTRUMENTS GMBH (Germany), Tecan Trading AG (Switzerland), Agilent Technologies, Inc. (U.S.)
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Market Opportunities
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Market Definition
Neurodiagnostic tests are typically administered to patients suffering from central nervous system disorders (brain and the spinal cord). These tests monitor and record the electrical activity of the brain, spinal cord, and peripheral nerves to ensure that the disease is diagnosed as soon as possible and as accurately as possible. To provide more detailed diagnostic information, specialized imaging procedures can aid in visualizing changes in brain activity or the amounts of a specific brain chemical.
Global Neurodiagnostics Market Dynamics
Drivers
- Increasing prevalence of neurodegenerative diseases
The global burden of neurological and neurodegenerative diseases has increased demand for effective disease diagnosis. According to the World Health Organization, neurological disorders account for 12% of all deaths worldwide. Furthermore, it is estimated that 276 million people worldwide suffer from various disorders such as Alzheimer's, strokes, epilepsy, migraine, and among others. The market for neurodiagnostics will be promising and lucrative growth in the coming years, due to the increasing incidence of neurological disorders and the growing need for early diagnosis
- Technological advancements in the neurodiagnostics
Diagnostic imaging manufacturers are investing in incorporating technological advancements into their modalities that can help accurately diagnose neurological disorders. For instance, Medtronic PLC's Stealth Station S8 Neurosurgery System provides clear visualization and surgical navigation of every segment of the spine. It includes technologies such as 3D cameras, electromagnetic sensors, tracking algorithms, data processing software, and much more. Such technologies simplify the entire diagnostic process, propelling the global neurodiagnostics market.
Opportunities
- Rising prevalence of epilepsy
According to the World Health Organization, an estimated five million people worldwide are diagnosed with epilepsy each year. Epilepsy is expected to affect 50 out of every 100,000 people in high-income countries yearly. In low- and middle-income countries, this rate can reach 140 per 100,000. This is most likely due to an increased risk of recurring neurological illnesses, a higher frequency of traffic accidents and birth-related traumas, differences in healthcare technology, and the availability of preventative health programmes and affordable care. These are the factors which propel the growth of the market.
Restraints/Challenges
- High cost of diagnosis and imaging technologies
Adoption of imaging technologies necessitates significant investment, and the high cost of these technologies limits their use, particularly in developing and low-income countries' healthcare facilities. An ultrasound machine can range in price from USD 20,000 to USD 200,000, with some machines costing even more.
On the other hand, A PET scanner costs approximately USD 2 million, while an MRI scanner costs approximately USD 1 million. These amounts are regarded as prohibitively expensive, limiting adoption and market growth.
This neurodiagnostics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the neurodiagnostics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Neurodiagnostics Market
The COVID-19 pandemic placed a tremendous strain on the entire healthcare system. A lack of medical resources was impairing the COVID-19 outbreak, and more people became infected daily. As a result, healthcare facilities began to invest in acquiring respiratory support devices such as life support machines, oxygen generators, ventilators, PPE kits, masks, and gloves, among others. As a result, demand for the neurodiagnostics market fell significantly, negatively impacting the global neurodiagnostics market. Furthermore, the manufacturing of such devices was hampered by lockdown and social distancing protocols, resulting in significant losses for the manufacturers.
Recent developments
- In May 2021, Sense Neuro Diagnostics, a medical tech startup based in the United States, announced a strategic collaboration with Inflect Health, a venture capital health, to develop devices to improve the outcomes of stroke and brain injury patients.
- In December 2021, Rhythmlink International LLC, a medical equipment manufacturer based in the United States, announced the acquisition of Chalgren Enterprises (a medical device manufacturer) to expand its product portfolio of brain and nervous system monitoring.
Global Neurodiagnostics Market Scope
The neurodiagnostics market is segmented on the basis of product, condition, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Diagnostic Imaging Systems
- Ultrasound Imaging Systems
- EEG Systems
- MEG Devices
- MRI Systems
- Angiography Systems
- PET Scanners
- CT Scanners
- EMG Devices
- Other Diagnostic Imaging Systems
- Clinical Diagnostic Instruments
- Instruments
- NGS Instruments
- Sanger Sequencers
- Other Clinical Diagnostic Instruments
- Reagents and Consumables
- Media and Sera
- Probes
- Antibodies
- Enzymes, Proteins and Peptides
- Buffers
- Solvents
- Other Reagents and Consumables
Condition
- Neurodegenerative Diseases
- Headache Disorders
- Stroke
- Sleep Disorders
- Epilepsy
- Neuroimaging Technologies
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear Medicine Imaging (PET, SPECT)
- Near Infrared Spectroscopic Imaging (NIRS)
- Electroencephalography (EEG)
- Magnetoencephalography (MEG)
- Voxel-based Morphometry (VBM)
- In Vitro Diagnostics
- Neuroinformatics
End-User
- Hospitals and Surgical Centers
- Ambulatory Care Settings
- Diagnostic Laboratories and Imaging Centers
- Neurology Centers
- Academic and Research Institutes
Neurodiagnostics Market Regional Analysis/Insights
The neurodiagnostics market is analyzed and market size insights and trends are provided by country, product, condition, and end user as referenced above.
The countries covered in the neurodiagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the neurodiagnostics market due to the high prevalence of improved healthcare facilities, easy availability of advanced tools, and large number of manufacturing companies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the neurological and neurodegenerative diseases.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The neurodiagnostics market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for neurodiagnostics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the neurodiagnostics market. The data is available for historic period 2010-2020.
Competitive Landscape and Neurodiagnostics Market Share Analysis
The neurodiagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to neurodiagnostics market.
Some of the major players operating in the neurodiagnostics market are:
- General Electric (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthcare GmbH (Germany)
- Canon Inc. (Japan)
- Lifelines Neuro (U.S.)
- Natus Medical Incorporated. (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- FUJIFILM Holdings Corporation (Japan)
- Mitsar Co. LTD. (Russia)
- Advanced Brain Monitoring, Inc. (U.S.)
- Thermo Fisher Scientific, Inc. (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- QIAGEN (Germany)
- Nihon Kohden Corporation (Japan)
- ANT Neuro (Netherlands)
- FONAR Corp. (U.S.)
- Fujirebio (Japan)
- DRG INSTRUMENTS GMBH (Germany)
- Tecan Trading AG (Switzerland)
- Agilent Technologies, Inc. (U.S.)
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