The neurodiagnostics market involves detecting or diagnosing neurological disorders through various techniques such as imaging, testing, neuroendoscopy, and others. Neurological disorders like epilepsy, Alzheimer's disease, Parkinson's disease, stroke, multiple sclerosis, and migraine affect millions of people worldwide and their incidence is rising owing to growing aging population and risk factors such as stress, lifestyle changes, and environmental pollutants. Neurodiagnostics help in analyzing the nervous system function, structure, biochemistry, and related molecular mechanisms to identify and track neurological conditions accurately. Some key advantages of neurodiagnostics include early and precise disease diagnosis, pinpointing abnormal brain regions, monitoring disease progression and treatment outcomes, and enabling objective diagnosis to rule out subjective symptoms. The need for neurodiagnostics is growing owing to increasing neurological patient population requiring timely diagnosis and care.
The Global neurodiagnostics Market is estimated to be valued at US$ 14.91 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Neurodiagnostics market are Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc., Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Mennen Medical, Natus Medical Incorporated, Medicaid Systems, Fujirebio, FONAR Corp, ANT Neuro, NEUROLITE AG, and Atlantic Health System. Koninklijke Philips and Siemens Healthcare together hold around 30% of global market share.
The key opportunities in the Neurodiagnostics Market Demand include development of minimally invasive and non-invasive neurological disease diagnostic techniques using advanced imaging technologies like MRI, PET scans, MEG, and computer-aided diagnostics. Growing demand for personalized medicine approach for neurological disorder treatment also presents an opportunity for market players.
Global expansion of key players through strategic mergers and acquisitions is another emerging trend. For instance, Nihon Kohden expanded its business in Asia, Latin America, and Eastern Europe markets through acquisitions. Similarly, Koninklijke Philips eyeing African and Middle Eastern markets.
Market drivers
One of the key drivers for the Neurodiagnostics market is the rising prevalence of neurological disorders. About 1 billion people suffer from brain disorders globally, with neurological and mental disorders accounting for over 10% of global disease burden. The increasing risk factors like changing lifestyle and environmental pollution are further augmenting the incidence rate of neurological conditions like Alzheimer's, stroke, epilepsy, and Parkinson's disease.
Market restrain
High cost of advanced neurodiagnostic equipment and procedures is a major challenge restraining the market growth. MRI, CT, PET, and other neuroimaging systems have very high fixed installation and maintenance costs that many small-scale healthcare facilities cannot afford. The out-of-pocket expenditure for neurological imaging and disease management also deters a section of patients from opting for tests and timely treatment. Thus, cost-effective diagnostic solutions are the need of the hour for making neurodiagnostics accessible to all.
Segment Analysis
The neurodiagnostics market is segmented into diagnostic types which are imaging systems, clinical testing equipment and reagents. Within imaging systems, MRI systems dominates accounting for over 30% share due to its widespread acceptance as the standard modality for neurological disorders diagnosis. In clinical testing equipment, EEG systems hold the largest share as it is considered the primary diagnostic technique for epilepsy and is noninvasive. The reagents segment is growing rapidly due to increasing volume of brain related test worldwide.
Global Analysis
North America dominates the neurodiagnostics market with over 40% share due to high healthcare expenditure and presence of advanced healthcare facilities in US and Canada. rising neurological disorders prevalence is also a key growth driver. Asia Pacific is the fastest growing region due to increasing healthcare investments, growing medical tourism industry and rapid economic developments in major countries like China and India. This has led to higher demand for quality neurodiagnostic services in Asia Pacific. The region also has large patient pool which offers ample opportunities for market players. Europe is another major regional market supported by large research activities and presence of key market players in the region.
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