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| Neurodiagnostics Market |
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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