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| Neurodiagnostics Market |
The neurodiagnostics market consists of devices and tests that are used to identify various neurological disorders such as Alzheimer's disease, Parkinson's disease, multiple sclerosis, cancer, stroke, and epilepsy. Imaging tests such as MRI (Magnetic Resonance Imaging) and CT (Computed Tomography) scans provide physicians with detailed images of the brain and spinal cord. Neurological biomarkers testing identifies molecular and genetic markers associated with neurological conditions. Neurological monitoring devices aid in detecting brain activity during neurological procedures. The neurodiagnostics market helps physicians accurately diagnose neurological disorders and aids in the clinical management and treatment of patients.
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
from 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. These companies offer advanced imaging systems,
neurological monitoring devices, and neurological biomarkers tests for the
clinical diagnosis of various neurological disorders.
The growing prevalence of neurological disorders across the world due to
increasingly unhealthy lifestyles and an aging global population is expected to
drive the demand for Neurodiagnostics
Market Demand procedures.
According to the World Health Organization, neurological disorders affect over
a billion people globally with Alzheimer's disease and dementia being the most
common. Increasing healthcare spending on advanced diagnostic technologies to
reduce healthcare costs associated with the treatment of chronic neurological
conditions will further augment the growth of the neurodiagnostics market.
Global
multinational companies are expanding their presence in emerging economies of
Asia Pacific, Latin America, and Middle East & Africa to tap the potential
opportunities in these untapped markets. Favorable government initiatives to
modernize healthcare infrastructure along with health insurance coverage for
high-end diagnostic tests are encouraging the adoption of neurodiagnostics
services across developing countries.
Market Drivers
Rising
geriatric population is a key driver fueling the neurodiagnostics market
growth. According to the United Nations, the global population aged 60 years
and older is expected to more than double, from 900 million to nearly 2.1
billion between 2015 and 2050. Growing neurological disorders incidence in the
elderly population is increasing demand for neurodiagnostics testing for prompt
detection and management of neurological conditions.
Impact of Geopolitical Situation on
Neurodiagnostics Market Growth
The geopolitical tensions occurring between different countries have
negatively impacted the growth of the neurodiagnostics market. Trade
restrictions imposed between certain regions have disrupted the supply chain
and distribution networks of key neurodiagnostic device manufacturers.
Additionally, political instability and ongoing conflicts in regions like
Middle East and Asia Pacific have restricted the availability of advanced neurodiagnostic
procedures and hindered market expansion opportunities. Device manufacturers
now face significant challenges in ensuring steady supply of components and
finished products to impacted geographies. They need to consider developing
alternative supply sources and distribution channels to negate reliance on
conflict-ridden countries. Device localization initiatives may help address
import restrictions and foster domestic manufacturing capabilities over the
long run.
Geographical Regions with High Market
Concentration
North America currently captures the largest share of the global
neurodiagnostics market in terms of value. Advanced healthcare infrastructure,
rising geriatric population susceptible to neurological disorders, and
considerable healthcare spending have propelled the United States to dominate
the regional market. Favorable reimbursement policies for diagnostic procedures
and wide acceptance of expensive high-end devices further boost the
neurodiagnostics industry in the country. Similarly, Western European nations
such as Germany, U.K., and France enjoy high market concentration owing to
universal health insurance coverage, large patient bases, and growing awareness
on early disease detection.
Fastest Growing Regional Market
The Asia Pacific region is poised to emerge as the fastest growing market for
neurodiagnostics over the coming years. This can be attributed to increasing
prevalence of neurological conditions such as Alzheimer's, Parkinson's,
epilepsy, and traumatic brain injuries. Rise in healthcare expenditure by both
public and private players, expansion of modern healthcare facilities, and
growing geriatric demographics will promote higher adoption of neurodiagnostic
solutions. Favorable government policies supporting healthcare infrastructure
development along with initiatives to improve access to diagnostic services
also boost the regional market. Countries like India, China, Japan, and South
Korea are expected to drive the Asia Pacific neurodiagnostics industry owing to
their huge patient pools and improving medical technologies penetration.
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