Market Size of Global Neurodiagnostics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 7.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Neurodiagnostics Market Analysis
The Neurodiagnostics Market is expected to register a CAGR of 7.5% during the forecast period (2022 - 2027).
The emergence of the COVID-19 pandemic had its impact on the neurodiagnostic market as all the procedures, including diagnostic and therapeutic around the world were impacted due to the decline in visits to hospitals and diagnostic centers because of lockdown restrictions imposed by various governments globally. Further, many studies reported the negative impact of COVID-19 on patients with neurological disorders, which is also expected to impact the studied market. For instance, according to an article published by the National Center for Biotechnology Information, in July 2021, titled "Alzheimer's and Parkinson's diseases predict different COVID-19 outcomes: A UK Biobank study", it was observed that the patients with dementia have the highest mortality risk from COVID-19. Thus, the delay in the diagnosis of such diseases during the COVID-19 pandemic has further increased the risk for the patients and negatively impacted the market growth. However, with the resumed services and procedures, and the opening of the diagnostic centers, the neurodiagnostic market is expected to regain its full potential over the forecast period.
The increasing prevalence of neurological disorders, rise in the geriatric population, technological advancements in neurodiagnostic, and growing awareness regarding early diagnosis of diseases are the key driving factors in the neurodiagnostic market.
The rising prevalence of neurological disorders such as Alzheimer's disease, Amyotrophic lateral sclerosis, Huntington's disease, Parkinson's disease, and spinal muscular atrophy is the key factor driving the demand for the neurodiagnostic market over the forecast period. For instance, For according to the September 2021 report of the World Health Organization, about 55 million people around the world are living with dementia, and nearly 10 million cases are reported every year. Similarly, as reported in National Center for Biotechnology Information, in November 2021, titled "Prevalence of Huntington's Disease", it has been observed that the prevalence of Huntington's disease is around 10 cases per 100,000 people, with a higher prevalence in North America, North-western Europe, the Middle East, and Australia. In these regions, the estimates range from 5.96 to 13.70 cases per 100,000 people. Whereas in Asia, the prevalence is estimated to be 0.41-0.70 cases per 100,000 people.
With the growing prevalence of neurological diseases around the world, government and non-government entities are investing heavily in the development of diagnostics and therapeutics for the treatment, as well as increasing funding and awareness programs for various neurological disorders, which may augment the growth of the market. For instance, in January 2021, Life Sciences Partners (LSP) launched the EUR 150 million LSP Dementia Fund, which is dedicated to combating neurodegenerative diseases. This fund will focus on all stages of dementia drugs and Medtech development to treat neurological diseases in patients.
However, the high cost of diagnostic and imaging systems is likely to hinder the growth of the market.
Neurodiagnostics Industry Segmentation
As per the scope of the report, Neurodiagnostics are tests and imaging procedures that are performed to diagnose problems with the brain, nervous system, and sleep habits of humans. Neurodiagnostic testing includes two types of imaging tests or scans (Example: X-ray, CT scan, MRI scan, PET scan) and electrical impulse detection (Example: EEG, EMG). Neurodiagnostic testing may be conducted as part of a neurological exam that involves the monitoring and analysis of the nervous system, which will enable the efficient initiation of treatment procedures. The market is segmented By Product Type (Clinical Testing Instruments, Diagnostic and Imaging Systems, Reagents, and Consumables), End-user (Hospitals, Diagnostic Laboratories, Imaging Centers, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product Type | |
Clinical Testing Instruments | |
Diagnostic and Imaging Systems | |
Reagents and Consumables |
By End-User | |
Hospitals and Clinics | |
Diagnostic Laboratories and Imaging Centers | |
Other End-Users |
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Global Neurodiagnostics Market Size Summary
The neurodiagnostics market is poised for significant growth, driven by the increasing prevalence of neurological disorders and advancements in diagnostic technologies. The market experienced a temporary setback due to the COVID-19 pandemic, which disrupted diagnostic and therapeutic procedures globally. However, as services resume and diagnostic centers reopen, the market is expected to regain its momentum. Key factors propelling market growth include the rising incidence of conditions such as Alzheimer's, Parkinson's, and other neurodegenerative diseases, alongside a growing geriatric population. Technological innovations in neurodiagnostic tools and heightened awareness of early disease detection further bolster market expansion. Despite the high costs associated with diagnostic and imaging systems posing a challenge, the development of cost-effective and precise diagnostic models is anticipated to mitigate this issue.
North America is projected to hold a significant share of the global neurodiagnostics market, supported by a robust healthcare infrastructure, high healthcare spending, and a substantial presence of major market players. The region's market growth is fueled by the increasing prevalence of neurological disorders and a rising geriatric population, which is more susceptible to age-related neurodegenerative diseases. The continuous launch of advanced diagnostic products in North America contributes to market expansion. The market is characterized by consolidation, with major players like GE Healthcare, Siemens Healthineers, and Philips Healthcare dominating various segments. These companies are actively engaged in developing innovative imaging and diagnostic solutions, further driving market growth.
Global Neurodiagnostics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Neurological Diseases
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1.2.2 Growing Adoption of Novel Diagnostic Technologies
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1.3 Market Restraints
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1.3.1 High Cost of Diagnosis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Clinical Testing Instruments
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2.1.2 Diagnostic and Imaging Systems
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2.1.3 Reagents and Consumables
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2.2 By End-User
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2.2.1 Hospitals and Clinics
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2.2.2 Diagnostic Laboratories and Imaging Centers
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2.2.3 Other End-Users
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Neurodiagnostics Market Size FAQs
What is the current Global Neurodiagnostics Market size?
The Global Neurodiagnostics Market is projected to register a CAGR of 7.5% during the forecast period (2024-2029)
Who are the key players in Global Neurodiagnostics Market?
Siemens Healthineers, Thermo Fisher Scientific, Inc, GE Healthcare, Koninklijke Philips N.V. and FUJIFILM Healthcare are the major companies operating in the Global Neurodiagnostics Market.