May 21, 2024
Neurodiagnostics Market

Neurodiagnostics Market is Estimated to Witness High Growth Owing to Advancements in Imaging Technologies

Neurodiagnostics involves the diagnosis of neurological disorders and diseases through imaging technologies such as CT scans, MRI scans, PET scans, EEG, and others. Neurological disorders have a significant impact on the health of individuals across the globe. Advancements in imaging technologies such as high resolution MRI systems, portable EEG devices, high definition PET scanners etc. have enabled precise diagnosis and early detection of conditions affecting the brain and nervous system such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and stroke. These imaging modalities help in studying the structure and function of the brain, facilitate localization of lesions, and aid in treatment planning.

The global neurodiagnostics market is estimated to be valued at US$ 14.91 billion 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 include 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.

The market provides huge opportunities owing to rising geriatric population and increasing incidence of neurological disorders. Technological advancements in neuroimaging such as high resolution MRI systems and 64-slice CT scanners have enabled early and accurate diagnosis and helped drive the neurodiagnostics market growth.

Key players operating in the Neurodiagnostics MarketĀ  Demand are focusing on developing novel imaging technologies such as neuromolecular imaging, resting-state functional connectivity MRI, high density EEG systems and molecular neuroimaging probes which help in detection of neurological changes at the molecular level and enable early diagnosis.

Market Drivers

The increasing aging population is one of the major drivers of the neurodiagnostics market. With age comes an increase in the risk of neurological disorders such as Alzheimer’s and Parkinson’s diseases. According to statistics, neurological conditions are the leading cause of disability and the second leading cause of death worldwide. Growing prevalence of neurological disorders globally is expected to fuel the demand for neurodiagnostics in the coming years.
Current challenges in Neurodiagnostics Market:
Neurodiagnostics Market is facing challenges due to high cost of diagnostic equipment, lack of awareness about neurodiagnostic tests, shortage of skilled neurologists and technicians. These tests require advanced equipment and trained staff which adds to the overall cost of diagnosis. Many people in developing regions lack access to advanced healthcare facilities which can conduct these diagnostic tests. Skill gaps in providing neurodiagnostics is also a major challenge.

SWOT Analysis

Strength: Advances in imaging technologies enable more accurate diagnosis. Neurodiagnostic tests aid in early detection of disorders and enable timely treatment.
Weakness: High costs associated with neurodiagnostic equipment and tests make it inaccessible for many. Skill shortage is also a challenge.
Opportunity: Rising incidence of neurological disorders creates demand. Emerging markets offer growth potential.
Threats: Stringent regulations delay product approvals. Reimbursement issues and economic slowdowns impact market growth.

Geographical regions of concentration

North America region currently generates maximum Neurodiagnostics Market revenue owing to availability of state-of-the-art healthcare facilities and high per capita healthcare expenditure. The United States accounts for the major share in the regional market.

Fastest growing region

Asia Pacific region is expected to witness the highest CAGR during the forecast period owing to improving healthcare infrastructure, rising investments by key players, increasing disposable incomes, and growing prevalence of neurological disorders in developing countries. Growing medical tourism industry in countries like India and China will further support the regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.