Frequent launches and approvals of novel neurological disorder diagnostics products is expected to drive growth

Neurological disorder diagnostics tools are medical devices, which are used in diagnosis of various neurological disorders such as Alzheimer’s disease (AD), Parkinson’s disease (PD), and Multiple Sclerosis. The devices which are majorly used in diagnosis are imaging tools such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and in-vitro diagnostics tools such as biomarker and biopsy. Increasing prevalence of neurological disorders in the recent past has increased demand for diagnostic tools. For instance, according to a study published in Parkinson Association of the Carolinas, 2013, each year, around 10 million people worldwide are suffering from Parkinson disease. Moreover, this accounts for around 60,000 cases in the U.S. alone. According to data published by Alzheimer’s Association in 2017, around 5.5 million people in the U.S. of all ages are suffering from Alzheimer’s dementia

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Frequent launches and approvals of novel neurological disorder diagnostics products is expected to drive growth of the market

In the recent past, key players in the market had received approvals and had launched a number of novel technological advanced neurological disorder diagnosis devices in the market, and this is expected to aid in neurological disorder diagnostics market growth. For instance, in April 2018, Canon Medical Systems Corporation launched 1.5T MRI System, Vantage Orian. In April 2018, Siemens Healthineers received U.S. FDA approval for its new SOMATOM go.All and SOMATOM go.Top computed tomography (CT) systems. SOMATOM go.All has 64-slice and provides 0.33-second rotation time, stellar detector technology, and a robust 75 kW generator. SOMATOM go.Top has 128-slice and provides fast scanning. Furthermore, in 2017, Neusoft Medical Systems received U.S. FDA approval for NeuViz Prime CT Scanner.

The global neurological disorder diagnostics market was valued at US$ 10,774.6 Mn in 2017, and is expected to witness a CAGR of 7.3% over the forecast period (2018 – 2026).

Increasing strategic collaborations for development of new diagnostic tools is expected to propel the market growth

Strategic collaboration among key players in the market is also expected to be another factor fueling growth of the global neurological disorder diagnosis market growth. For instance, in March 2018, Canon Medical Systems, Kumamoto University, and University of Bordeaux entered into collaborative research for development of deep learning technology in magnetic resonance imaging. In 2017, York Instruments Ltd. signed an agreement for three Magnetoencephalography Systems with three leading universities. The University of York, the University of Glasgow in the U.K., and Germany’s University of Konstanz partnered with York Instruments to develop this technology.

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Furthermore, North America neurological disorder diagnostics market, and Asia Pacific neurological disorder diagnostics market are expected to show a good growth in the near future due to increasing adoption of diagnostic devices by hospitals and ambulatory care centers in regions. For instance, according to the data published by the Organisation for Economic Co-operation and Development (OECD), in the U.S., the total unit of Magnetic Resonance Imaging (MRI) in hospital and ambulatory care centers in 2015, were around 39.0 per 1,000,000 inhabitants increasing from 31.5 per 1,000,000 population in 2010. In Asia Pacific, Japan is the only country to have over 100 CT scanners per 1,000,000 population. According to Organisation for Economic Co-operation and Development (OECD), Japan had 107.2 CT scanners per 1,000,000 population in 2014.

High cost of diagnostic tools such as MRI machines and CT scan is a major factor, which is expected to hinder growth of global neurological disorder diagnostics market. Devices of such high cost are not affordable by small hospital facilities in emerging economies such as India, Africa, and China. Therefore, this factor is expected to negatively affect growth of the market. For instance, price of a magnetic resonance imaging (MRI) devices starts from US$ 150,000, and high end device costs over US$ 1 million. Such high cost devices are only affordable by big hospitals and diagnostic laboratories.

Key players operating in the neurological disorder diagnostics market include Healthineers, Koninklijke Philips N.V., General Electric Company, Esaote SpA, NeuroLogica Corporation, Masimo Corporation, York Instruments Ltd., Neusoft Medical Systems, and Canon Medical Systems Corporation

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