Neurodiagnostics Market to grow at a CAGR of 7.5% | Valuates Reports

The report predicts that the global neurodiagnostics market will grow at a CAGR of 7.5% during the forecast period.

This market research report includes a detailed segmentation of the global neurodiagnostics market by technology [neuroimaging technologies (computed tomography (CT), nuclear medicine imaging (NMI), magnetic resonance imaging (MRI), electroencephalography (EEG), magnetoencephalography (MEG), near infrared spectroscopic imaging (NIRS) and voxel-based morphometry), in vitro diagnostics, and neuroinformatics] and by regions [North America, Europe, APAC and RoW].
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Market Trends
The market has witnessed steady growth in the past few years, and the development in technology with the introduction of advanced products has increased the acceptance of neurodiagnostics products in the market. The market is fueled by the growing adoption of novel diagnostics technologies, upsurge in the number of patients with neurological diseases, and increasing aging population.

Imaging and in vitro diagnostics are the most widely used technologies for the diagnosis of mental health disorders. This particular field is getting revolutionized with the advancement in technology. Globally, there are around dozens of 7-T machines in research labs, and the first 7-T model was cleared for clinical use in 2018. Vendors are focusing on new product launches and targeting toward end user's perspective. The revenue is generated from the key players operating in this field, and few of them include GE Healthcare, Philips Healthcare, Siemens Healthineers, Canon Medical Systems Corporation, Hitachi Medical Corporation, and Nihon Kohden Corporation.

According to the report , North America accounted for the largest share of the global neurodiagnostics market in 2018 and will retain a high position during the forecast period. The region has the highest percentage of the geriatric population with a growing prevalence of neural diseases such as Parkinson disease, epilepsy, migraine, and stroke. Further, the availability of advanced technologies is driving the market growth in North America. The Asia Pacific region is expected to witness the fastest growth rate due to the increasing patient pool, growing awareness among patients, and rising healthcare expenditure.

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The market is dominated by North America, followed by Europe and Asia Pacific. The US occupied the dominant share in North America due to the rapid adoption of new and advanced diagnostic technologies.

Neurodiagnostics Market Research Competitive Analysis – The global neurodiagnostics market has massive growth opportunities in both developed and developing regions. The advancements and upgradation of technology will increase the competition among vendors. Many vendors are focusing on developing innovative products to strengthen their product portfolio that intensifies the market competition. In January 2018, Brain Vision Solutions launched LiveAmp 64, a high-density wireless EEG solution that can be used with a wide range of innovative electrode technologies and also, there is an easy upgrade path all the way from 8 to 64 channels. Nihon Kohden launched its airEEG WEE-1200 wireless EEG system in March 2018, and it is designed specifically for patient comfort and easy access to real-time patient data during long-term epilepsy monitoring.

GE Healthcare introduced its range of MRI contrast media products with the launch of macrocyclic agent Clariscan in Europe in March 2017. Canon Medical Systems launched its next-generation 80-row multi-slice CT scanner, Aquilion Prime SP, at UKRC in 2017. The company has also initiated collaborative research in March 2018 on the application of Artificial Intelligence (AI)-based technology in MR imaging, together with Kumamoto University and the University of Bordeaux. In addition, other leading players are focusing on investing heavily in R&D activities to develop new products to attain a maximum share in the market.

Key vendors:
• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Canon Medical Systems Corporation
• Hitachi Medical Corporation
• Nihon Kohden Corporation
• Fonar Corporation
• Neusoft Medical Systems Co., Ltd.
• NeuroNexus Technologies, Inc.
• Lifelines Neurodiagnostic Systems, Inc.
• NeuroDx Development
• Bruker Corporation
• Plexon Inc
• Natus Medical Incorporated

Key competitive facts
• The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
Benefits – The report provides complete details about the usage and adoption rate of neurodiagnostics products. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the diagnostics segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.

Key Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data.
• A detailed market analysis focusing on the growth of the neurodiagnostics industry.
• Factors influencing the growth of the neurodiagnostics market.
• In-depth competitive analysis of dominant and pure-play vendors.
• Prediction analysis of the neurodiagnostics industry in both developed and developing regions.
• Key insights related to major segments of the neurodiagnostics market.
• The latest market trend analysis impacting the buying behavior of the consumers.

By Technology:
• Neuroimaging Technologies
Ø Computed Tomography (CT)
Ø Nuclear Medicine Imaging (NMI)
Ø Magnetic Resonance Imaging (MRI)
Ø Electroencephalography (EEG)
Ø Magnetoencephalography (MEG)
Ø Near-infrared Spectroscopic Imaging (NIRS)
Ø Voxel-based Morphometry (VBM)
• In Vitro Diagnostics
• Neuroinformatics

In 2018, the neuroimaging technologies segment occupied the largest share and is expected to remain the same during the forecast period. Among various neuroimaging technologies, CT and MRI are the two key imaging modalities commonly used to identify brain anomalies. The neuroinformatics segment is anticipated to grow at a high CAGR during the forecast period.

By Regions:
• North America
• Europe
• APAC
• ROW
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