Global Neurodiagnostics Market Size, Share & Growth Projected to Grow at a CAGR of 8.0% in the Forecast Period | BlueWeave

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global neurodiagnostics market was worth USD 6.7 billion in the year 2020. It is estimated to grow at the CAGR of 8.0%, earning revenue of around USD 11.4 billion by the end of 2027. The global neurodiagnostics market has posted consistent growth over the past few years, and is expected to continue growing throughout the forecast period as well.The market is estimated to gain significant traction because of factors like the increasing prevalence of neurological diseases and technological advancements in imaging technologies. Also, industry players are launching a wide range of diagnostic systems and instruments, such as EMG devices, CT scans, Sanger sequencers, etc., which are expected to drive market growth. However, the high prices of imaging systems may restrict the growth of the global neurodiagnostics market, especially in emerging economies.

Neuroimaging Techniques is Estimated to Drive the Global Neurodiagnostics Market during the Forecast Period

Neuroimaging techniques, generally referred to as brain scans, are widely used to study the structure and function of the brain. The most common types of imaging techniques used are MRI scans, computed tomography (CT) scans, PET scans, MRI scans, functional MRI (fMRI), etc. Imaging techniques such as these are highly effective for detecting and diagnosing cases of psychosis and other illnesses. With the increasing prevalence of neurological disorders, the adoption of neuroimaging techniques has also proliferated, propelling the market growth for the global neurodiagnostics market.

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Increasing Research and Development Activities is Estimated to Drive the Market

The existing neurological diagnosis technologies are not very effective when it comes to diagnosing a variety of diseases and disorders. Therefore, experts have realized that there is a need for constant development and evolution of neurodiagnostics technologies. As a result, the diagnostic technologies manufacturers and research institutes are investing significantly towards the study of neurological disorders to gain an in-depth understanding of the conditions to develop effective diagnosis and treatment procedures. The market is therefore expected to be driven by sophisticated neuroimaging techniques, which are being tested in various clinical research trials.

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Global Neurodiagnostics Market - By End-User
Based on end-users, the global neurodiagnostics market is segmented into hospitals & surgical centers, ambulatory care settings, diagnostic laboratories & imaging centers, neurology centers, and academic & research institutes. The largest share of the market belongs to hospitals and surgical centers due to their large budgets and funding, which enables them to accumulate advanced and expensive medical technologies such as neurodiagnostics devices. Furthermore, the increasing number of hospitals and surgical centers, especially in emerging economies, are also playing a crucial role in propelling the demand for neurodiagnostics equipment in hospitals.

Global Neurodiagnostics Market - Regional Insights
Geographically, the global neurodiagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominated the market. However, the Asia-Pacific region is estimated to witness the highest CAGR during the forecast period. It is believed that one of the key factors that have fueled the neurodiagnostics market's growth in this region is the dispersal of the taboo surrounding neurological diseases. Increasingly, people are getting their mental health issues diagnosed in order to receive early and effective treatment. That is why, countries like India, Japan, South Korea hold a huge potential for market growth in neurodiagnostics.

Impact of COVID-19 on Global Neurodiagnostics Market

The outbreak of the COVID-19 virus negatively impacted the global neurodiagnostics market. The problem was caused by the increasing number of patients affected by COVID-19. Resources were becoming insufficient to handle the situation. The healthcare facilities started investing in respiratory management devices such as ventilators, oxygen supplies, PPE kits, etc. Due to this, the demand for neurodiagnostics systems declined significantly, affecting the market negatively. Additionally, the number of diagnostic tests conducted in healthcare facilities had decreased due to the lockdown, which consequently led to a lower number of hospital visits.

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Competitive Landscape

The leading market players in the global neurodiagnosticss market are Nihon Kohden Corporation, GE Healthcare, Canon Medical Systems Corporation, Hoffman-La Roche AG, Advanced Brain Monitoring, Inc, FUJIFILM Holdings Corporation, Siemens Healthineers, Hoffman-La Roche AG, Lifelines Neuro Company, Bio-Rad Laboratories, Koninklijke Philips N.V., QIAGEN N.V., Natus Medical Incorporated, Fujirebio, Thermo Fisher Scientific, Inc, Agilent Technologies, Hitachi, Ltd, Ridge Diagnostics, Bruker, GE Healthcare, and other prominent players.

The market is highly competitive and dense with the presence of several global industry leaders such as Philips, GE Healthcare, FUJIFILM, etc. The companies have been investing significantly in R&D activities and advancements and innovation for product approvals and launches for expanding their portfolio. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaboration is also very prominent in this market.

Don’t miss the business opportunity of the global neurodiagnostics market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global neurodiagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global neurodiagnostics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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