Neurological Diagnostics Market 2024 To See Huge Growth by 2030 | Cognate Life Sciences

The Latest Research Report on Neurological Diagnostics Market 2024 covering the micro level of analysis by competitors and key business segments. The Global Neurological Diagnostics explores an inclusive study on various segments like growth drivers, opportunities, market size, shares, development, innovation, sales, and overall growth of major key players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

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Major Major Players are:

GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi Ltd., Canon Inc., Lifelines Neuro, Natus Medical Incorporated, F. Hoffmann-La Roche Ltd., FUJIFILM Holdings Corporation, Mitsar Co. LTD

Market Size and Overview:

The Global neurological Diagnostics Market size was valued at USD 14.95 billion in 2023 and is estimated to grow USD 24.96 billion by 2030. This market is predicted to exhibit a CAGR of 7.6 % from 2024 - 2030

Neurological diagnostics encompass examinations designed to identify issues within the nervous system and evaluate the sleep patterns of individuals. These tests entail the observation and analysis of the nervous system to assess motor and sensory capabilities, auditory and speech functions, visual coordination, and equilibrium. Conducting neurological examinations is instrumental in facilitating the prompt initiation of treatment protocols. The World Health Organization (WHO) has projected an increase in the number of individuals with neurological disorders from 95 million in 2015 to 103 million by 2030.

The growth of the neurological diagnostics market is attributed to factors such as the escalating incidence of neurodegenerative diseases among the aging population, heightened awareness regarding early disease detection, and advancements in neuro diagnostics technology.

Market leaders are strategically focusing on acquisitions and collaborations to augment their product portfolios. For instance, York Instruments Ltd. has entered agreements with prominent universities, including The University of Glasgow, The University of York, and the University of Konstanz, to develop three magnetoencephalography systems. In April 2022, Koninklijke Philips N.V. and Hong Duc General Hospital signed a seven-year collaboration agreement, wherein Philips will furnish the hospital with cutting-edge medical imaging, healthcare IT systems, and patient monitoring. Collaborative efforts like these among key industry players are anticipated to propel market growth.

Global Neurological Diagnostics Market Drivers:

The increasing prevalence of neurological disorders boosts neurological diagnostics market growth

The increasing prevalence of neurological disorders is a significant driver for market expansion. Data from the Centers for Disease Control and Prevention indicates that, in 2014, approximately 5 million Americans had Alzheimer's disease, a number expected to reach 14 million by 2060. The global impact is substantial, with hundreds of millions affected by neurological disorders, including over 50 million with epilepsy and 47 million with dementia, as per the World Health Organization. The surge in awareness regarding early disease diagnosis is further stimulating market growth.

Approval and launch of new products drive market growth

The approval of technologically advanced neurological devices is a catalyst for the global Neurological Diagnostic Market's growth. Notably, Compumedics Limited received US FDA approval in 2022 for the Orion LifeSpanTM MEG, featuring a patented double relaxation oscillator superconducting quantum interference device sensor system. Additionally, Nihon Kohden introduced VitalEEG in 2022, designed for rapid brain health assessments in unconscious patients. These product advancements are expected to drive market expansion during the forecast period.

Increasing government initiatives helps to elevate neurological diagnostics market growth

Increasing government initiatives in the form of funding and support for research activities are propelling market growth. Noteworthy examples include Israel's Ministry of Health launching a National MRI Program in 2015 to augment MRI scanners in hospitals and the establishment of the Huntington Disease Care, Education, and Research Centre by Georgetown University Medical Centre in collaboration with MedStar Georgetown University Hospital in 2012. Such initiatives, both from public and private entities, are fostering awareness about neurological disorders and contributing to market growth.

Global Neurological Diagnostics Market Challenges:

Lack of skilled professionals stifles neurological diagnostics market growth

The lack of skilled professionals in the neurological diagnostics market, coupled with inadequate health check-up facilities and routine diagnostics in developing countries, poses a hindrance to market growth. Additionally, deficient infrastructure in certain underdeveloped nations and limited awareness of medical treatment present challenges for market expansion.

High cost of diagnostic tools restrains the growth of the neurological diagnostics market

The elevated costs associated with diagnostic tools and procedures, such as MRI machines and CT scans for brain monitoring, act as a constraint on the global demand for neurological diagnostics, particularly in emerging economies like China, India, and Africa. The adoption of such high-cost devices is predominantly limited to large hospitals and diagnostic laboratories, thereby impeding market growth.

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Market Segmentation are:

by Type (Genomic, Proteomic, Metabolomic, Imaging, Others); Technology (Neuroimaging Technologies, In Vitro Diagnostics, Neuroinformatics); Disease Indication (Genetic Neurological Disorders, Immunological Neurological Disorders, Paraproteinemic Neuropathies, Paraneoplastic Syndrome, Others); End-User (Hospitals and Surgery Centers, Neurology Centers , Diagnostic Laboratories & Imaging Centers, Research Laboratories & Academic Institutes, Ambulatory Care Centers, Pharmaceutical and Biotechnology Companies, Others) ;and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Neurological Diagnostics insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, Neurological Diagnostics market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?
-Comprehensive assessment of all opportunities and risks in the Neurological Diagnostics market.
-The detailed study of business strategies for the growth of the Neurological Diagnostics market-leading players.
-Conclusive study about the growth plot of the Neurological Diagnostics market for forthcoming years.
-In-depth understanding of Neurological Diagnostics market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Neurological Diagnostics market.

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What Neurological Diagnostics Market report offers:
1.Neurological Diagnostics Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.Neurological Diagnostics Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
4.Strategic recommendations in key business segments based on the market estimations
5.Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on Neurological Diagnostics market.

Competitive Rivalry:

The report highlights vital details based on the leading players in the global Industrial Neurological Diagnostics market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:

1- country-level analysis for any 5 countries of your choice.
2- Competitive analysis of any market players.
3- 40 analyst hours to cover any other data points

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Finally, Neurological Diagnostics Market is a valuable source of guidance for individuals and companies in decision framework.

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Cognate Lifesciences is a specialized hub for all market research reports related to Lifesciences Market. Some of the sub domains covered by our team are Pharmaceuticals, Medical Devices and Supplies, Healthcare, Diagnostics, Biotech, Therapeutics, Healthcare IT etc. We offer syndicated/customized market research studies along with advisory and consulting services.

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