Press release
Neurodiagnostics Market Report Latest Trends and Future Opportunities Analysis
The global neurodiagnostic market is estimated to reach over USD 14.03 billion by 2031, exhibiting a CAGR of 7.12% during the forecast period.
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Diagnostic tests are critical instruments in the diagnosis of neurological illnesses. Neuroimaging technologies, in vitro diagnostics, and neuroinformatics are the three segments of the neurodiagnostic market. Imaging techniques used in neuroimaging include computed tomography, magnetic resonance imaging, electroencephalography, and magneto-encephalography, among others. Conventional diagnostic therapies do not allow for early and reliable diagnosis, resulting in a strong demand for technologically enhanced diagnostic platforms. The global elderly population is continually expanding as life expectancy rises. Neurological illnesses associated with aging, such as stroke, Alzheimer's disease, Parkinson's disease, and dementia, are also growing in frequency and prevalence. Moreover, with the increasing prevalence of neurological diseases worldwide, governments and non-governmental organizations are investing heavily in the development of diagnostics and therapeutics for treatment, as well as increasing funding and awareness programs for various neurological disorders, which may augment market growth.
List of Prominent Players in the Neurodiagnostics Market:
• Advanced Brain Monitoring
• ANT Neuro (Netherlands)
• Bio-Rad Laboratories Inc.
• Canon, Inc.
• DRG Instruments GmbH (Germany)
• ELMIKO MEDICAL Sp. Z o.o. (Poland)
• F. Hoffmann-La Roche Ltd
• Fonar Corporation (US)
• FUJIFILM Holdings Corporation
• Fujirebio (Japan)
• GE Healthcare
• Hitachi, Ltd.,
• Koninklijke Philips N.V.
• Lifelines Neuro
• Mitsar Co. LTD.
• Motion Lab Systems, Inc. (US)
• Natus Medical Incorporated
• Neusoft Medical Systems Co., Ltd. (US)
• Nihon Kohden Corporation
• QIAGEN N.V.
• Ridge Diagnostics (US)
• Rigaku Corporation (Japan)
• Siemens Healthcare GmbH
• Tecan Trading AG (Switzerland)
• Thermo Fisher Scientific, Inc.
Market Dynamics:
Drivers-
Diagnostic imaging manufacturers are investing in technology developments that will aid in the proper diagnosis of neurological illnesses. For instance, Medtronic PLC's Stealth Station S8 Neurosurgery System allows precise imaging and surgical navigation of every segment of the spine. 3D cameras, electromagnetic sensors, tracking algorithms, data processing software, and other technologies are included. Such technologies boost the global neurodiagnostic market by simplifying the diagnostic process.
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Challenges:
Deployment of imaging technology involves a significant investment, and the high cost of these technologies limits their utilization, particularly in healthcare facilities in developing and low-income nations. The cost of an ultrasound machine can range from USD 20,000 to USD 200,000, with certain units costing considerably more. On the other hand, a PET scanner costs around USD 2 million, while an MRI scanner costs around USD 1 million. These sums are seen as prohibitively expensive, impeding market adoption and expansion.
Regional Trends:
The North American neurodiagnostic market is expected to register a substantial market share in terms of revenue and is projected to develop at a high CAGR in the near future. Technological advancements in brain monitoring equipment, increased healthcare spending, easy access to advanced instruments, a large number of manufacturing enterprises, and well-established medical infrastructure all contribute to overall regional market growth in the United States. The rising prevalence of neurological illnesses is raising demand for neurodiagnostic gadgets, which will drive market expansion in the Asia Pacific over the forecast period.
Recent Developments:
• In Dec 2022, Natus Medical, Inc. has reached an agreement to acquire Micromed Holding SAS ("Micromed Group" or "Micromed"), a global provider of neurophysiology solutions. Together, Natus and Micromed will offer customers the finest neurodiagnostic and neuromonitoring solutions in the industry.
• In Aug 2021, Rigaku Corporation purchased all issued shares of MILabs B.V. as part of their comprehensive attempt to join the life sciences market. Rigaku will expand its life sciences modality business globally through this acquisition by combining MILabs' multi-modality businesses for animals, including PET (Positron Emission Tomography), SPECT (Single Photon Emission Computed Tomography), Optical Imaging, and CT (Computed Tomography), with Rigaku's original X-ray imaging business for animals.
• In March 2021, At the commencement of the 2021 European Conference of Radiology, Hitachi Medical Systems unveiled two new permanent open MRI systems outfitted with the SynergyDrive workflow solution. GE Healthcare will unveil three new technologies, SIGNA 7.0T, SIGNA UHP 3.0T, and MAGNUS, in August 2020 to help neuro researchers better understand Alzheimer's disease and severe brain injury while also accelerating clinical translation.
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Segmentation of Neurodiagnostics Market-
By Product-
• Diagnostic and Imaging Systems
o Electroencephalogram (EEG) Systems
o Electromyography (EMG) Products
o Magnetic Resonance Imaging (MRI) Systems
o Ultrasound Imaging Systems
o Computed Tomography (CT) Scanner
o Magnetoencephalogram (MEG) System
o Position emission tomography (PET) System
o Angiography System
o Others
• Clinical Testing Instruments
o PCR
o Next-Generation Sequencing (NGS)
o Sanger Sequencing
o Others
• Reagents & Consumables
o Media and Serra
o Solvents
o Enzymes, Protein & Peptides
o Probes
o Buffers
o Antibodies
o Others
By Condition-
• Neuro Degenerative Diseases
• Epilepsy
• Stroke
• Headache Disorders
• Sleep Disorders
• Others
By End-Use-
• Hospitals and Surgery Centers
• Neurology Centers
• Ambulatory Care Centers
• Diagnostic Laboratories & Imaging Centers
• Research Laboratories & Academic Institutes
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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