Neurodiagnostics Market Growth and Trends: Innovations in Diagnostic and Imaging Technologies Driving Market Expansion

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Neurodiagnostics Market Size, Share & Trends Analysis Report By Product (Diagnostic and Imaging Systems, Clinical Testing Instruments, Reagents & Consumables), By Condition (Neuro Degenerative Diseases, Epilepsy, Stroke), By End-Use (surgery centers, neurology centers, ambulatory care centers, diagnostic laboratories & imaging centers, and research laboratories & academic institutes)- Market Outlook And Industry Analysis 2031"

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 play a pivotal role in identifying neurological disorders. The neurodiagnostic market is segmented into three primary categories: neuroimaging technologies, in vitro diagnostics, and neuroinformatics. Neuroimaging encompasses a range of techniques, including computed tomography (CT), magnetic resonance imaging (MRI), electroencephalography (EEG), and magnetoencephalography (MEG), among others. Traditional diagnostic methods often fall short in providing early and accurate diagnoses, driving the demand for advanced diagnostic platforms with enhanced technological capabilities.

The global aging population continues to grow due to increasing life expectancy, contributing to a higher prevalence of age-related neurological conditions such as stroke, Alzheimer's disease, Parkinson's disease, and dementia. In response to the rising incidence of neurological disorders worldwide, both government and non-governmental organizations are making substantial investments in the development of innovative diagnostics and therapies. Increased funding and the introduction of awareness programs for various neurological diseases are further expected to accelerate 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.

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Market Dynamics
Drivers:
Manufacturers of diagnostic imaging equipment are increasingly investing in technological advancements to enhance the accurate diagnosis of neurological disorders. For example, Medtronic PLC's Stealth Station S8 Neurosurgery System enables precise imaging and surgical navigation across all spinal segments. This system incorporates advanced features such as 3D cameras, electromagnetic sensors, tracking algorithms, and data processing software. These innovations simplify the diagnostic process, thereby driving growth in the global neurodiagnostic market.

Challenges:
The adoption of imaging technology requires substantial capital investment, which limits its use, particularly in healthcare facilities within developing and low-income countries. The cost of an ultrasound machine can range from USD 20,000 to USD 200,000, with some models priced even higher. Similarly, a PET scanner costs approximately USD 2 million, while an MRI scanner is priced at around USD 1 million. These high costs are considered prohibitive and present significant barriers to broader market adoption and expansion.

Regional Trends:
The North American neurodiagnostic market is anticipated to secure a significant market share in terms of revenue and is projected to grow at a strong CAGR over the coming years. Factors contributing to this growth include advancements in brain monitoring technology, increased healthcare expenditure, ready access to advanced diagnostic tools, a strong presence of manufacturing companies, and well-established medical infrastructure in the United States. Additionally, the rising prevalence of neurological disorders is driving demand for neurodiagnostic devices in the Asia-Pacific region, positioning it for significant market expansion during the forecast period.

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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.

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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.