Press release
Neurodiagnostics Market Growth and Trends Shaped by Innovations in Diagnostic and Imaging Technologies Driving Market Expansion
Neurodiagnostics Market
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 essential for the identification of neurological disorders, and the neurodiagnostic market is broadly categorized into three primary segments: neuroimaging technologies, in vitro diagnostics, and neuroinformatics. Neuroimaging includes a variety of techniques such as computed tomography (CT), magnetic resonance imaging (MRI), electroencephalography (EEG), and magnetoencephalography (MEG), among others. Traditional diagnostic approaches often fall short in delivering early and accurate diagnoses, which has led to an increased demand for advanced diagnostic platforms that offer enhanced technological capabilities.
The global aging population, driven by increasing life expectancy, is contributing to a rise in age-related neurological conditions such as stroke, Alzheimer's disease, Parkinson's disease, and dementia. In response to the growing incidence of neurological disorders, both governmental and non-governmental organizations are making significant investments in the development of innovative diagnostic solutions and therapies. Moreover, increased funding and the implementation of awareness programs for various neurological diseases are expected to further drive market expansion.
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:
Diagnostic imaging equipment manufacturers are increasingly investing in technological advancements to improve the accuracy of diagnosing neurological disorders. For instance, Medtronic PLC's Stealth Station S8 Neurosurgery System facilitates 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, simplifying the diagnostic process and thus contributing to the growth of the global neurodiagnostic market.
Challenges:
The adoption of advanced imaging technologies requires significant capital investment, which limits their availability, particularly in healthcare facilities in developing and low-income countries. For example, 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 around USD 2 million, while an MRI scanner is priced at approximately USD 1 million. These prohibitive costs create substantial barriers to wider adoption and market expansion.
Regional Trends:
The North American neurodiagnostic market is expected to capture a substantial share of revenue and is projected to experience robust growth at a strong compound annual growth rate (CAGR) in the coming years. Key drivers include advancements in brain monitoring technology, increased healthcare spending, easy access to advanced diagnostic tools, a strong presence of manufacturing companies, and a well-established medical infrastructure in the United States. Moreover, the rising incidence of neurological disorders is boosting the 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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