Global Neurodiagnostics Market held a value of USD 4,848.48 Million in 2018 and is expected to register a CAGR of 6.88% during the assessment period of 2019 to 2025.
Neurodiagnostics Market Synopsis
Neurodiagnostics is required when patients’ illness or condition is believed to be based in the central nervous system (brain and spinal cord). The high incidence rate of neurological diseases in the developing countries and various initiatives taken by government organizations to spread awareness are likely to fuel the growth of the neurodiagnostic market across the globe. For instance, according to the World Health Organization (WHO), more than 50 million people worldwide have epilepsy. It is estimated that 35.6 million people have dementia, with 7.7 million new cases each year, of which Alzheimer's disease being the most involved prevalent dementia, representing 60% to 70% cases. Also, some of the prominent players are involved in activities such as mergers, acquisitions, agreements, expansion, and many other strategic plans. For instance, in November 2019, MagVenture (Denmark) established a subsidiary in Brazil, specialized in medical equipment for a groundbreaking non-drug treatment called Transcranial Magnetic Stimulation (TMS). This treatment is not only focused on depression treatment but also in brain research as well as neuro-diagnostics. This enabled MagVenture to directly focus on the commercial, marketing, and operational needs of doctors and potential patients in Brazil. Such activities aid in increasing the share of the company, as well as to increase the overall size of the market, which facilitates the growth of the neurodiagnostic market.
Neurodiagnostics Market Influencer
Increasing support by regulatory authorities to the private and public companies, in terms of investment and product approvals, acts as a significant factor that contributes substantially to the growth of the neurodiagnostic market in the longer run.
Neurodiagnostics Market Drivers
- The increasing prevalence of neurological diseases and disorders pushes the need for newer treatment options, indirectly fueling the growth of the neurodiagnostic market globally. For instance, according to the Institute for Health Metrics and Evaluation (IHME), in 2016, neurological disorders were the leading cause of disability-adjusted life year (DALY) globally, thus fueling the growth of the neurodiagnostic market
- Technological advancements in neurodiagnostic such as the use of artificial intelligence (AI) in imaging systems
- Growing awareness created by various government organizations about neurological diseases
- High investment in research and development for the development of efficient products
- An increasing number of diagnostic and imaging centers
- Growing geriatric population and related neurological diseases
Neurodiagnostics Market Restraints
- The high cost of neurodiagnostic devices
- Lack of regular diagnostics and health checkup in developing economies
Neurodiagnostics Market Segmentation
By Product Type
- Diagnostic and Imaging Systems: The Diagnostic and Imaging Systems segment is further segmented into MRI systems, EEG systems, CT scanners, PET scanners, EMG devices, ultrasound imaging systems, MEG devices, angiography systems, and others. The diagnostic and imaging systems segment held the largest share in 2018, owing to an increasing number of product launches by major manufacturers. For instance, in October 2019, Siemens Healthcare GmbH announced the launch of ACUSON Redwood, a new ultrasound system.
- Clinical Testing Instruments: This segment has been further divided into PCR instruments, NGS instruments, sanger sequencers, and others. Developments in the field of dedicated test instruments for initial disease recognition and disease management are expected to drive the market growth for the segment.
- Reagents & Consumables: An increasing number of research activities are expected to drive the market growth for the segment.
- Neurodegenerative Diseases: This segment held the largest share in 2018, owing to the high number of populations suffering from neurological diseases such as Alzheimer’s and Parkinson's disease. For instance, according to the National Institute of Environmental Health Sciences (NIH), in 2016, over 5.4 million Americans were living with Alzheimer’s disease. Moreover, according to NIH, it is estimated that over 930,000 people in the US could be living with Parkinson’s disease by 2020. Thus, the high prevalence rate of neurodiagnostic diseases, along with the growing geriatric population, is expected to propel the market.
- Sleep Disorders: Changing lifestyle and increasing stress is likely to boost the market.
- Epilepsy: High incidence rates of brain injuries that can trigger post-traumatic epilepsy (PTE) and post-traumatic seizure (PTS) can fuel the demand. According to the data published in 2018 by the World Health Organization (WHO), the annual incidence of epilepsy among people over 60 years of age is about 100 seizures per 100,000 persons in Europe, and the elderly are now the fastest-growing group of patients with epilepsy.
- Stroke: Increasing technological advancements for the development of innovative neurodiagnostic for stroke is anticipated to drive the market.
- Headache Disorders: Increasing occurrences of migraine, tension headache, and cluster headache are projected to propel the market.
- Others: This includes vertigo, aneurysm, bell’s palsy, among others.
- Hospitals & Surgical Centers: This segment held the largest market share in 2018, owing to the rising patient population.
- Diagnostic Laboratories & Imaging Centers: An increasing number of diagnostic laboratories and imaging centers are likely to drive the market.
- Neurology Centers: Short waiting period and low cost compared to hospitals are anticipated to boost the market.
- Ambulatory Care Centers: High-quality care at low cost compared to hospitals and surgical centers is projected to propel the market.
- Research Laboratories & Academic Institutes: This segment is expected to grow significantly, owing to the rising research activities.
- Americas: Americas was the largest regional market in 2018, owing to the increasing adoption of high end neurodiagnostic systems and increasing prevalence of neurological disorders. For instance, according to a report by Alzheimer’s Association, approximately 5.1 million people in the US suffer from Alzheimer’s disease in 2012, and by 2020, the population is likely to reach over 16 million with one new case appearing in every 33 seconds. Thus, the increasing occurrences of neurological diseases along with the presence of major players in the region, are likely to strengthen its position in the American neurodiagnostic
- Europe: The European region holds the second largest share owing to the increasing geriatric population. The prevalence of the number of neurological diseases increases with age, including stroke, dementia, and Parkinson's disease. For instance, according to the National Center of Biological Information (NCBI), the age-standardized incidence of stroke in Europe ranged from 95 to 290/100,000 people per year. Thus, the rising geriatric population along with the increasing prevalence of age-related diseases is expected to propel the growth of the Asia-Pacific neurodiagnostic
- Asia-Pacific: The Asia-Pacific region is anticipated to be the fastest-growing region in the global neurodiagnostic Direct marketing initiatives by the manufacturers to consumers are playing a substantial role in increasing the target audience and thus increasing the market size in this region. Also, new product launches by key players are contributing to the growth of the market. For instance, in March 2017, Hitachi, Ltd. (Japan), launched ECHELON Smart, a 1.5T superconductive MRI system. Thus, such strategies are likely to fuel the growth of the Asia-Pacific neurodiagnostic market.
- Middle East & Africa: The market is expected to show the lowest growth due to limited access to treatment facilities and limited developments in technology.
Neurodiagnostics Market Key Players
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Philips Healthcare (Netherlands)
- Hitachi, Ltd. (Japan)
- Canon, Inc. (Japan)
- Lifelines Neuro Company, LLC (US)
- Thermo Fisher Scientific, Inc. (US)
- FUJIFILM Holdings Corporation (Japan)
- Mitsar Co., Ltd. (Russia)
- Natus Medical Incorporated (US)
- Hoffman-La Roche AG (Switzerland)
- QIAGEN N.V. (Netherlands)
USD 4,848.48 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product, Condition and End-User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Hitachi, Ltd. (Japan), Canon, Inc. (Japan), Lifelines Neuro Company, LLC (US), Thermo Fisher Scientific, Inc. (US), FUJIFILM Holdings Corporation (Japan), Mitsar Co., Ltd. (Russia), Natus Medical Incorporated (US), Hoffman-La Roche AG (Switzerland), and QIAGEN N.V. (Netherlands)
Key Market Opportunities
Increasing support by regulatory authorities to the private and public companies, in terms of investment and product approvals
Key Market Drivers
Technological advancements in neurodiagnostic such as the use of artificial intelligence (AI) in imaging systemsGrowing awareness created by various government organizations about neurological diseasesHigh investment in research and development for the development of efficient products
Frequently Asked Questions (FAQ) :
The growing occurrence of neurological diseases is foreseen to prompt positive growth.
A CAGR of 6.88% is projected to propel the global market in the coming period.
The market is disposed to grow favorably in the coming period.
The Americas' regional market is estimated to have a significant impact on the market.
FUJIFILM Holdings Corporation (Japan), Mitsar Co., Ltd. (Russia), Thermo Fisher Scientific, Inc. (US), Lifelines Neuro Company, LLC (US), and Natus Medical Incorporated (US) are likely to inspire market progress.
This table of content is tentative and subject to change as the research progresses.
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