Neurodiagnostics Market

Increasing incidence of neurological disorders to boost market growth

The prevalence of neurological disorders such as Alzheimer's, Parkinson's, and epilepsy has been on the rise ly, which has led to an increase in demand for neurodiagnostic tests. According to the World Health Organization (WHO), around 50 million people worldwide are living with dementia, with Alzheimer's disease being the most common form. 

The number of people with dementia is expected to triple by 2050. In the United States, approximately 6.2 million people are living with Alzheimer's disease, and it is the sixth leading cause of death. The Parkinson's Foundation estimates that approximately 10 million people worldwide are living with Parkinson's disease.

In the United States, around 60,000 new cases are diagnosed each year, and it is estimated that 1 million people will be living with Parkinson's disease by 2020. The WHO reports that epilepsy affects over 50 million people worldwide. In the United States, around 3.4 million people have epilepsy, with approximately 1 in 26 people developing epilepsy at some point in their life. 

Therefore, neurological disorders are a significant health concern ly, and the prevalence of these conditions is expected to increase due to factors such as an aging population and changes in lifestyle habits. Early detection and treatment through neurodiagnostic tests can play a crucial role in managing these conditions and improving outcomes for patients.

The development of advanced imaging technologies such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans have enhanced the accuracy and speed of diagnosis, thereby driving the demand for neurodiagnostic equipment. Rising awareness about the importance of early detection and treatment of neurological disorders, coupled with increasing healthcare expenditure, has led to greater demand for neurodiagnostic services. 

Advances in the field of neuroscience, including the development of novel therapies and treatments, have resulted in an increased need for neurodiagnostic tests to facilitate clinical trials and drug development.

The global demographic shift towards an aging population is a significant driver of the Global Neurodiagnostics Market Industry. As individuals age, the risk of developing neurological disorders increases, necessitating more frequent diagnostic evaluations. The World Health Organization projects that by 2030, the number of people aged 60 years and older will reach 1.4 billion, highlighting the urgent need for effective neurodiagnostic solutions. This demographic trend is likely to spur demand for advanced diagnostic tools and technologies, contributing to the market's growth trajectory. The aging population is expected to be a key factor in shaping the future landscape of neurodiagnostics.

There is a noticeable increase in awareness and education regarding neurological disorders, which is positively impacting the Global Neurodiagnostics Market Industry. Campaigns aimed at educating the public about the symptoms and treatment options for neurological conditions are gaining traction. This heightened awareness encourages individuals to seek medical attention sooner, leading to an increased demand for neurodiagnostic services. As educational initiatives continue to expand, healthcare providers are likely to experience a surge in patient inquiries and diagnostic requests, further driving market growth. The proactive approach to education is expected to play a significant role in shaping the future of neurodiagnostics.

The rising healthcare expenditure across various regions is a crucial factor influencing the Global Neurodiagnostics Market Industry. Governments and private sectors are allocating more resources to healthcare, which includes funding for neurodiagnostic technologies. For example, countries like the United States and Germany have seen substantial increases in healthcare budgets, enabling hospitals and clinics to invest in advanced neurodiagnostic equipment. This trend is expected to contribute to a compound annual growth rate of 7.21% from 2025 to 2035, as more healthcare facilities seek to enhance their diagnostic capabilities and improve patient care.

The increasing incidence of neurological disorders such as epilepsy, Alzheimer's disease, and multiple sclerosis is a primary driver of the Global Neurodiagnostics Market Industry. According to estimates, around 1 in 6 people globally will experience a neurological disorder at some point in their lives. This growing patient population necessitates advanced diagnostic tools, contributing to the market's expansion. The Global Neurodiagnostics Market is projected to reach 8.6 USD Billion in 2024, reflecting the urgent need for effective diagnostic solutions. As awareness of these conditions rises, healthcare providers are likely to invest more in neurodiagnostic technologies.

Innovations in neurodiagnostic technologies, including advanced imaging techniques and portable devices, are propelling the Global Neurodiagnostics Market Industry forward. Technologies such as functional MRI, PET scans, and EEG devices are becoming more sophisticated, allowing for earlier and more accurate diagnoses. For instance, the development of wearable EEG devices has made it easier to monitor patients remotely. These advancements not only enhance diagnostic accuracy but also improve patient outcomes. As a result, the market is expected to grow significantly, with projections indicating a rise to 18.5 USD Billion by 2035, driven by continuous innovation in neurodiagnostic tools.

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Neurodiagnostics market accounted for USD 3.61 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region is driven by the presence of a large patient population, well-established healthcare infrastructure, and high healthcare expenditure.

Further, the US Neurodiagnostics market held the largest market share, and the Canada Neurodiagnostics market was the fastest growing market in the North American region due to the high demand for Neurodiagnostics and the presence of several major manufacturers in the country.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 NEURODIAGNOSTICS MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Neurodiagnostics market accounts for the second-largest market share. The market is driven by the increasing demand for natural and organic products. The United States is the largest market for Neurodiagnostics in North America, with a growing demand for the ingredient in the food and beverage industries.

The Asia-Pacific Neurodiagnostics market is expected to grow at the fastest CAGR from 2024 to 2032. The market is driven by increasing healthcare expenditure, rising incidence of neurological disorders, and growing awareness about early detection and treatment of neurological disorders. Moreover, China Neurodiagnostics market held the largest market share, and the India Neurodiagnostics market was the fastest growing market in the Asia-Pacific region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Neurodiagnostics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Neurodiagnostics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  Neurodiagnostics industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Neurodiagnostics industry has provided innovative products with some of the most significant benefits. 

The Neurodiagnostics market major player such as Phillips Healthcare (Netherlands), Lifelines Neuro Company LLC (US), FUJIFILM Holdings Corporation (Japan), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific Inc. (US), Mitsar Co. Ltd. (Russia), Hitachi Ltd. (Japan), Hoffman-La Roche AG (Switzerland), Natus Medical Incorporated (US), Siemens Healthineers (Germany), and others are working to expand the market demand by investing in research and development activities.

Philips Healthcare is a  company that specializes in health technology, providing a wide range of medical equipment, services, and solutions for both healthcare professionals and patients. The company's offerings include medical imaging, patient monitoring, respiratory care, clinical informatics, and home healthcare. Philips Healthcare is their collaboration with Disney on a new line of children's medical equipment. The two companies have joined forces to create a range of Disney-themed designs for Philips' medical equipment, including MRI machines, CT scanners, and X-ray machines.

The aim of this collaboration is to make medical procedures less intimidating for children and help healthcare providers create a more child-friendly environment. This collaboration between Philips Healthcare and Disney reflects a growing trend towards incorporating design and technology to create a more patient-centric healthcare experience. By making medical procedures less intimidating for children, Philips Healthcare and Disney are helping to improve patient outcomes and provide better care for patients of all ages.

Lifelines Neuro Company LLC is a healthcare technology company that specializes in providing neurodiagnostic solutions to healthcare providers. The company's offerings include software and hardware solutions for EEG (electroencephalography) and EMG (electromyography) testing, as well as remote monitoring and diagnostic services. 

One recent development for Lifelines Neuro is the launch of their new product, the Quick-20 Electrode Cap System. This new system is designed to provide a faster and more efficient solution for EEG testing, reducing the setup time required for traditional EEG tests from 45 minutes to just 20 minutes. The Quick-20 cap uses pre-positioned electrodes that are embedded in a comfortable and easy-to-use cap, eliminating the need for time-consuming manual placement of individual electrodes. 

The Quick-20 cap system also incorporates Lifelines Neuro's proprietary software, which automates many of the steps involved in EEG testing, further streamlining the process and reducing the risk of human error. The software includes a customizable protocol that allows healthcare providers to tailor the testing process to the specific needs of each patient.