Global Neurodiagnostics Market - 2023-2030

Market Overview

The Global Neurodiagnostics Market reached US$ 7.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 13.2 billion by 2030. The global neurodiagnostics market is expected to exhibit a CAGR of 7.6% during the forecast period 2023-2030.

Neurodiagnostic tests can detect abnormalities in the nervous system at an early stage, even before symptoms become apparent. This early detection allows for timely intervention and treatment, potentially preventing further damage or progression of the condition. Neurodiagnostics can help differentiate between different neurological conditions that may have similar symptoms.

The rising incidence of neurological illnesses such as Alzheimer's disease, amyotrophic lateral sclerosis, Huntington's disease, Parkinson's disease and spinal muscular atrophy will drive demand for neurodiagnostic products over the projected period.

Market Dynamics

Technological Advancements will Drive the Neurodiagnostics Market Growth

Technological advancements in neuro diagnostics have greatly improved the ability to assess and understand the structure and function of the nervous system. For instance, EEG measures electrical activity in the brain using electrodes placed on the scalp. Recent advancements include high-density EEG arrays, which have a larger number of electrodes, enabling more precise localization of brain activity and improved spatial resolution.

Additionally, PET imaging involves injecting a radioactive tracer into the body, which can be used to measure blood flow, metabolism and specific molecular processes in the brain. Recent advancements in PET imaging include the development of novel tracers that can target specific neurological processes or receptors, providing valuable insights into neurochemical abnormalities. As a result, technological advancements drive market growth.

High Cost of Diagnosis and Procedure will Hamper the Market Growth

Adoption of imaging technology involves significant investment and the high cost of these technologies limits their utilisation, particularly in healthcare facilities in developing and low-income nations. The cost of a CT Scanner can range from $35,000 to $100,000, with some devices costing considerably more.

A PET scanner, on the other hand, costs around USD 2.5 million, while an MRI scanner costs around USD 2 million. These sums are seen as prohibitively expensive, impeding market adoption and expansion.

COVID-19 Impact Analysis

Due to the pandemic, many healthcare facilities and diagnostic centers had to prioritize resources for COVID-19 testing and treatment. This resulted in the temporary suspension or reduction of non-urgent neurodiagnostic services, leading to delayed or postponed procedures and tests for patients. The COVID-19 pandemic has had a significant impact on mental health globally.

Increased levels of stress, anxiety, and depression can influence neurological function and may require additional neurodiagnostic evaluations. Neurodiagnostics can play a role in assessing and monitoring the neurological effects of the pandemic on mental health. However, it has also accelerated the adoption of telemedicine and remote monitoring, providing opportunities for improved accessibility and patient care in the future.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine is estimated to have a minimal impact on the global neurodiagnostics market owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials, test products and devices is anticipated to have little influence over the global neurodiagnostics market in the forecast period.

Artificial Intelligence Impact Analysis

Artificial intelligence is anticipated to impact the global preeclampsia market positively . Due to AI can analyze individual patient data, including genetic information, medical history and imaging results, to generate personalized treatment plans.

By considering multiple factors and tailoring interventions to the specific needs of each patient, AI can optimize treatment efficacy and reduce adverse effects. AI can analyze individual patient data, including genetic information, medical history and imaging results, to generate personalized treatment plans.

Segment Analysis

The global neurodiagnostics market is segmented based on product, condition, end user and region.

The Diagnostic & Imaging Systems Segment is Estimated to Hold the Majority of the Neurodiagnostics Market Share During the Forecast Period

The diagnostic & imaging systems product holds about 53.7% of the total neuro diagnostics market in the forecast period. The increasing number of product launches by the key players helps to drive the market.

For instance, on November 28, 2022, Canon Medical Systems USA Inc., a commercial subsidiary of Canon Medical Systems Corporation and a global pioneer in revolutionary diagnostic imaging technology, announced the release of SP Configurations, Orian SP, and Galan SP. This recent release includes AI-driven workflow solutions, an intelligent Ceiling Camera and the Tablet UX mobile interface, and is intended to deliver high-end performance daily.

And on February 28, Hyperfine, Inc., the pioneering medical device firm that developed the Swoop system, the world's first FDA-cleared portable MRI system, announced the 510(k) clearance of the newest upgrade to its Swoop system software. The category is predicted to grow throughout the projection period as a result of the aforementioned factors.

Geographical Analysis

Europe is Estimated to Hold the Second Largest Share of the Global Neurodiagnostics Market During the Forecast Period

The Europe region holds the second largest share of the global neurodiagnostics market accounting for approximately 27.7% in the forecast period. With the collaborations between major parties rising, as is public awareness of neurological illnesses and brain health. For instance, on December 12, 2022, Natus Medical Inc. secured a contractual contract with Micromed Group SpA, an EU-based provider of neurophysiology solutions.

The transaction is scheduled to close in the first quarter of 2023, subject to regulatory approval from the French Ministry of Economy and Finance and the Italian Council of Ministers Presidency. The goal of this agreement is to provide access to a single portfolio of neuromonitoring and neurodiagnostic equipment to the EU and the rest of the world.

Competitive Landscape

The major global players in the market include: Hoffman-La Roche AG, GE Healthcare, Siemens Healthineers, Philips Healthcare, Hitachi Ltd, Fujifilm Holdings Corporation, Mitsar Co Ltd, Thermo Fischer Scientific Inc, Bio-Rad Laboratories, Qiagen NV, among others.

Why Purchase the Report?

• To visualize the global neurodiagnostics market segmentation based on product, condition, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of neuro diagnostics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Neurodiagnostics Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 pages.

Target Audience 2023

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies