Neurodiagnostics Market Forecasts to 2030 - Global Analysis By Product, By Condition End User, By Geography

According to Stratistics MRC, the Global Neurodiagnostics Market is accounted for $8.6 billion in 2023 and is expected to reach $16.2 billion by 2030 growing at a CAGR of 9.3% during the forecast period. Neurodiagnostics refers to the field of medical diagnostics that focuses on the assessment and monitoring of the nervous system's structure and function. It involves various non-invasive and invasive techniques, such as electroencephalography (EEG), magnetic resonance imaging (MRI), computed tomography (CT), and nerve conduction studies, to diagnose and evaluate neurological disorders, including epilepsy, stroke, and neurodegenerative diseases. Neurodiagnostics plays a crucial role in understanding and managing conditions affecting the brain and nervous system.

According to the data published by the Parkinson's Foundation, in 2021, an estimated 9,30,000 people were living with Parkinson's disease in the United States 2020, and this number is predicted to increase to 1,2 million by 2030.

Market Dynamics:

Driver:

Increasing incidence of neurological disorders

With a rising global burden of conditions such as Alzheimer's disease, epilepsy, and multiple sclerosis, there's an increased demand for precise diagnostic tools to facilitate early detection and effective management. Neurodiagnostic techniques, including advanced imaging modalities and electrophysiological studies, play a pivotal role in providing insights into the structure and function of the nervous system. Additionally, growing awareness of the importance of early diagnosis, coupled with continuous technological advancements in neurodiagnostics, propels the market forward.

Restraint:

High cost of neurodiagnostic devices

The high cost of neurodiagnostic devices stands as a significant restraint in the neurodiagnostics market. The sophisticated technologies utilized in neurodiagnostics, including advanced imaging equipment and monitoring devices, are costly. This elevated cost poses a barrier to the widespread adoption of neurodiagnostic tools, particularly for smaller healthcare facilities or those with budget constraints. Moreover, this financial burden can limit accessibility to cutting-edge neurodiagnostic technologies, hindering the potential for comprehensive neurological assessments and impeding the overall growth of the neurodiagnostics market.

Opportunity:

Technological advancements in neurodiagnostic devices

Continuous innovation, such as the development of high-resolution imaging techniques, wearable devices for remote monitoring, and artificial intelligence applications for data analysis, enhances diagnostic precision and patient care. These advancements offer healthcare professionals more comprehensive insights into neurological conditions. As neurodiagnostic technologies evolve, there is a growing potential for improved diagnostic accuracy, streamlined workflows, and enhanced patient outcomes, driving further adoption and expansion in the market.

Threat:

Lack of awareness among healthcare professionals

Despite the continuous advancements in neurodiagnostic technologies, a notable gap in understanding and awareness may exist among healthcare practitioners. This knowledge deficit can lead to the delayed or underutilized adoption of innovative neurodiagnostic procedures and tools. Additionally, inadequate awareness may hinder the timely diagnosis and management of neurological disorders, impacting patient outcomes.

COVID-19 Impact:

The COVID-19 pandemic has significantly impacted the neurodiagnostic market. Lockdowns, restrictions on elective procedures, and reallocation of healthcare resources have led to a decline in routine neurodiagnostic testing. Additionally, patient reluctance to visit healthcare facilities due to infection concerns has further hindered the market. However, the pandemic has accelerated the adoption of telehealth and remote monitoring solutions, offering opportunities for the neurodiagnostic market.

The Diagnostic & Imaging Systems segment is expected to be the largest during the forecast period

The diagnostic and imaging systems segment is poised for dominance in the neurodiagnostics market during the forecast period due to technological advancements and the growing demand for precise and non-invasive diagnostic tools. Advanced imaging technologies, such as magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET), contribute to accurate neurodiagnosis. Additionally, the increasing incidence of neurological disorders emphasizes the significance of diagnostic and imaging systems on the market.

The headache disorders segment is expected to have the highest CAGR during the forecast period

During the forecast period, the headache disorders segment is anticipated to experience substantial growth in the neurodiagnostics market. Factors such as the increasing prevalence of headaches, including migraines, growing awareness, and advancements in diagnostic technologies specific to headache disorders are contributing to this expansion. As healthcare providers prioritize accurate diagnosis and personalized treatment plans for individuals suffering from headaches, the demand for neurodiagnostic tools and procedures tailored to this segment is expected to rise, driving the overall growth of the market.

Region with largest share:

North America is poised to maintain its market dominance in the neurodiagnostic sector during the forecast period. The region benefits from a well-established healthcare infrastructure, technological advancements, and significant investments in research and development. Additionally, the increasing prevalence of neurological disorders, a growing aging population, and higher awareness levels contribute to the sustained demand for neurodiagnostic services. The presence of major industry players and a favorable regulatory environment further solidify North America's position in the neurodiagnostic market.

Region with highest CAGR:

The Asia Pacific region is positioned for substantial growth in the neurodiagnostic market. Factors such as a burgeoning population, rising healthcare awareness, and increasing incidences of neurological disorders drive the demand for advanced diagnostic technologies. Governments in the region are investing in healthcare infrastructure, fostering research and development, and promoting technological adoption. With a growing emphasis on healthcare quality and accessibility, coupled with a rising aging population, the Asia Pacific neurodiagnostic market is expected to witness significant expansion.

Key players in the market:

Some of the key players in Neurodiagnostics Market include GE Healthcare, Advanced Brain Monitoring, Inc, Bio-Rad Laboratories, Canon, Inc., F. Hoffmann-La Roche AG, Fujifilm Corporation, GE Healthcare, Hitachi Ltd., Hoffman-La Roche AG, Koninklijke Philips N.V., Lifelines Neuro Company LLC, Mitsar Co. Ltd., Natus Medical Incorporated, Nihon Kohden Corporation, QIAGEN N.V., Siemens Healthineers and Thermo Fisher Scientific Inc.

Key Developments:

In November 2023, QIAGEN announced the launch of the Microbiome WGS SeqSets, a comprehensive Sample to Insight workflow designed to provide an easy-to-use solution that maximizes efficiency and reproducibility in microbiome research.

In October 2023, QIAGEN and Myriad Genetics announced a new master collaboration agreement to develop companion diagnostic tests in the field of cancer. The partnership aims to deliver innovative services and products to pharmaceutical companies, enabling the development and commercialization of proprietary cancer tests for the U.S. clinical market, and providing distributable companion diagnostic test kits for the global market.

In May 2022, Bruker launched an innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its preclinical magnetic resonance imaging (MRI) portfolio. The new range of Maxwell 7 Tesla and 9.4 Tesla magnets eliminates the need for liquid helium or nitrogen refills while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.

Products Covered:

• Diagnostic & Imaging Systems
• Clinical Diagnostic Instruments
• Reagents & Consumables
• Other Products

Conditions Covered:

• Neurodegenerative Diseases
• Epilepsy
• Headache Disorders
• Sleep Disorders
• Other Conditions

End Users Covered:

• Hospitals
• Ambulatory Care Centers
• Diagnostic Laboratories & Imaging Centers
• Neurology Centers
• Research Laboratories & Academic Institutes
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances