The global neurodiagnostics market was valued at $6,530 million in 2020, and is projected to reach $12,899 million by 2030, registering a CAGR of 7.0% from 2021 to 2030.
Neurodiagnostic devices are used for diagnosis of neurological disorders. Disorders such as stroke, migraine, epilepsy, Parkinson’s disease, and stroke can be diagnosed with the help of neurodiagnostics. Neurodiagnostics products include diagnostic & imaging system and in-vitro diagnostics. Diagnostic & imaging system include equipment such as CT scanner, MRI scanner, and PET scanner.
Rise in prevalence of neurological disorders, increase in geriatric population, technological advancements in neurodiagnostics, increase in patient emphasis on effective and early disease diagnosis, advances in genomics & proteomics for diagnosis of neurodegenerative diseases, and rise in number of hospitals and diagnostic centers are the major factors that drive growth of the market. In addition, increase in geriatric population and rise in usage of biological profiling for diagnosing neurological diseases are other factors that further drive growth of the market. However, stringent government regulations and low demand in under developing countries are expected to hamper the market growth during the forecast period. Conversely, rise in applications of neurodiagnostics in clinical trials and growth opportunities in emerging markets are expected to offer lucrative opportunities during the forecast period.
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a negative impact on the neurodiagnostics market. The COVID-19 epidemic is likely to have an adverse impact on the neurodiagnostics business mainly due to the focus of hospitals & clinics in setting up COVID-19 specific intensive care units (ICUs) along with temporary suspension of neurodiagnostics devices production and manufacturing sites in main affected regions across the globe.
Neurodiagnostics Market Segmentation
The neurodiagnostics market is segmented into product, condition, end user, and region. On the basis of product, the market is categorized into diagnostic & imaging systems, and in-vitro diagnostics (IVDs). The diagnostic & imaging systems segment is further divided into electroencephalogram (EEG) systems, magnetic resonance imaging (MRI) systems, ultrasound imaging systems, computed tomography (CT) scanner, and others. The in-vitro diagnostics (IVDs) is further segmented into molecular diagnostics and other IVDs. By condition, the market is divided into neuro degenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and others. By end user, it is categorized into hospitals & surgery centers, diagnostic laboratories & imaging centers, neurology centers, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Segment review
On the basis of product, the diagnostic & imaging systems segment is the major revenue contributor, and is projected to grow significantly during the forecast period. Increase in demand for advanced imaging techniques, rise in investments by device manufacturers, and increase in adoption of these devices in hospitals & surgery centers are the major factors that drive growth of the market. Furthermore, surge in demand for diagnosis of critical disorders such as epilepsy has further influenced companies to focus on development of diagnostic & imaging systems for neurological diseases.
By Product
Diagnostic and Imaging Systems segment is projected as one of the most lucrative segment.
By end user, the diagnostic laboratories and imaging centers segment is the major shareholder in the neurodiagnostics market, owing to financial capabilities of diagnostic laboratories and imaging centers to purchase expensive equipment such as neurodiagnostic devices. Moreover, diagnostic laboratories and imaging centers also have more number of trained healthcare professionals to perform complex diagnostic processes using neurodiagnostic devices than any other end user segment, which drives growth of the market.
By End User
Diagnostic Laboratories and Imaging Centers segment held a dominant position in 2020 and will continue to maintain the lead over the forecast period.
Snapshot of Asia-Pacific neurodiagnostics market
Asia-Pacific presents lucrative opportunities for key players operating in the neurodiagnostics market, owing to increase in number of initiatives and enhanced investments from governments for overall R&D of neurodiagnostics and rise in number of product approvals. In addition, ongoing innovations in neurodiagnostics, availability of advanced healthcare systems, and significant surge in demand for advanced healthcare facilities contribute toward growth of the market. Moreover, surge in focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high market share is expected to drive growth of the neurodiagnostics market in the region.
By Region
Asia-Pacific would exhibit the highest CAGR of 8.6% during 2021-2030.
The key players profiled in this report include Bio-Rad Laboratories Inc., Canon, Inc., F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, GE Healthcare, Lifelines Neuro Company, LLC, Philips Co., QIAGEN N.V., Siemens AG, and Thermo Fisher Scientific, Inc.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the neurodiagnostics market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers neurodiagnostics market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global neurodiagnostics market growth.
Key Market Segments
By Product
- Diagnostic & Imaging Systems
- Electroencephalogram (EEG) Systems
- Magnetic Resonance Imaging (MRI) Systems
- Ultrasound Imaging Systems
- Computed Tomography (CT) Scanner
- Others
- In-vitro diagnostics (IVD)
- Molecular Diagnostics
- Other IVDs
By Condition
- Neuro Degenerative Diseases
- Epilepsy
- Stroke
- Headache Disorders
- Sleep Disorders
- Others
By End User
- Hospitals & Surgery Centers
- Diagnostic Laboratories & Imaging Centers
- Neurology Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Neurodiagnostics Market Report Highlights
| Aspects | Details |
 By PRODUCT |
|
 By CONDITION |
|
 By END USER |
|
 By Region |
|
 Key Market Players | General Electric Company, Siemens AG, Philips Co., Bio-Rad Laboratories Inc., .QIAGEN N.V., .Canon, Inc., Lifelines Neuro Company, LLC, FUJIFILM Holdings Corporation, Thermo Fisher Scientific, Inc., F. HOFFMANN-LA ROCHE LTD |
Analyst Review
Neurodiagnostics is a critical tool that aids to facilitate diagnosis of neurological diseases. Neuroimaging devices also known as brain scans are utilized to detect & diagnose psychotic disorders & illnesses.
Factors such as rise in number of neurological diseases across the globe, rise in advancements in genomics and proteomics, increase in patient emphasis on early diseases diagnosis, surge in number of technological advancements in neurodiagnostics, and rise in number of hospitals and diagnostic centers are expected to drive growth of the neurodiagnostics market. Moreover, implementation of biomarker profiling technique for diagnosing neurological diseases further boost growth of the market. However, stringent government regulations and low demand in under developing countries are expected to hamper the market growth during the forecast period.
The total market value of Neurodiagnostics market is $6,530.0 million in 2020.
The forcast period for Neurodiagnostics market is 2021 to 2030
The market value of Neurodiagnostics market in 2021 is $7,013.2 million.
The base year is 2020 in Neurodiagnostics market
Top companies such as F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc, QIAGEN N.V., GE Healthcare, Bio-Rad Laboratories Inc., Siemens AG, and Philips Co. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Diagnostic & imaging systems segment is the most influencing segment owing to rise in prevalence of brain disorders, increase in demand for advanced imaging techniques, and rise in investments by neurodiagnostic device manufacturers. In addition, rise in geriatric population, surge in demand for diagnosis of critical disorders such as epilepsy, has further influenced companies to focus on the development of neurodiagnostic devices.
Rise in prevalence of neurological diseases, rise in usage of biological profiling for diagnosing neurological diseases, increase in number of diagnostic hospitals & surgery centers, technological advancements in neurodiagnostics, and surge in patient emphasis on effective and early disease diagnosis are the major factors that boost the growth of the market. In addition, advances in genomics & proteomics for the diagnosis of neurodegenerative disorders, increase in the geriatric population are other factors that further drive the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to increase in number of geriatric population, rise in people suffering from neurological diseases, and rise in priority of patients to obtain an early diagnosis of a neurological disease.
Neurodiagnostics is a field of healthcare that deals with recording, analyzing, and monitoring the nervous system to diagnose the disorder and come up with a suitable treatment
Neurodiagnostics are used to monitor neurological disorders such as Alzheimer’s disease, multiple sclerosis, sleep disorder, Parkinson’s, epilepsy, dementia, brain tumor, and others.
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