USD 7.45 billion
Global Neurodiagnostics Market Size, Share, Growth Analysis, By Condition(Neuro Degenerative Diseases, Epilepsy), By End User(Hospitals & Surgery Centers, Diagnostic Laboratories & Imaging Centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2139 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
67 |
Figures:
75
Global Neurodiagnostics Market Insights
Global Neurodiagnostics Market size was valued at USD 7.45 billion in 2022 and is poised to grow from USD 7.97 billion in 2023 to USD 13.70 billion by 2031, growing at a CAGR of 7% during the forecast period (2024-2031).
The primary purpose of the neurodiagnostics market is to aid in the diagnosis, monitoring, and treatment planning of neurological disorders. It plays a crucial role in enabling healthcare providers to understand the functioning of the brain and nervous system, identify abnormalities or irregularities, and develop appropriate treatment strategies. Neurodiagnostic procedures include electroencephalography (EEG), electromyography (EMG), neuroimaging techniques (MRI, CT scan), and other specialized tests that provide valuable insights into neurological conditions.
The driving factor of the neurodiagnostics market is the increasing prevalence of neurological disorders globally. The rising incidence of conditions like Alzheimer's disease, epilepsy, and multiple sclerosis necessitates the need for accurate and efficient diagnostic tools. Challenges in the neurodiagnostics market include the complexity of neurological disorders, which often require multi-modal diagnostic approaches for accurate assessments. Interpretation of neurodiagnostic test results can also be challenging, requiring specialized expertise and advanced data analysis techniques.
The neurodiagnostics market presents significant opportunities. Advancements in technology, such as artificial intelligence (AI) and machine learning, offer the potential for improved diagnostic accuracy and efficiency. The integration of telemedicine and remote monitoring capabilities opens up opportunities for remote neurodiagnostics, enabling access to specialized care in underserved areas. The global neurodiagnostics market serves the purpose of providing healthcare professionals with the means to diagnose and monitor neurological disorders. It is driven by the increasing prevalence of neurological conditions and the need for accurate diagnostic tools. However, challenges such as high costs and regulatory requirements exist. Nonetheless, there are opportunities for technological advancements, remote monitoring, and research collaborations, which contribute to the growth and improvement of the neurodiagnostics market.
US Neurodiagnostics Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Neuro Degenerative Diseases
Fastest Growth
Neuro Degenerative Diseases
Growth Rate
7% CAGR
Global Neurodiagnostics Market ($ Bn)
Country Share for North America Region (%)
Global Neurodiagnostics Market By Condition ($ Bn)
Global Neurodiagnostics Market By Condition(%)
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Global Neurodiagnostics Market Segmental Analysis
The global neurodiagnostics market is segmented on the basis of condition, end user, and region. In terms of condition, the market is segmented into neuro degenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and others. With respect to categorization by end user, the market is segmented into hospitals & surgery centers, diagnostic laboratories & imaging centers, neurology centers, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Neurodiagnostics Market Analysis by Condition
Neurodegenerative diseases, such as Alzheimer's disease, Parkinson's disease, and Huntington's disease, represent the largest segment in the neurodiagnostics market. These diseases affect millions of people worldwide and are characterized by the progressive degeneration of neurons in the brain. The prevalence of neurodegenerative diseases has been increasing due to factors like aging populations and changing lifestyles. Advanced neurodiagnostic technologies play a crucial role in the early detection, diagnosis, and monitoring of these conditions. They enable healthcare professionals to assess brain function, identify abnormalities, and provide timely interventions. The growing awareness about neurodegenerative diseases and the need for effective treatment options contribute to the prominence of this segment.
Epilepsy represents the fastest-growing segment in the neurodiagnostics market. Epilepsy is a neurological disorder characterized by recurrent seizures. The global burden of epilepsy is significant, with millions of people affected by this condition. The increasing incidence of epilepsy, along with improved diagnostic methods and accessibility to healthcare services, drives the demand for neurodiagnostic technologies. These technologies, such as electroencephalography (EEG) and magnetic resonance imaging (MRI), aid in the accurate diagnosis and monitoring of epilepsy. Additionally, ongoing advancements in neuroimaging and neurophysiology contribute to the growth of this segment, as they provide valuable insights into the underlying mechanisms of epilepsy and help optimize treatment strategies.
Neurodiagnostics Market Analysis by End User
The global neurodiagnostics market, hospitals and surgery centers emerge as the largest segment. Hospitals and surgery centers play a pivotal role in providing comprehensive healthcare services, including neurodiagnostics, to a wide range of patients. These facilities have advanced medical infrastructure, state-of-the-art equipment, and specialized healthcare professionals, making them the primary choice for neurodiagnostic procedures. The large patient volume and the ability to offer diverse diagnostic and treatment options contribute to the dominance of hospitals and surgery centers in the neurodiagnostics market.
The fastest growing segment in the neurodiagnostics market is diagnostic laboratories and imaging centers. These facilities focus on diagnostic testing and imaging services, including neuroimaging techniques like MRI, CT scan, and PET scan. The increasing prevalence of neurological disorders and the rising demand for accurate and timely diagnosis are driving the growth of diagnostic laboratories and imaging centers. Additionally, technological advancements in imaging modalities and the integration of artificial intelligence in neuroimaging analysis further fuel the growth of this segment. Patients and healthcare providers are increasingly relying on diagnostic laboratories and imaging centers for efficient and precise neurodiagnostic services.
Global Neurodiagnostics Market By Condition, 2023 (%)
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Global Neurodiagnostics Market Regional Insights
North America emerges as the dominating region in the global neurodiagnostics market. The region's dominance can be attributed to several factors, including advanced healthcare infrastructure, robust research and development activities, and high healthcare expenditure. North America is home to numerous prominent neurodiagnostic device manufacturers, research institutes, and academic centers specializing in neurological disorders. Moreover, the region experiences a high prevalence of neurological conditions, driving the demand for neurodiagnostic procedures. The presence of well-established healthcare systems, reimbursement frameworks, and skilled healthcare professionals further contribute to the dominance of North America in the neurodiagnostics market.
Asia Pacific (APAC) showcases the fastest growth in the global neurodiagnostics market. The region's rapid growth can be attributed to several factors, including a large patient population, increasing healthcare expenditure, rising awareness about neurological disorders, and improving healthcare infrastructure. Countries such as China, India, and Japan are witnessing significant investments in healthcare, leading to the establishment of advanced healthcare facilities and the adoption of innovative neurodiagnostic technologies. Additionally, the increasing geriatric population and changing lifestyles contribute to the growing burden of neurological disorders in the region. As a result, there is a rising demand for neurodiagnostic services in Asia Pacific, driving the market's rapid growth.
Global Neurodiagnostics Market By Geography, 2024-2031
- Largest
- Fastest
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Global Neurodiagnostics Market Dynamics
Neurodiagnostics Market Drivers
Increasing Prevalence of Neurological Disorders
- The rising prevalence of neurological disorders, such as Alzheimer's disease, Parkinson's disease, and epilepsy, is a major driver for the neurodiagnostics market. As the global population ages and lifestyles change, the burden of neurological disorders is increasing. This drives the demand for neurodiagnostic procedures to accurately diagnose and monitor these conditions.
Technological Advancements in Neurodiagnostic Devices
- Continuous advancements in neurodiagnostic devices, such as EEG machines, electromyography (EMG) devices, and neuroimaging equipment, are driving the market. These technological innovations provide enhanced functionality, improved accuracy, and greater patient comfort. The availability of advanced devices attracts healthcare providers to invest in neurodiagnostic equipment, boosting market growth.
Neurodiagnostics Market Restraints
High Cost of Neurodiagnostic Procedures
- The high cost associated with neurodiagnostic procedures can act as a restraint for market growth. Neurodiagnostics often involve expensive equipment, specialized tests, and skilled healthcare professionals. The cost can limit accessibility to these procedures, especially in low- and middle-income countries, hindering market expansion.
Stringent Regulatory Requirements
- The neurodiagnostics market is subject to stringent regulatory requirements and compliance standards. Obtaining regulatory approvals for new neurodiagnostic devices and techniques can be a time-consuming and expensive process. These regulatory hurdles can slow down innovation and product launches, posing challenges for market growth.
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Global Neurodiagnostics Market Competitive Landscape
The global neurodiagnostics market features a competitive landscape with several key players vying for market share and striving for innovation in the field of neurological diagnostics. These companies focus on developing advanced neurodiagnostic devices, expanding their product portfolios, and strengthening their distribution networks to gain a competitive edge. The competitive landscape is characterized by a mix of established multinational corporations and emerging players specializing in neurodiagnostics. Collaborations, partnerships, and mergers and acquisitions are common strategies adopted by companies in the neurodiagnostics market. These collaborations enable knowledge sharing, technology transfer, and market expansion. Moreover, partnerships with academic institutions, research centers, and healthcare providers facilitate clinical trials, data collection, and validation of neurodiagnostic devices.
Neurodiagnostics Market Top Player’s Company Profiles
- Medtronic (Ireland)
- Hitachi Medical Corporation (Japan)
- Natus Medical Incorporated (US)
- Abbott Laboratories (US)
- Koninklijke Philips N.V. (Netherlands)
- Thermo Fisher Scientific Inc. (US)
- Elekta AB (Sweden)
- Brainlab AG (Germany)
- Masimo Corporation (US)
- Cadwell Industries Inc. (US)
- Advanced Brain Monitoring, Inc. (US)
- Compumedics Limited (Australia)
- Neurosoft Ltd. (Russia)
- Magstim (UK)
- NeuroWave Systems Inc. (US)
- BrainScope Company Inc. (US)
- Blackrock Microsystems LLC (US)
Neurodiagnostics Market Recent Developments
- In April 2022, Siemens Healthineers, headquartered in Germany, introduced the MAGNETOM Free.Max, the world's first 80 centimeter bore magnetic resonance imaging (MRI) system. This innovation aims to enhance patient comfort and accommodate individuals with claustrophobia or larger body types, while maintaining high-quality neuroimaging capabilities.
- In February 2022, Medtronic, a leading medical technology company based in Ireland, announced the launch of its Percept PC deep brain stimulation (DBS) system with BrainSense technology in the United States. The system enables personalized, adaptive DBS therapy for patients with Parkinson's disease, essential tremor, and dystonia, providing real-time data and insights to optimize treatment outcomes.
- In November 2021, Philips Healthcare, headquartered in the Netherlands, introduced the Philips Zenition 70 mobile C-arm imaging platform. This system integrates 3D imaging, real-time image guidance, and advanced visualization capabilities, providing neurosurgeons with enhanced intraoperative imaging and navigation for complex neurosurgical procedures.
Global Neurodiagnostics Key Market Trends
- Integration of Data Analytics and Cloud Computing: The integration of data analytics and cloud computing in neurodiagnostics is gaining traction. The ability to store and analyze large volumes of patient data in the cloud enables efficient data management, remote collaborations, and the development of predictive models for better diagnosis and treatment planning. This trend promotes data-driven decision-making and personalized patient care in neurodiagnostics.
Global Neurodiagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global neurodiagnostics market analysis, neurodiagnostics play a crucial role in identifying neurological abnormalities, aiding in the accurate diagnosis of conditions like epilepsy, Alzheimer's disease, Parkinson's disease, and multiple sclerosis. The market analysis reveals a steady growth trajectory, driven by factors such as the increasing prevalence of neurological disorders, technological advancements in diagnostic devices, and rising healthcare expenditure worldwide. The market is witnessing the introduction of innovative neuroimaging technologies, such as functional magnetic resonance imaging (fMRI) and positron emission tomography (PET), which provide detailed insights into brain activity and structure. Additionally, the integration of artificial intelligence (AI) in neurodiagnostics is enhancing the efficiency and accuracy of diagnostic procedures. However, the high cost associated with neurodiagnostic tests and stringent regulatory requirements may pose challenges to market growth. Despite these challenges, the global neurodiagnostics market is expected to expand further, driven by the growing demand for accurate and timely diagnosis of neurological conditions, coupled with advancements in technology and the pursuit of improved patient outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.45 billion |
| Market size value in 2031 | USD 13.70 billion |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Neurodiagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Neurodiagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Neurodiagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Neurodiagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Neurodiagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Neurodiagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Neurodiagnostics Market Report Snapshots
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