The global neurodiagnostics market size is anticipated to reach of around US$ 10,800 Mn by 2027 and is expected to grow at a CAGR of 8% in terms of revenue during the forecast period 2020 – 2027.
Neurodiagnostic tests are done if a patient is affected by related diseases of the central nervous system (brain and spinal cord). Two types: imaging tests or scans (x-ray, CT scan, MRI scan, PET scan) and electrical pulse sensing (EEG, EMG). Research is carried out in both cases. Neurodiagnostics helps to track, monitor and evaluate the role of the nervous system, to promote effective disease care.
The neurodiagnostic market's development rate has gradually taken place attributable primarily to the occurrence of neurological disorders among people in the modern age. The introduction of new technology to improve testing performance, which would promote the cycle of diagnosis, has also expanded the demand to a higher level. Policy programs to address neurological disorders and increase public consciousness have turned the sector into a fertile floor for investment. Key players invest in various industrial approaches, including competitive landscape, and market growth is expected to accelerate with merger and acquisition strategies. However, the competition has to some degree diminished with legislation of notifying bodies like FDA and high proceeding costs.
The market research study on “Neurodiagnostics Market (By Product: Magnetoencephalography (MEG), Electromyography (EMG), Transcranial Cerebral Oximeters, Electroencephalogram (EEG), Cerebral Oximeters, Intracranial Pressure Monitor; By Condition: Neuro Degenerative Diseases, Epilepsy, Stroke, Headache Disorders, Sleep Disorders, Other Disease; By End-User: Hospitals and Surgery Centers, Neurology Centers, Ambulatory Care Centers, Diagnostic Laboratories & Imaging Centers, Research Laboratories & Academic Institutes) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global neurodiagnostics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global neurodiagnostics market are offering product, condition, , end-use, and major geographic regions. The neurodiagnostics market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
North America accounts for major market share of global neurodiagnostics market due to increasing demand of high end neurodignostics systems and rising prevalence of neurological disorders. For instance, Approximately 5.1 million individuals in the USA are estimated to be suffering from Alzheimer's in 2012, according to the Alzheimer Association's study and the number is expected to hit more than 16 million by the year 2020, with a new occurrence every 33 seconds. The growing prevalence of neurological disorders and the presence of key players in the area would also undoubtedly strengthen its position on the US neurodiagnosis. Owing to the growing geriatric population, the Europe has the second largest share. The prevalence of neurological disorders, including stroke, depression and Parkinson's disease, rises with age. For example, the age structured occurrence of stroke in Europe ranged between the 95-290/100,000 people annually according to the National Center of Biological Information (NCBI). The Asian-Pacific region is projected to play a major role in rising the target audience and thus increasing the market size of this country as the fastest growing part of the global neurodiagnostic Direct Marketing campaigns by manufacturers for customers. In addition, the introduction of new products by main players continues to expand the demand. For instance, ECHELON Smart, a 1.5 T Supraconductive MRI device, was launched in Hitachi, Ltd. (Japan) in March 2017. These strategies would thus lead to the development of the neurodiagnostic market between Asia and the Pacific. Due to limited access to treatment facilities and limited technological developments, the market is expected to see lowest expansion.
Major players included in this report Cadwell Laboratories, Blackrock NeuroMed, Compumedics, Delsys, Elmiko, LifeLines Neurodiagnostic Systems, Electrical Geodesic (EGI), MEG International Services, Natus Medical, Motion Lab Systems, and others.
The global neurodiagnostics market is segmented as below:
Neurodiagnostics Market By Product
Neurodiagnostics Market By Condition
Neurodiagnostics Market By End-Use
Neurodiagnostics Market By Geography
Middle East & Africa
Neurodiagnostics helps to track, monitor and evaluate the role of the nervous system, to promote effective disease care.
The high cost of neurodiagnostic devices is a major factor expected to restraint the growth of the market.
Technological advancements in neurodiagnostic such as the use of artificial intelligence (AI) in imaging systems is the major drivers for the growth of the neurodiagnostics market.
The market value of neurodiagnostics is anticipated to be around US$ 10,800 Mn in 2027.
The neurodiagnostics market is anticipated to grow around 8% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019 for neurodiagnostics market.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.