May 22, 2024
Neurodiagnostics Market

Neurodiagnostics Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Neurological Disorders

Neurodiagnostics involves the diagnosis of neurological disorders and includes various technologies such as imaging, neuroelectrophysiology, neurobiological, and biomarkers. Neurodiagnostics provide non-invasive diagnosis of disorders through imaging technologies such as MRI and CT scans. They help identify conditions such as tumors, strokes, spinal cord injuries, and epilepsy. Increasing prevalence of neurological disorders such as Alzheimer’s, Parkinson’s, epilepsy, and brain aneurysms is driving demand for neurodiagnostic procedures.

The Global Neurodiagnostics Market is estimated to be valued at US$ 14.91 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Neurodiagnostics are Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc., Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Mennen Medical, Natus Medical Incorporated, Medicaid Systems, Fujirebio, FONAR Corp, ANT Neuro, NEUROLITE AG, and Atlantic Health System.

The key opportunities in the Neurodiagnostics Market  Demand are increasing research and development activities to develop advanced neurodiagnostic technologies and rising investment and funding from government and private organizations for commercialization of neurodiagnostic devices.

Globally, the Neurodiagnostics market is expanding rapidly mainly due to increasing prevalence of neurological disorders, growing geriatric population, rising awareness regarding early disease diagnosis, and availability of portable neurodiagnostic devices. The major players are focusing on emerging markets for further expansion owing to high unmet clinical needs.

Market Drivers

The growing geriatric population is one of the major drivers of the Neurodiagnostics market. According to the United Nations, the population aged 60 years and above is expected to reach 2 billion by 2050 from 1 billion in 2020. With age, the risk of neurological disorders increases which is expected to drive the demand for neurodiagnostic procedures. Additionally, increasing healthcare expenditure globally and rising awareness about early disease diagnosis are some other factors augmenting the growth of Neurodiagnostics market.

PEST Analysis

Political: Healthcare reforms in various countries are mandating quality standards and regulations for neurodiagnostic devices to ensure patient safety, which is influencing innovations. Strict approvals are required for new products from regulatory bodies.
Economic: Economic fluctuations impact the spending capability of consumers and hospitals on expensive neurodiagnostic equipment. Cost containment pressures on hospitals may limit capital expenditures on new advanced devices.
Social: Aging population and rising incidence of neurological disorders are driving demand for neurodiagnostic screening and tests. Growing health awareness is increased acceptance for preventive screening.
Technological: Developments in digital healthcare, artificial intelligence, data analytics are allowing miniaturization of devices. Wireless and wearable neurodiagnostic devices are gaining traction. Automation is improving workflow efficiency.

Majority of the neurodiagnostics market value is concentrated in North America currently due to the availability of advanced healthcare infrastructure and reimbursement systems. Europe and Asia Pacific regions are also significant contributors and growing steadily.

The Asia Pacific region is poised to be the fastest growing market during the forecast period. This is attributed to factors such as rising healthcare spending, increasing disposable incomes, growing incidence of neurological disorders due to lifestyle changes and aging population. China and India are emerging as opportunistic markets with huge patient bases. Improvements in the medical devices regulatory systems and availability of skilled technicians will further support the neurodiagnostics market growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.