Global Neurodiagnostics Market

Global Neurodiagnostics Market, By Product (Diagnostic Imaging Systems, Clinical Diagnostic Instruments, Reagents & Consumables), By Application (Neurodegenerative Diseases, Headache Disorders, Stroke, Sleep Disorders, Epilepsy), By End-User (Hospitals & Surgical Centers, Ambulatory Care Settings, Diagnostic Laboratories & Imaging Centers, Neurology Centers, Academic & Research Institutes), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: July 2021
  • Report ID: BWC2105
  • Available Format: PDF
  • Page: 200

Report Overview

The global neurodiagnostics market is prospering because of the increasing prevalence of neurodegenerative diseases, the increasing number of diagnostic centers, and the growing awareness of early diagnosis for effective treatment, and growing research and development activities in the imaging technologies.

The global neurodiagnostics market was worth USD 6.7 billion in 2020 and is further projected to reach USD 11.4 billion by the year 2027, growing at a CAGR of 8.0% during the forecast period. Major factors driving the growth of the market are the increasing prevalence of neurodegenerative diseases, the increasing number of diagnostic centers, and the growing awareness of early diagnosis for effective treatment. Additionally, R&D activities in imaging technologies and neurodiagnostics are projected to drive business growth in the next few years.

Global Neurodiagnostics Market

Source: BlueWeave Consulting

Global Neurodiagnostics Market- Overview

Neurodiagnostics is a specialized test that helps in the diagnosis of neurological conditions. During this type of examination, the central nervous system is analyzed for accurate diagnosis which ensures that effective treatment can be provided to the patient.Tests are performed to determine if the brain, spinal cord, or peripheral nervous system is functioning properly. Neurodiagnostics testings are of two types— Imaging Tests &Scans (MRI, PET scan, CT scan, x-ray) and electrical impulse detection (EEG and EMG).

Global Neurodiagnostics Market Forecast and Trends

Growth Drivers

Increasing Prevalence of Neurodegenerative Diseases

The global burden of neurological and neurodegenerative diseases has led to an increased demand for the effective diagnosis of these diseases. According to the WHO, neurological disorders account for 12% of all deaths around the world. Moreover, it has been estimated that there are 276 million people worldwide who suffer from several disorders such as Alzheimer’s, strokes, epilepsy, migraine, etc. In the coming years, the market for neurodiagnostics will be a prospecting and lucrative market around the world due to the increasing incidence of neurological disorders and the growing need for early diagnosis.

Technological Advancements in The Neurodiagnostics

Diagnostic imaging manufacturers are investing significantly in bringing technological advancements into their modalities that can accurately assist in the diagnosis of neurological disorders. For instance, the StealthStation S8 Neurosurgery System, a product of Medtronic PLC, offers clear visualization and surgical navigation of every segment of the spine. It consists of technologies like 3D cameras, electromagnetic sensors, tracking algorithms, software for data processing, and much more. Such technologies streamline the entire diagnostic process, thereby driving the growth of the global neurodiagnostic market.

Restraints

High Cost of Diagnosis and Imaging Technologies

Adoption of imaging technologies requires heavy investment, and the high cost of these technologies imposes a limitation on theiradoption, especially within healthcare facilities of developing and low-income countries. A typical ultrasound machine can cost between USD 20,000 and USD 200,000, with some machines costing even more. A PET scanner, on the other hand, costs around USD 2 million, whereas MRI scanners cost around USD 1 million. These amounts are considered to be extremely expensive, which restricts adoption and limits the market growth. Other than high pricing, other major challenges restraining the growth of the global neurodiagnostics market are the installation and maintenance of the neurodiagnostics devices.

Impact of COVID-19 on Global Neurodiagnostics Market

The COVID-19 pandemic brought an immense burden on the entire healthcare system. Lack of medical resources was exacerbating the COVID-19 outbreak, and more people were being infected every day. Because of this, the healthcare facilities started investing significantly towards the accumulation of respiratory support devices such as life support machines, oxygen generators, ventilators, PPE kits, masks, and gloves, etc. As a result, the demand for the neurodiagnostic market declined significantly, affecting the overall global neurodiagnostic market negatively. Furthermore, the manufacturing of such devices was also affected due to lockdown and social distancing protocols, due to which the manufacturers had to incur severe losses.

Global Neurodiagnostics Market - By Product

Based on products, the global neurodiagnostic market is segmented into diagnostic imaging systems, clinical diagnostic instruments, and reagents & consumables. The diagnostic imaging systems segment captured the largest market share in 2020. This segment is further classified into ultrasound imaging systems, EEG systems, MEG devices, MRI systems, angiography systems, PET scanners, CT scanners, EMG devices, and other diagnostic imaging systems. Currently, the demand for MRI systems, PET scanners, and CT scanners is very prominent in healthcare facilities as these systems play an important role in the diagnosis of brain malfunction, genetic metabolic disorders, mental disorders, and much more.

Global Neurodiagnostics Market - By Application

Based on applications, the global neurodiagnostic market is categorized into neurodegenerative diseases, headache disorders, stroke, sleep disorders, and epilepsy. Among these, the neurodegenerative diseases segment currently holds the largest market share. The prevalence of several neurodegenerative diseases, such as Alzheimer’s, spinal muscular atrophy, Lewy body disease, Friedreich ataxia, etc., has witnessed a sharp surge in its cases over the last few years. Moreover, Alzheimer’s is said to be the most frequent cause of dementia in Western countries and affects around 24 million people worldwide. Due to this, the demand for neurodiagnostic tests is projected to rise in the forecast period.

Global Neurodiagnostics Market - Regional Insights

Geographically, the global neurodiagnostic market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the market because of the developed healthcare infrastructure and high awareness of neurological and neurodegenerative diseases in the region. Moreover, favorable reimbursement policies in developed countries like the United States offer significant coverage for neuropsychological tests and also favor the neurodiagnostic market. In the United States, psychological and neuropsychological tests are covered by Medicare Part B under Section 1861(s)(3) of the Social Security Act.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading market players in the global Neurodiagnostics market are Nihon Kohden Corporation, GE Healthcare, Canon Medical Systems Corporation, Hoffman-La Roche AG, Advanced Brain Monitoring, Inc, FUJIFILM Holdings Corporation, Siemens Healthineers, Hoffman-La Roche AG, Lifelines Neuro Company, Bio-Rad Laboratories, Koninklijke Philips N.V., QIAGEN N.V., Natus Medical Incorporated, Fujirebio, Thermo Fisher Scientific, Inc, Agilent Technologies, Hitachi, Ltd, Ridge Diagnostics, Bruker, and other prominent players.

The market is highly competitive and dense with the presence of several global industry leaders such as Philips, GE Healthcare, FUJIFILM, etc. For expanding their portfolio, the companies have been investing heavily in R&D activities, advancements, and innovation. There is intense competition in the market also because the market players are focusing on developing innovative products to build their product portfolios. Furthermore, the adoption of competitive strategies like partnership, mergers, acquisitions, and collaboration is also very prominent in this market. The market players will face greater competition as technology develops and upgrades in the coming years.

Recent Developments

  • In May 2021, Sense Neuro Diagnostics, a US-based medical tech startup, announced its strategic collaboration with Inflect Health, a venture capital health, for the development of devices for improving outcomes of stroke and brain injury patients.
  • In December 2021, Rhythmlink International LLC, a US-based medical equipment manufacturer, announced the acquisition of Chalgren Enterprises (a medical device manufacture), to expand its product portfolio of brain and nervous system monitoring.

 

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Product, By Application, By End User, By Region

Key Players

Nihon Kohden Corporation, GE Healthcare, Canon Medical Systems Corporation, Hoffman-La Roche AG, Advanced Brain Monitoring, Inc, FUJIFILM Holdings Corporation, Siemens Healthineers, Hoffman-La Roche AG, Lifelines Neuro Company, Bio-Rad Laboratories, Koninklijke Philips N.V., QIAGEN N.V., Natus Medical Incorporated, Fujirebio, Thermo Fisher Scientific, Inc, Agilent Technologies, Hitachi, Ltd, Ridge Diagnostics, Bruker, and other prominent players.

 

By Product

  • Diagnostic Imaging Systems
  • Ultrasound Imaging Systems
  • EEG Systems
  • MEG Devices
  • MRI Systems
  • Angiography Systems
  • PET Scanners
  • CT Scanners
  • EMG Devices
  • Other Diagnostic Imaging Systems

 

  • Clinical Diagnostic Instruments

PCR Instruments

  • NGS Instruments
  • Sanger Sequencers
  • Other Clinical Diagnostic Instruments
  • Reagents & Consumables

 

  • Reagents & Consumables
  • Media & Sera
  • Probes
  • Antibodies
  • Enzymes, Proteins, & Peptides
  • Buffers
  • Solvents
  • Other Reagents & Consumables

 

By Application

  • Neurodegenerative Diseases
  • Headache Disorders
  • Stroke
  • Sleep Disorders
  • Epilepsy

 

By End-User

  • Hospitals & Surgical Centers
  • Ambulatory Care Settings
  • Diagnostic Laboratories & Imaging Centers
  • Neurology Centers
  • Academic & Research Institutes

 

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)

Frequently Asked Questions:

Ans: The global neurodiagnostics market reached USD 6.7 billion in 2020.
Ans: The major factors driving the growth of the global neurodiagnostics market are increasing prevalence of neurodegenerative diseases and technological advancements in the neurodiagnostics.
Ans: The key players in the global neurodiagnostics market are: Nihon Kohden Corporation, GE Healthcare, Canon Medical Systems Corporation, Hoffman-La Roche AG, Advanced Brain Monitoring, Inc, FUJIFILM Holdings Corporation, Siemens Healthineers, Hoffman-La Roche AG, Lifelines Neuro Company, Bio-Rad Laboratories, Koninklijke Philips N.V., QIAGEN N.V., Natus Medical Incorporated, Fujirebio, Thermo Fisher Scientific, Inc, Agilent Technologies, Hitachi, Ltd, Ridge Diagnostics, Bruker, and other prominent players
Ans: The hospitals and surgical centers segment accounted for the largest share in the global neurodiagnostics market.
Ans: North America has the largest share in the global neurodiagnostics market.