Burlingame, June 20, 2024 (GLOBE NEWSWIRE) -- The dynamic landscape of global neurodiagnostics market share, is projected to reach USD 14.94 billion in revenue by 2031. growing at a CAGR of 8.1% by 2031, According to Coherent Market Insights. Neurodiagnostics technology has witnessed significant advancements over the past few years with the introduction of new diagnostic devices, techniques, and digital platforms. Imaging modalities such as MRI, CT, PET, ultrasound, and EEG/EMG have become more sophisticated with features such as high resolution, faster acquisition, and enhanced capabilities to detect minute changes related to neurological disorders.
Market Dynamics:
The neurodiagnostics market is primarily driven by the rising prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, multiple sclerosis and epilepsy. According to World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide every year. Moreover, growing geriatric population also supplements the growth of this market as elderly people are more prone to neurological diseases. According to United Nations, the number of people aged 60 years and above is expected to rise from 962 million globally in 2017 to 2.1 billion by 2050. Furthermore, technological advancements in neurodiagnostics such as portable MRI, CT and ultrasound devices for point-of-care diagnosis is also fostering the market growth.
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Market Trends:
Adoption of novel biomarkers for neurodiagnostics is one of the emerging trends in this market. Biomarkers helps in earlier diagnosis of neurological conditions. For instance, tau and β-amyloid (Aβ) proteins are potential biomarkers for Alzheimer’s disease. Similarly, alpha-synuclein is being researched as biomarker for Parkinson’s disease. Another major trend is growing popularity of wearable neurodiagnostic devices. Companies are developing wearable biosensors for non-invasive, real-time brain monitoring to detect seizures, diagnose migraine, sleep disorders among others. For example, in 2020, Neurable Inc. unveiled P300-based brain-computer interface device to help treat various neurological and psychiatric disorders.
The electroencephalogram (EEG) systems segment is expected to hold a dominant position in the neurodiagnostics market, with a share of over 30% by 2030. EEG systems are widely used for detecting irregular electrical activity in different parts of the brain. They help in diagnosing various neurological conditions such as epilepsy, sleep disorders, brain tumors, stroke, and encephalitis. The increasing prevalence of such conditions globally is expected to drive the demand for EEG systems over the forecast period. Technological advancements leading to higher accuracy and portability of EEG systems are further supporting the growth of this segment.
Neurodiagnostics Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $8.66 billion |
| Estimated Value by 2031 | $14.91 billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Therapeutic Area, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising Prevalence of Neurological Disorders • Increasing Adoption of Growth Strategies by Key Market Player |
| Restraints & Challenges | • High Cost of Equipment • Limited Reimbursements |
The magnetic resonance imaging (MRI) systems segment is anticipated to witness significant growth during 2024-2031. MRI uses strong magnetic fields and radio waves to generate detailed images of the internal structures and functions of the brain and spinal cord. It does not involve any use of ionizing radiation and hence is considered safer than computed tomography for neurological applications. MRI aids in detecting tumors, injuries, developmental abnormalities, and infections involving the brain or spinal cord. The non-invasive nature and multi-planar imaging capabilities of MRI are propelling its increasing adoption in neurodiagnostics.
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Key Market Takeaways:
The global neurodiagnostics market is anticipated to witness a CAGR of 8.1% during the forecast period 2024-2031, owing to the rising incidence of neurodegenerative diseases and growing geriatric population globally which is more susceptible to such conditions.
On the basis of product type, the electroencephalogram systems segment is expected to hold a dominant position, owing to its extensive use in diagnosing various neurological disorders. By therapeutic area, the neurodegenerative diseases segment will dominate due to the high prevalence of Alzheimer's and Parkinson's disease worldwide.
On the basis of end user, the hospital segment is anticipated to be the largest as most complex neurological tests are performed in hospitals.
By region, North America is expected to hold a dominant position over the forecast period, due to the high healthcare expenditure and technological advancements in the region.
Key players operating in the neurodiagnostics market include 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, Menen Medical, Natus Medical Incorporated, and Medicaid Systems. These players are focusing on new product launches, collaborations, and geographic expansions to strengthen their market presence.
Recent Developments:
In Febrauary 2024, Koninklijke Philips N.V, announced the launch of Azurion neuro biplane system, designed to streamline neurovascular procedure and help care terms make the right decisions faster, treat more patients, and achieve better outcomes.
In January 2023, Natus Medical Incorporated, acquired Micromed holding SAS, to expand its neurodiagnostics product portfolio.
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Detailed Segmentation-
By Product Type:
- Electroencephalogram (EEG) Systems
- Magnetic Resonance Imaging (MRI) Systems
- Ultrasound Imaging Systems
- Computed Tomography (CT) Scanner
- Reagents & Consumables
- Others
By Therapeutic Area:
- Neurodegenerative Diseases
- Sleep Disorders
- Stroke
- Epilepsy
- Others
By End User:
- Hospitals
- Diagnostic Centers
- Ambulatory Care Centers
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages,information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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