Neurodiagnostics Market To Reach USD 27.10 billion By 2027 at a CAGR of 7.8% | Reports and Data
The recent study of Reports and Data on the suggests that the Neurodiagnostics market will be valued at USD 27.10 billion, growing at a CAGR of 7.8%. The study involves the analysis of the market for Neurodiagnostics, which consists of a series of diagnostic tests and medical procedures conducted to identify the malfunctions of the central nervous system. It involves the monitoring and analysis of the nervous system, which will enable the efficient initiation of treatment procedures. The simple blockage of the pathway of neuron flow can lead to the emergence of complex neurological disorders like Parkinson’s and Multiple Sclerosis. The mental illness can be responsible for about 33% of a person’s lived disability and leads to the reduction of the quality of life. The market is characterized by the adoption of novel technologies beginning from imaging technologies to the discovery of digital biomarkers, which has helped to combat the global burdens of mental and neurological disorders.
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The growth trajectory of the Neurodiagnostics market has taken a progressive path, primarily due to the prevalence of neurological disorders among people in this contemporary era. The adoption of innovative technology for enhancing the efficiency of diagnosis, which will ease the treatment procedure has also augmented the market to a higher level. The government initiatives to grapple against the prevalence of neurological disorders and improvement in general awareness among people has made the market a favorable floor to channelize investments. Key players are engaged in various industrial strategies such as competitive landscape, and the merger and acquisition strategies are expected to increase the market growth. However, regulations from notifying authorities like FDA and high procedural costs have dimmed the market to an extent.
Further Key Findings from the report:
- Various technological advancements are being adopted by the various key players. For example, in 2017 Carnegie Mellon University engineers and cognitive neuroscientists have launched the first non-invasive, higher resolution next generation brain-interface technology. Increasing demand for non-invasive treatments is expected to boost the market growth of Neurodiagnostic market
- Various players are involved in various strategic initiatives to expand the client reach of the field players. For instance, MediXall Group Inc. has entered into a new partnership with CoreChoice, Inc., this has provided MediXall access to the series of radiology product line of CoreChoice.
- It was found that neuroimaging was the most prominent segment among the technologies used in the diagnosis. This can be attributed to the varieties of modalities used for diagnosis
- Real-time data is required by the end users in order to complete the effective diagnosis of neurological disorders. The key players are catering to these dynamic needs. For instance, Nihon Kohden launched its airEEG WEE-1200 wireless system which helped in the continuous and comprehensive term monitoring of diseases like Epilepsy
- Asia-Pacific regional segment of the Neurodiagnostics market is expected to be the fastest growing segment with a CAGR of 9.1%. This can be attributed to the increasing population and even the life expectancy in countries like India and China
- In the neuro imaging segment, the Computerized Tomography scan accounted the largest share as it is a non-invasive procedure which helps in the accurate detection of tumors and other abnormalities
- Among the end user, hospitals and clinics accounted for the largest share of about 69.8%. This can be attributed to the availability of advanced technology guiding the diagnosis procedures and ease of getting reimbursements and coverage
- Owing to the demand for MRI imaging, top players strived to bring in advanced solutions to in the medical practitioners globally. For instance, Clariscan, a contrast agent based on Gadolinium was designed by GE health care to effectively aid the visualization needs
- Among the key competitor strategies, product launch was identified as the primary strategy to capitalize the market shares
- Biomarkers and Artificial intelligence for predictive analysis were recognized as key emerging trends in the market. For instance, Thermo Fischer Scientific developed the TAU protein ELISA kit for the diagnosis of Alzheimer’s. However, it has not yet been used for commercial purposes. But has been excessively used for clinical research programs
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
GE Healthcare, Siemens Healthineers, Philips Healthcare, Canon Medical Systems Corporation, Hitachi Medical Corporation, Nihon Kohden Corporation, Fonar Corporation, Neusoft Medical Systems Co., Ltd. NeuroNexus Technologies, Inc. and Lifelines Neurodiagnostic Systems, Inc
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Neurodiagnostics Market Segmentation:
Technology Type (Revenue, USD Million; 2017–2027)
- Neuroimaging Technology
- Computed Tomography
- Magnetic Resonance Imaging
- Nuclear Medicine Imaging
- Near Infrared Spectroscopic Imaging
- Voxel-Based Morphometry
- In Vitro Diagnosis
Disease Type (Revenue, USD Million; 2017–2027)
- Alzheimer’s Disease
- Parkinson’s Disease
- Multiple sclerosis
End Use (Revenue, USD Million; 2017–2027)
- Hospital and Clinics
- Diagnostic Laboratories
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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