Neurodiagnostics Market – Global Industry Analysis and Forecast (2023-2029) by Type, Application and Region

Neurodiagnostics Market size was valued at US$ 7.29 Bn. in 2022 and the total Neurodiagnostics revenue is expected to grow at 7.3% through 2023 to 2029, reaching nearly US$ 11.93 Bn.
Neurodiagnostics Market Overview:
Mental, neurological, and neurodevelopmental disorders impose an enormous burden of disease globally. Electroencephalography is an excellent tool for this purpose. Consumer EEG technology, widespread access to the Internet and digital health records, and sophisticated calculus to obtain information from biomedical parameters have all coalesced to offer novel ways to incorporate EEG into everyday medical services. EEG continues to be utilized to uncover electronic indicators for a broad variety of mental illnesses, including autism, attention deficit hyperactivity disorder, psychosis, and Alzheimer’s, among many others.

When EEG-derived statistics on brain activity are maintained with an electronic medical record, clinical support software may utilize this data to detect aberrant cognitive development in its early phases, potentially opening the door to primary prevention. These advancements provide a chance for neurodiagnostic to collaborate with bioinformatics to build diagnostic tools for tracking brain function across the lifespan. To lead the way in this burgeoning industry, advanced specialists with neurodiagnostic and medical informatics abilities and training and certification are necessary.

In this report, the Neurodiagnostics market's growth reasons, as well as the market's many segments (Product Type, Condition, End-Users, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Neurodiagnostics market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Neurodiagnostics market situation.

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Neurodiagnostics Market Dynamics:
As per the Institute for Health Metrics and Evaluation, brain illnesses were the largest cause of disability-adjusted life year i. e. about 275 million and the second-highest cause of deaths worldwide in 2017. Furthermore, the World Health Organization predicts that the number of individuals suffering from neurological illnesses would increase from 93 million in 2015 to 102 million by 2030. The increasing frequency of neurodegenerative disorders, an increase in the elderly population, technical breakthroughs in brain diagnostics, and increased consciousness about illness early detection are the primary driving factors in the market.

The high cost of cerebral monitoring operations and devices is a significant impediment to the market, particularly in underdeveloped countries with inadequate compensation regulations. Cerebral monitoring devices are quite complicated, and the procedures accompanying their utilization are typically costly. For example, the usual cost of a conventional EEG is USD 300–600; however, continuous monitoring might cost up to USD 3,100. A dual-channel Transcranial Doppler costs around USD 3,100–3,300, while an Intracranial Pressure monitor costs around USD 350–600. Similarly, a single Magnetoencephalography system costs around USD 2.4–2.9 million. Due to the exorbitant cost, medical facilities, even in nations where high-tech medical technology is widely used, find it extremely difficult to get MEG machines. Furthermore, the maintenance costs and other accompanying indirect charges raise the overall ownership costs of these devices, restricting their penetration.

A key opportunity in the market is the rising prevalence of epilepsy. Each year, an estimated five million individuals worldwide are diagnosed with epilepsy, according to the World Health Organization. Epilepsy is projected to affect 50 persons out of every 100,000 in high-income nations each year. This rate can reach 140 per 100,000 in low- and middle-income nations. This is most likely owing to a greater risk of recurrent neurological illnesses, a higher frequency of road accidents and birth-related traumas, differences in healthcare technology, and the accessibility of preventative health programs and affordable care.
Neurodiagnostics Market Segment Analysis:
By Product Type, the Diagnostics and Imaging System segment is expected to grow at the fastest CAGR of 4.2% in the aforementioned forecast period. This growth is a testament to the fact that cerebral imaging has evolved significantly in the last 20 years as a result of a better knowledge of the electromagnetic spectrum and RF waves in connection to particles in biomolecules within brain cells. New techniques allow non-invasive spatial mapping i.e. morphology and studies of brain activities during specific tasks. Interaction between synapses in different areas of the brain may be detected and tracked by sequenced scanned portions of the brain. Individual constituents (big complex compounds) and pharmaceutical medications may now be identified by utilizing more modern technology with better frequency precision.

The procedure of obtaining a scan is pleasant and harmless; there is no contact to radiation; nevertheless, a patient may start experiencing an allergic response to the tracking dye. Pregnant women are advised not to undergo the operation unless there is no other option, as it is unknown if the effects of a powerful magnetic field may impair the growing fetus. The significant dispersion of visible and IR light by the flesh is a fundamental difficulty in imaging techniques of living cells. Low-energy particles, unlike X-rays, do not pass in a straight path through the body, but rather spread in a dispersed fashion, carrying minimal spatial data about the volume.
Neurodiagnostics Market Regional Insights:
Because of the rising incidence of neurological illnesses and the growing adoption of novel brain diagnostics equipment in this area, North America (especially the United States) is likely to occupy a significant market share at the end of the forecast period.

As per the Centers for Disease Control and Prevention, around 4.9 million Americans were diagnosed with Alzheimer's disease in 2017, with that figure expected to rise to nearly 13.8 million by 2060. Additionally, technical improvements in cerebral monitoring equipment, rising health spending, and the existence of well-established medical infrastructure are all contributing to the overall regional market growth in the United States.

The objective of the report is to present a comprehensive analysis of the Neurodiagnostics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Neurodiagnostics market dynamics, structure by analyzing the market segments and projecting the Neurodiagnostics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Neurodiagnostics market make the report investor’s guide.
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Neurodiagnostics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 7.29 Bn.


Forecast Period 2023 to 2029 CAGR:
7.3%
Market Size in 2029:
US $ 11.93 Bn.


 Segments Covered:
by Product
• Clinical Testing Instruments
• Diagnostics and Imaging System
• Reagents and Consumables


by Condition
• Neurodegenerative Disorders
• Epilepsy
• Sleep disorder
• Stroke


by End-Users
• Hospitals and Clinics
• Diagnostic laboratories and Imaging centers
• Others



Neurodiagnostics Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Neurodiagnostics Market Key Players
• Siemens Healthineers
• Thermo Fischer Scientific
• Hitachi
• Koninklijke Philips
• GE healthcare
• Neuro Diagnostics Devices
• Lifelines Neurodiagnostics systems
• Zynex NeuroDiagnostics
• Digital NeuroDiagnostics
• Ridge Diagnostics
• Bio-Rad Laboratories
• F-Hoffmann La-Roche AG
• Mitsar Co. Ltd.
• Nihon Kohden Corporation
• QIAGEN N.V.
• Natus Medical Incorporated

FAQs:

1. Which is the potential market for Neurodiagnostics in terms of the region?
Ans. North America (especially the United States) is likely to occupy a significant market share at the end of the forecast period

2. What are the opportunities for new market entrants?
Ans. A key opportunity in the market is the rising prevalence of epilepsy.

3. What is expected to drive the growth of the Neurodiagnostics market in the forecast period?
Ans. The increasing frequency of neurodegenerative disorders, an increase in the elderly population, technical breakthroughs in brain diagnostics.

4. What is the projected market size & growth rate of the Neurodiagnostics Market?
Ans. Neurodiagnostics Market size was valued at US$ 7.29 Bn. in 2022 and the total Neurodiagnostics revenue is expected to grow at 7.3% through 2023 to 2029, reaching nearly US$ 11.93 Bn.

5. What segments are covered in the Neurodiagnostics Market report?
Ans. The segments covered are Product Type, Condition, End-Users, and Region