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The global neurodiagnostics market size is estimated to grow by USD 4.04 billion at a CAGR of 8.01% between 2023 and 2028.
An increase in funding assistance for researchers by companies engaged in the development and launch of novel advanced neurology diagnostics and device systems to offer improved and precise diagnostic results and treatment to patients having neurological disorders, including epilepsy, Alzheimer's disease and other dementias, cerebrovascular diseases like stroke, migraine and other headache disorders, multiple sclerosis, Parkinson's disease, neuro infections, brain tumours. Therefore, various institutes and organizations are allocating funds for neurology research. For instance, the WFN offers six grants, with a funding range of USD 25,000-USD 100,000, to manufacturers, neurologists, and researchers for 2023. Thus, the increasing amount of funds for neurology has the potential to accelerate the growth of the neurodiagnostics market during the forecast period.
Technavio has segmented the market into type, end-user, and geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the diagnostic and imaging solutions segment will be significant during the forecast period. The diagnostic and imaging solutions segment is expected to grow during the forecast period. Factors such as a high per capita income, increasing adoption of neurology systems to diagnose and treat neurological disorders, and the rising prevalence of neurological disorders such as brain tumors are the major factors augmenting the growth of the segment in focus
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The diagnostic and imaging solutions were the largest and were valued at USD 5.13 billion in 2018. Moreover, the growing focus on precisive neural diagnostic imaging and minimally invasive treatments is driving the demand for neuroimaging solutions. Various vendors in the market in focus are providing neuroimaging and diagnostics solutions. For instance, Siemens Magnetic Resonance diagnostics and imaging solution helps in providing precision imaging for precision medicine. Moreover, diagnostic and imaging solutions also help in accelerating advanced neuro applications for clinical routine. For instance, Simultaneous Multi-Slice, a diagnostic and imaging solution, significantly improves the temporal resolution for blood oxygenation level-dependent functional magnetic resonance imaging for higher sensitivity or specificity. The abovementioned factors and increasing requirement for neurological diagnostic and imaging to diagnose neural disorders are expected to drive the growth of the diagnostic and imaging solutions segment of the market in focus during the forecast period.
Clinical diagnostic laboratories and imaging centers use screening tests to check the efficacy of neurological samples. In developed nations such as the US, revenue from various clinical diagnostic laboratories and imaging centers increased with the increasing number of people diagnosed with neurological diseases. Further, private healthcare providers in developing countries are focusing on cost-effectiveness and scalability to meet high patient volumes. The number of small clinics in China, India, and Brazil is increasing to meet this demand. However, the lack of advanced diagnostic systems in these developing countries is expected to hamper the sale of neurodiagnostics in the segment during the forecast period. However, the growth in biotechnology R&D in developing countries such as India and China will propel the growth of the diagnostic laboratories and imaging centers segment of the market in focus during the forecast period.
Hospitals and surgery centers are the key end-users of neurodiagnostic systems, which greatly influence market growth. Large hospitals such as multispecialty hospitals and hospital groups work under government sponsorship or through funding from private entities and have more than 500 hospital beds, allowing the accommodation of individuals within the facility. Moreover, medium-sized hospitals have a limited number of supplier groups. These hospitals often require outsourced medical equipment and laboratory testing support for their healthcare services and surgeries. The administration of these hospitals is often decentralized. Medium-sized hospitals are more in number when compared with large hospitals, so they are easily accessible to people. Such factors are expected to increase the sales of neurodiagnostic systems in medium-sized hospitals, thereby driving the growth of the hospital and surgery centers segment of the market in focus during the forecast period.
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Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Another region offering significant growth opportunities to companies is North America. The US is the major contributor in terms of market share to the neurodiagnostics market in North America, owing to the rising capital expenditure on treating patients with neurological disorders such as epilepsy and dementia and the growing demand for neurology devices. Government grants from organizations such as the National Institute of Neurological Disorders and Stroke (NINDS), which provide funding for R&D activities, and the presence of various neurology associations/societies contribute to the growth of the neurodiagnostics market in the US. For instance, the American Association of Neurology (AAN), established in 1948, promotes the provision of the highest quality of patient-centered neurology care, along with the expansion of the neurology workforce, such as neurologists, through education and hands-on training.
In addition, the American Neurological Association (ANA), established in 1875, is a professional society of academic neurologists and neuroscientists who provide training and education for practising neurologists. Such training and expansion initiatives for neural disorders are expected to increase the demand for neuro-diagnostics in such facilities, which, in turn, is anticipated to drive the growth of the regional market during the forecast period.
The COVID-19 pandemic severely affected countries in North America, such as the US, Canada, and Mexico, in 2020. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdowns, and business activities slowly started returning to normal. This has led to an increase in the demand for healthcare devices for diagnostics of neurological disorders since 2021. Moreover, factors such as an increase in neurological disorders and awareness programs are expected to drive the growth of the regional neurodiagnostics market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Advanced Brain Monitoring Inc. - The company offers neurodiagnostic products which are used by clinicians, researchers and in clinical trials to interpret brain and physiological function as they relate to chronic diseases and early stage neurodegeneration.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The escalating prevalence of neurological disorders, including brain tumors, brain stroke, epilepsy, brain aneurysm, sleep apnea, multiple sclerosis (MS), and Parkinson's disease, is significantly driving market growth. These disorders, which affect the central and peripheral nervous systems, are often caused by congenital defects in genes or chromosomal abnormalities. Neurological symptoms, such as seizures, pain, paralysis, muscle weakness, and neurological instability, can significantly impact quality of life. Notably, individuals with diabetes mellitus, obesity, high blood pressure, hypertension, and smoking addiction are at a higher risk for neurological disorders. Neuronavigation systems, advanced technologies used in neurosurgery, play a crucial role in improving diagnostic accuracy and surgical outcomes for neurological conditions. These systems provide real-time imaging and guidance during procedures, enabling surgeons to navigate complex brain structures with precision.
Moreover, neurological disorders are the leading cause of disability, and according to a 2020 Lancet paper, neurological disorder is the second leading cause of death globally, accounting for 9 million deaths a year. The increasing prevalence of neurological disorders will demand diagnostic treatment, which, in turn, will drive the growth of the neurodiagnostics market during the forecast period.
Increasing focus on accurate neurological diagnostics is an emerging trend shaping market growth. Brain injuries such as Traumatic brain injury (TBIs) leave serious and lasting damage to people. CT scans have been commonly used to check bleeding or swelling in the brain but fail to detect accurate results in most cases. Thus, delivering accurate results for neurological disorders with the help of CT scans is more challenging. This inability of CT scans leaves a gap in which many brain injuries go unrecognized and undiagnosed. Therefore, blood tests for detecting neurological biomarkers have gained traction in recent years. Thus, pharmaceutical companies are developing clinical trials and R&D of biomarkers, which will give more accurate results for neurological disorders.
Moreover, the growing focus on precisive neural diagnostic imaging and minimally invasive treatments is driving the demand for neuroimaging solutions. Various vendors in the market in focus are providing neuroimaging and diagnostics solutions. For instance, Siemens Magnetic Resonance diagnostics and imaging solution helps in providing precision imaging for precision medicine. Thus, increasing focus on accurate neurological diagnosis for neurological disorders is expected to increase the demand for neurodiagnostics, which, in turn, is anticipated to drive the growth of the market during the forecast period.
The high cost of neurology devices is a significant challenge hindering market growth. The high cost of neurology devices makes the diagnosis and treatment of neurological disorders quite unaffordable. These costs include neurologists fees, equipment fees, hospital fees, and inpatient diagnostic and surgery fees. With advances in neurology devices, device prices are also increasing. The cost of neurology devices varies depending on their configuration and product features. For instance, the price of neurostimulation devices ranges between USD 8,820 and USD 25,970, the average cost of an embolic coil is USD 1,750, and the average cost of aneurysm clips is USD 60.28.
In addition, neurology procedures are also expensive. While the average cost per patient for a neurostimulator and implantation surgery is USD 32,882 for Medicare patients, it goes up to USD 50,000 for uninsured patients. Such high costs of neurology devices and procedures make them inaccessible and unaffordable for hospitals and primary healthcare centers, especially those in the low-income Central African Republic and Ethiopia countries. Given all these factors, the high cost of neurology devices is expected to have an adverse impact on market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Neurodiagnostics Market Customer Landscape
The neurodiagnostics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Neurodiagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.01% |
Market Growth 2024-2028 |
USD 4.04 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.34 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 36% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Brain Monitoring Inc., ANT Neuro, Bio Signal Group Corp., Cadwell Industries Inc., Canon Inc., Compumedics Ltd., ELMIKO BIOSIGNALS sp. z o.o., F. Hoffmann La Roche Ltd., FUJIFILM Corp., General Electric Co., Jordan NeuroScience, Koninklijke Philips N.V., Lifelines Neuro Company LLC, Mitsar Co. Ltd., Natus Medical Inc., neurocare group AG, Nihon Kohden Corp., NovaSignal Corp., QIAGEN NV, and Siemens Healthineers AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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