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Neurodiagnostics Market

Neurodiagnostics Market Size, Share & Trends Analysis Report By Product (Diagnostic and Imaging Systems, Clinical Testing Instruments, Reagents & Consumables), By Condition (Neuro Degenerative Diseases, Epilepsy, Stroke), By End-Use, By Region, And Segment Forecasts, 2023-2031

Report ID : 1683 | Published : 2023-04-03 | Pages: 180 | Format: PDF/EXCEL

The Global Neurodiagnostic Market Size is valued at 7.65 billion in 2022 and is predicted to reach 14.03 billion by the year 2031 at a 7.12% CAGR during the forecast period for 2023-2031.      

Neurodiagnostic equipment is used to diagnose neurological problems. Neurodiagnostics can diagnose disorders such as stroke, migraine, epilepsy, Parkinson's disease, and stroke. Diagnostic and imaging systems, as well as in-vitro diagnostics, are characteristics of neurodiagnostic products. CT, MRI, and PET scanners are examples of diagnostic and imaging systems. The growing elderly population, rising neurological illness incidence rates, and the existing healthcare expenditure load on society and government are driving the neurodiagnostic market expansion.

Neurodiagnostics Market

However, the COVID-19 epidemic put a significant burden on the whole healthcare system. The COVID-19 outbreak was hampered by a shortage of medical services, and more persons were infected regularly. As a result, healthcare facilities began to invest in respiratory support systems such as life support machines, oxygen generators, ventilators, personal protective equipment (PPE) kits, masks, and gloves, among other things. As a result, demand for the neurodiagnostic market declined precipitously, weighing heavily on the worldwide neurodiagnostic industry. Additionally, lockdown and social distance measures impeded the construction of such gadgets, resulting in huge costs for the producers. 

Recent Developments:

  • In Dec 2022, Natus Medical, Inc. has reached an agreement to acquire Micromed Holding SAS ("Micromed Group" or "Micromed"), a global provider of neurophysiology solutions. Together, Natus and Micromed will offer customers the finest neurodiagnostic and neuromonitoring solutions in the industry.
  • In Aug 2021, Rigaku Corporation purchased all issued shares of MILabs B.V. as part of their comprehensive attempt to join the life sciences market. Rigaku will expand its life sciences modality business globally through this acquisition by combining MILabs' multi-modality businesses for animals, including PET (Positron Emission Tomography), SPECT (Single Photon Emission Computed Tomography), Optical Imaging, and CT (Computed Tomography), with Rigaku's original X-ray imaging business for animals.
  • In March 2021, At the commencement of the 2021 European Conference of Radiology, Hitachi Medical Systems unveiled two new permanent open MRI systems outfitted with the SynergyDrive workflow solution. GE Healthcare will unveil three new technologies, SIGNA 7.0T, SIGNA UHP 3.0T, and MAGNUS, in August 2020 to help neuro researchers better understand Alzheimer's disease and severe brain injury while also accelerating clinical translation. 

Competitive Landscape:

Some of the Neurodiagnostics Market players are:

  • Advanced Brain Monitoring
  • ANT Neuro (Netherlands)
  • Bio-Rad Laboratories Inc.
  • Canon, Inc.
  • DRG Instruments GmbH (Germany)
  • ELMIKO MEDICAL Sp. Z o.o. (Poland)
  • Hoffmann-La Roche Ltd
  • Fonar Corporation (US)
  • FUJIFILM Holdings Corporation
  • Fujirebio (Japan)
  • GE Healthcare
  • Hitachi, Ltd.,
  • Koninklijke Philips N.V.
  • Lifelines Neuro
  • Mitsar Co. LTD.
  • Motion Lab Systems, Inc. (US)
  • Natus Medical Incorporated
  • Neusoft Medical Systems Co., Ltd. (US)
  • Nihon Kohden Corporation
  • QIAGEN N.V.
  • Ridge Diagnostics (US)
  • Rigaku Corporation (Japan)
  • Siemens Healthcare GmbH
  • Tecan Trading AG (Switzerland)
  • Thermo Fisher Scientific, Inc. 

Market Segmentation:

The Neurodiagnostics Market is segmented based on product, condition, and end-use. Based on product, the market is segregated into diagnostic and imaging systems (electroencephalogram systems, electromyography products, magnetic resonance imaging systems, ultrasound imaging systems, computed tomography scanners, magnetoencephalogram systems, positron emission tomography systems, angiography systems, and others), clinical testing instruments (next-generation sequencing, sanger sequencing, others), and reagents & consumables (media and serra, enzymes, solvents, protein & peptides, probes, buffers, antibodies, others).

The condition segment includes neurodegenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and others. By end-use, the market is segmented into hospitals and surgery centers, neurology centers, ambulatory care centers, diagnostic laboratories & imaging centers, and research laboratories & academic institutes.

Based On Product, The Diagnostic And Imaging Systems Segment Is Valued As A Major Share Holder To The Neurodiagnostics Market

The diagnostic and imaging systems category is predicted to maintain a major share of the global neurodiagnostic market in 2021. The increasing prevalence of neurological illnesses, the rising adoption of advanced medical imaging technologies, and the growing elderly population are the primary factors driving the diagnostic and imaging segment's rise. The elevated prevalence of neurological illnesses among individuals is driving up demand for neurodiagnostic gadgets, which will boost segment expansion over the predicted period.

The Hospitals And Surgery Centers Segment To Witness Growth At A Rapid Rate

The hospitals and surgery centers segment is anticipated to develop at a rapid rate in the global neurodiagnostic market owing to the enormous patient volume admitted to these hospitals. Hospitals with the financial resources to do so can purchase complex and modern neurological equipment, increasing revenue potential and leveraging prospects.

The North America Neurodiagnostics Market Holds A Significant Revenue Share In The Region

The North America Neurodiagnostics Market is expected to register the highest market share in terms of revenue in the near future. Due to the presence of robust healthcare infrastructure, increasing prevalence of neurological disorders, high healthcare expenditure, and presence of significant market players constantly growing and launching advanced diagnostics devices in the region. Furthermore, growing diagnostic product launches in the Asia Pacific are boosting market growth over the forecast period.

Neurodiagnostic Market Report Scope:

Report Attribute

Specifications

Market size value in 2022

USD 7.65 Bn

Revenue forecast in 2031

USD 14.03 Bn

Growth rate CAGR

CAGR of 7.12 % from 2023 to 2031

Quantitative units

Representation of revenue in US$ Million, and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Product, Condition, And End-Use

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., Canon Inc., Lifelines Neuro, Natus Medical Incorporated, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, and Mitsar Co. LTD.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Segmentation of Neurodiagnostics Market-

Neurodiagnostics Market By Product-

  • Diagnostic and Imaging Systems
    • Electroencephalogram (EEG) Systems
    • Electromyography (EMG) Products
    • Magnetic Resonance Imaging (MRI) Systems
    • Ultrasound Imaging Systems
    • Computed Tomography (CT) Scanner
    • Magnetoencephalogram (MEG) System
    • Position emission tomography (PET) System
    • Angiography System
    • Others
  • Clinical Testing Instruments
    • PCR
    • Next-Generation Sequencing (NGS)
    • Sanger Sequencing
    • Others
  • Reagents & Consumables
    • Media and Serra
    • Solvents
    • Enzymes, Protein & Peptides
    • Probes
    • Buffers
    • Antibodies
    • Others

Neurodiagnostics Market

Neurodiagnostics Market By Condition-

  • Neuro Degenerative Diseases
  • Epilepsy
  • Stroke
  • Headache Disorders
  • Sleep Disorders
  • Others

Neurodiagnostics Market By End-Use-

  • Hospitals and Surgery Centers
  • Neurology Centers
  • Ambulatory Care Centers
  • Diagnostic Laboratories & Imaging Centers
  • Research Laboratories & Academic Institutes

Neurodiagnostics Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Neurodiagnostics Market?

Neurodiagnostics Market expected to grow at a 7.12% CAGR during the forecast period for 2023-2031

GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Hitachi, Ltd., Canon Inc., Lifelines Neuro, Natus Medical Incorporated

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