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

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.

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: