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.
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.
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 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 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.
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Report Attribute |
Specifications |
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Market size value in 2022 |
USD 7.65 Bn |
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Revenue forecast in 2031 |
USD 14.03 Bn |
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Growth rate CAGR |
CAGR of 7.12 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product, Condition, And End-Use |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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 |
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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. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Neurodiagnostics Market By Product-
Neurodiagnostics Market By Condition-
Neurodiagnostics Market By End-Use-
Neurodiagnostics Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.
