The neurodiagnostics market is a critical component of overall neurological care as it provides non-invasive diagnostic tools to identify neurological disorders and conditions. Neurodiagnostics devices such as EEG, MEG, intraoperative neuromonitoring, MRI imaging systems, CT scanners, ultrasound scanners and various neuro-related biomarkers help in visualization of the brain and nervous system structure and activities.
These devices play a vital role in detection, diagnosis and treatment of neurological diseases including Parkinson’s disease, Alzheimer's disease, brain tumors, epilepsy, headache disorders and stroke. The increasing burden of neurological disorders and growing demand for minimally invasive diagnosis are propelling the neurodiagnostics market.
The Global Neurodiagnostics Market is estimated to be valued at US$ 8.66 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Neurodiagnostics Market are Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc., Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Mennen Medical, Natus Medical Incorporated, Medicaid Systems, Fujirebio, FONAR Corp, ANT Neuro, NEUROLITE AG, and Atlantic Health System.
The growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, headache disorders, and stroke is driving the Neurodiagnostics Market Demand procedures. According to WHO estimates, over 1 billion people suffer from neurological disorders worldwide. Neurological disorders are amongst the leading causes of disability and mortality globally.
Technological advancements are enabling market expansion into new geographical territories. Companies are focusing on developing portable, easy to use, and affordable neurodiagnostic devices to increase accessibility in emerging markets. Growing healthcare infrastructure and spending in developing nations is supporting this global expansion.
Market Key Trends
The Neurodiagnostics Market Size And Trends is witnessing rapid digitalization trends by integrating advanced technologies such as artificial intelligence, cloud-based solutions, and apps for remote care. AI assisted neuroimaging is enhancing the accuracy of scans and enabling early detection. Cloud storage solutions are making neuroimaging data accessible remotely for improved collaboration. Neuromonitoring apps allow continuous patient monitoring outside healthcare facilities. These digital innovations are poised to revolutionize neurodiagnostics and support improved health outcomes.
Porter’s Analysis
Threat of new entrants: Low economies of scale and brand identity make it difficult for new companies to enter the market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they provide core technologies and products needed for neurodiagnostics.
Threat of new substitutes: Low threat as neurodiagnostics tests have few substitutes for disease diagnosis and patient monitoring.
Competitive rivalry: High as the market is dominated by few large multinational companies.
Geographical Regions
North America region dominates the neurodiagnostics market in terms of value as advanced healthcare infrastructure, high awareness levels, and availability of sophisticated testing facilities boost adoption.
Asia Pacific region exhibits the fastest growth in the neurodiagnostics market supported by rising geriatric population, improving access to healthcare, and increasing investments by key players to tap emerging markets.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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