According to MRFR analysis, the Global Neurodiagnostics Market is expected to register a CAGR of 6.88% from 2019 to 2025 and held a value of USD 4,848.48 Million in 2018.
Neurodiagnostic tests which are also known as neurodiagnostics. records and monitors electrical activities of patient’s peripheral nerves, spinal cord, and brain. These tests help physicians to confirm or rule out a neurological disorder or other medical condition. The growth of the global neurodiagnostics market is boosted by factors such as rising number of strategic initiatives by key players such as mergers, joint ventures, acquisitions, partnerships,
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coupled with the advancements in technology across the globe. Furthermore, many non-profit organizations in various countries are working towards creating awareness regarding neurological diseases. For instance, the World Federation of Neurology (WFN), founded in July 2016, is a membership organization focused on raising awareness about the age and neurological conditions and diseases associated with age.
However, the high cost of neurodiagnostic treatment is likely to restrain the market growth to a certain extent in the coming years.
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Market players such as GE Healthcare, Siemens Healthineers, Philips Healthcare, and Hitachi, Ltd., currently dominate the global neurodiagnostics market. The key players are involved in product launches and agreements to strengthen their market positions. For instance, in December 2019, GE Healthcare (US), signed USD 100 million technology partnership agreement with AFFIDEA (Ireland). GE Healthcare will install 200+ new equipment in Affidea’s network of centers across Europe. The deal includes the provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners and 30 X-rays machines in the next 3 years. It also includes a six-year service contract.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas held maximum share in the base year 2018, owing to the high incidence rates of neurological disorders in countries such as US. According to the American Neurological Association, as of 2016, mealy 100 million Americans were affected by at least one of the neurological diseases. The neurodiagnostics market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European neurodiagnostics market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The neurodiagnostics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The neurodiagnostics market in this region is anticipated to be the fastest-growing during the assessment period due to the increasing awareness about the diagnostic treatments and favorable reimbursement policies. The neurodiagnostics market in the Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The Global Neurodiagnostics Market has been segmented based on Product, Condition, and End User.
The market, based on product type, has been divided into diagnostic imaging systems, clinical diagnostic instruments, and reagents & consumables. The diagnostic imaging systems segment held a major share in 2018 owing to the rising number of diagnostic laboratories an imaging centers in the developing as well as developed countries. The reagents & consumables was the fastest-growing segment in 2018 due to high consumption in various routine techniques. The market, based on diagnostic imaging systems, has been further segment is segmented as, MRI systems, EEG systems, CT scanners, PET scanners, EMG devices, ultrasound imaging systems, MEG devices, angiography systems, and others. The market, based on clinical diagnostic instruments has been further bifurcated into PCR instruments, NGS instruments, sanger sequencers, and others. The market, based on reagents & consumables has been further segmented into media & sera, antibodies, buffers, solvents, enzymes, proteins, & peptides, probes, and other