Neurodiagnostics Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Neurodiagnostics market in 2021?

The global neurodiagnostics market is projected to have a market size of USD 12.3 billion in 2021 and is expected to grow at a CAGR of 6.8% from 2021 to 2028. The increasing prevalence of neurological disorders, advancements in diagnostic technologies, and rising awareness about early disease diagnosis are the key factors driving the growth of the neurodiagnostics market.

COVID-19 Impact on the Neurodiagnostics Market

The COVID-19 pandemic has had a mixed impact on the neurodiagnostics market. On one hand, the disruptions in healthcare services and the prioritization of treating COVID-19 patients have led to a decline in neurodiagnostics procedures. On the other hand, the focus on remote patient monitoring and telemedicine has increased the adoption of neurodiagnostics devices and solutions. Overall, the market has shown resilience and is expected to recover and grow post-pandemic.

Neurodiagnostics Dynamics

The neurodiagnostics market is driven by the increasing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, and multiple sclerosis. Technological advancements in diagnostic imaging modalities, such as MRI, CT, and PET scans, have improved the accuracy and efficiency of neurodiagnostics. Moreover, the growing geriatric population and the rise in healthcare expenditure are further fueling the growth of the neurodiagnostics market.

Segments and Related Analysis

Diagnostic Imaging

The diagnostic imaging segment dominates the neurodiagnostics market, driven by the wide availability of imaging modalities and the high demand for accurate diagnostic information in neurology. MRI and CT scans are commonly used modalities for diagnosing neurological disorders.

Electroencephalography (EEG)

The EEG segment is witnessing significant growth due to the increasing use of EEG tests for diagnosing epilepsy, sleep disorders, and cognitive impairments. Technological advancements, such as wireless EEG devices and cloud-based EEG analysis software, are driving the growth of this segment.

Cerebrospinal Fluid Analysis

The cerebrospinal fluid analysis segment is growing steadily, supported by the rising incidence of neurodegenerative diseases that require cerebrospinal fluid testing for accurate diagnosis. Advances in molecular diagnostics and biomarker discovery are enhancing the accuracy and specificity of cerebrospinal fluid analysis.

By Region Analysis

North America

North America leads the global neurodiagnostics market, driven by the presence of advanced healthcare infrastructure, high adoption of novel diagnostic technologies, and increasing research and development activities in neurology. The United States accounts for the largest market share in the region.

Europe

Europe is a significant market for neurodiagnostics, with countries like Germany, the UK, and France witnessing high demand for diagnostic procedures in neurology. The increasing prevalence of neurological disorders and the growing elderly population are key factors driving market growth in Europe.

Asia Pacific

The Asia Pacific region is experiencing rapid growth in the neurodiagnostics market due to the growing healthcare infrastructure, rising disposable income, and increasing awareness about neurological disorders. Countries like China, India, and Japan are major contributors to market growth in the region.

Key Market Players and Competitive Landscape

Some of the key players in the neurodiagnostics market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Hitachi Medical Systems, Toshiba Medical Systems, and Natus Medical Incorporated. These companies focus on product development, strategic collaborations, and technological innovations to maintain their competitive position in the market.

Recent happenings in the Neurodiagnostics Market

In recent developments, GE Healthcare launched a new MRI system with advanced neuroimaging capabilities for precise diagnosis of neurological conditions. Siemens Healthineers introduced a digital EEG platform for remote monitoring of patients with epilepsy. Philips Healthcare partnered with a leading neurology clinic to develop AI-driven solutions for neurodiagnostics. These advancements are shaping the future of the neurodiagnostics market and improving patient outcomes.