Global Neurological Diagnostics Market Size (2023 - 2030)

As per our research report, the global neurological diagnostics market size was valued at $13.89 billion in 2022 and is estimated to grow $24.96 billion by 2030. This market is predicted to exhibit a CAGR of 7.6 % from 2023 - 2030. Increasing prevalence of neurological disorders, launch of novel diagnostic tools and product approvals, increasing strategic collaboration among key players, and several government initiatives are majorly driving the growth of the market.

Neurological diagnostics are tests, performed to diagnose problems with the nervous system, and sleep habits of humans. Neurological testing involves the monitoring and analysis of the nervous system to evaluate motor and sensory skills, hearing and speech, vision coordination, and balance. Neurological examination helps to enable the efficient initiation of treatment procedures. The World Health Organization (WHO), estimated that the number of patients with neurological diseases will rise from 95 million in 2015 to 103 million by 2030.

Increasing prevalence of neurodegenerative diseases with rise in geriatric population, growing awareness regarding early diagnosis of diseases, and technological advancements in neuro diagnostics are the key factors contributing to the neurological diagnostics market growth.

The key players in the market are focusing on strategies such as acquisitions and collaborations, to enhance their product offerings. For example, York Instruments Ltd. has inked agreements with three renowned universities, including The University of Glasgow in the United Kingdom, The University of York in the United Kingdom, and the University of Konstanz in Germany, to create three magnetoencephalography systems. Koninklijke Philips N.V. and Hong Duc General Hospital in Vietnam signed a seven-year collaboration agreement in April 2022. Under the terms of the agreement, Koninklijke Philips N.V. will provide Hong Duc General Hospital with the most up-to-date medical imaging, healthcare IT systems, and patient monitoring. In 2017, Siemens Healthineers signed an agreement with Biogen to develop new MRI tools for multiple sclerosis. Such strategic collaborations among key players are expected to fuel market growth.

MARKET DRIVERS

The increasing prevalence of neurological disorders boosts neurological diagnostics market growth

The increasing prevalence of neurological disorders is estimated to fuel market growth. According to data published by Centres for Disease Control and prevention, in 2014, about 5 million Americans were suffering from Alzheimer’s disease and this number is estimated to grow 14 million people by the year 2060. According to data published by Alzheimer’s Association in 2018, around 5.7 million people in the U.S., of all age groups suffered from Alzheimer’s and dementia in 2017. According to World Health Organization (WHO), hundreds of millions of people are affected by neurological disorders, globally. More than 50 million people are affected by epilepsy and 47 million people are affected by dementia globally. Growing awareness regarding early diagnosis of diseases is driving the market growth.

Approval and launch of new products drive market growth

Product approval of technologically advanced neurological devices is uplifting the global Neurological Diagnostic Market growth. For instance, in 2022, Compumedics Limited received US FDA approval for Orion LifeSpanTM MEG with patented double relaxation oscillator superconducting quantum interference device sensor system. VitalEEG was created by Nihon Kohden in 2022 to quickly check brain health in unconscious patients. During the projected period, such developments and the introduction of new products are estimated to fuel market expansion.

Increasing government initiatives helps to elevate neurological diagnostics market growth

Increasing government initiatives in the form of funds and support for research activities are driving the market growth. For instance, in 2015, Israel’s Ministry of Health launched a National MRI Program to increase MRI scanners in hospitals. In 2012, Georgetown University Medical Centre established Huntington disease care, Education, and Research Centre in collaboration with MedStar Georgetown University Hospital. Various private and government organizations are raising awareness about neurological disorders with several initiatives, which is estimated to drive market growth.

MARKET RESTRAINTS

Lack of skilled professionals stifles neurological diagnostics market growth

Lack of skilled professionals in the neurological Diagnostics market along with lack of health check-up facilities and regular diagnostic in developing countries can be a hindrance to the market growth. Also, improper infrastructure in various under-developed countries and low awareness of medical treatment can pose a challenge for market growth.

High cost of diagnostic tools restrains the growth of the neurological diagnostics market

High cost of surgery and diagnostic tools such as MRI machines and CT scan for brain monitoring is limiting the global demand for neurological diagnostics, especially in emerging economies like China, India, and Africa. Such high-cost devices are only adopted by big hospitals and diagnostic laboratories and thus, estimated to hinder the market growth.

NEUROLOGICAL DIAGNOSTICS MARKET REPORT COVERAGE:

Market Segmentation

Global Neurological Diagnostics Market – By Type:

• Genomic
• Proteomic
• Metabolomic
• Imaging
• Others

The Proteomic segment accounted for the highest revenue share of over 32% followed by Genomic segment which accounted for the second largest market share in 2022. This is attributed to promising opportunities for the development of personalized medicines and diagnostics based on an individual’s specific genetic variations and predisposition to the disease.

Global Neurological Diagnostics Market - By Technology:

• Neuroimaging Technologies
  • Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • Nuclear Medicine Imaging (PET, SPECT)
  • Near Infrared Spectroscopic Imaging (NIRS)
  • Electroencephalography (EEG)
  • Magnetoencephalography (MEG)
  • Voxel-based Morphometry (VBM)
• In Vitro Diagnostics
  • Biomarkers
  • Biopsy
  • Others
• Neuroinformatics

The imaging technology segment is the major revenue contributor and projected to register significant revenue share over the forecast period, owing to growing awareness of various imaging technologies among people, rise in investments by device manufacturers, increase in adoption of such devices in hospitals and surgery centers. Surge in demand for diagnosis of epilepsy has influenced companies to focus on the development of diagnostic imaging systems.

Global Neurological Diagnostics Market - By Disease Indication:

• Genetic Neurological Disorders
  • Alzheimer’s Disease
  • Parkinson’s Disease
  • Amyotrophic Lateral Sclerosis
  • Huntington’s Disease
  • Others
• Immunological Neurological Disorders
  • Multiple Sclerosis
  • Others
• Paraproteinemic Neuropathies
• Paraneoplastic Syndrome
• Others

In 2022, Neurodegenerativediseases accounted for the largest share due to increasing incidence of Parkinson’s disease, Huntington’s disease, dementia, etc. The neurological examination of neurological examination for the diagnosis of such conditions is driving the market growth.

Global Neurological Diagnostics Market - By End-User:

• Hospitals and Surgery Centers
• Neurology Centers                                                                                       
• Diagnostic Laboratories & Imaging Centers
• Research Laboratories & Academic Institutes
• Ambulatory Care Centers
• Pharmaceutical and Biotechnology Companies
• Others

Among end-user, the hospitals & clinics segment is projected to register highest growth in terms of revenue share over the forecast period, due to availability of advanced treatment facilities.

Diagnostics Laboratories and Imaging Centres00 segment holds a significant market share and is anticipated to continue its trend over the forecast period. This is attributed to increasing investments in healthcare infrastructure, and rising research and development in the field of neurodegenerative disorders.

Global Neurological Diagnostics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World (Middle East, Africa and South America)

Geographically, the North American Neurological Diagnostics Market held a dominant position in the global market in terms of revenue share in 2022 and is anticipated to remain dominant during the forecast period. Increasing prevalence of neurological disorders, high adoption of innovative neurodiagnostic devices, technological advancements, increasing healthcare spending due to a strong economy and presence of well-established healthcare infrastructure is propelling the market growth in this region.

The European Neurological Diagnostics Market is estimated to hold the second largest share during the forecast period owing to focus on increasing advanced technologies, innovative product launches, increasing geriatric population, prevalence of diseases such as dementia, stroke, Parkinson’s disease, etc., and rising awareness regarding the availability of advanced treatments are driving the market growth.

The Neurological Diagnostics Market in the Asia Pacific presents lucrative opportunities for key players. Increased government initiatives and increased investments in overall research and development of neurological diagnostics, as well as an increase in the number of product approvals, ongoing innovations in neurological devices, and development in healthcare facilities, all contribute to market growth. Moreover, leading manufacturers are focusing on expanding their geographical presence in emerging Asia-Pacific countries to capture high market share. Such factors are anticipated to drive growth of the market in this region.

Key Players :

1. GE HealthCare

2. Koninklijke Philips N.V.

3. Siemens Healthcare GmbH

4. Hitachi Ltd.

5. Canon Inc.

6. Lifelines Neuro

7. Natus Medical Incorporated

8. F. Hoffmann-La Roche Ltd.

9. FUJIFILM Holdings Corporation

10. Mitsar Co. LTD