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:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 - 2030 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2030 |
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CAGR |
7.6% |
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Segments Covered |
By Type, Technology, Disease Indication, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regional Scope |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Key Companies Profiled |
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Market Segmentation
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.
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.
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.
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.
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
Global automotive lighting refers to all vehicle lighting systems, from headlamps that illuminate the road to taillights that communicate movements. They guarantee motorists and other road users alike safety, visibility, and style. While taillights frequently use LEDs for improved visibility, headlights are available in a variety of technologies, including LED and laser. Interior illumination, DRLs, and signal lights all have a role to play. This market, which was estimated to be worth $33.64 billion in 2022, is anticipated to rise to $67.39 billion by 2030 because of laws, luxury tastes, safety concerns, and technological developments like OLED taillights and adaptive headlights. Anticipate a future dominated by intelligent, connected, personalized, and sustainable lighting systems that enhance the safety, efficiency, and aesthetic appeal of automobiles.
Car lighting works its magic to provide safety, visibility, and style. Headlights cut through the night, taillights express intent, and interiors shine with comfort. The billion-dollar global business is expected to rise due to consumer demand for high-end experiences, safer roads, and cutting-edge technology. Imagine dynamic messages being painted by taillights, headlights that adjust to the road, and interiors that customize their atmosphere. Driven by technological advancements like linked systems and laser beams, this future is calling. Anticipate even more visually attractive, environmentally friendly, and intelligent lighting to illuminate the way ahead, making cars safer, more efficient, and unquestionably cooler.
In the market for automobile lighting, safety is the driving force behind demand from the public and laws. While automated high beams smoothly react to traffic, adaptive headlights modify their beams so as not to blind other people. With visually striking displays, dynamic taillights convey intentions for braking and turning. Beyond these developments, integrated pedestrian identification and lane departure alerts will soon make roads safer and brighter for everyone.
Luxurious automobile lighting creates a distinct visual identity that goes beyond simple illumination. Personalized interior lighting customizes the driving experience by setting the mood with a range of colours and intensities, while intricate designs and distinctive DRLs modify exteriors. As you approach your automobile at night, welcoming lights lead the way, resulting in an interior that is perfectly lit. Not only is this symphony of light aesthetically pleasing, but it also stands as a tribute to luxury. Upcoming developments like gesture-controlled lighting and holographic displays promise to further enhance the experience.
The worldwide automotive lighting market is undergoing a significant transition towards energy-efficient solutions, as environmental concerns gain prominence. LED technology is leading the way, providing a ray of hope for the environment and drivers alike. LED lights beam brighter and use a lot less energy than conventional halogen lamps. There are some tangible advantages to this. For drivers, this translates to increased fuel economy, which lowers petrol prices and lessens reliance on fossil fuels. Greater air quality and a reduction in the transport sector's contribution to climate change are the results of reduced overall emissions.
Although the global automotive lighting business is booming, there are still unknowns. Difficulties impede growth even as innovation propels it with eye catching features like laser beams and adaptable headlights. These technologies are luxury items due to their high cost and difficult integration, which puts producers' abilities to the test. The worldwide patchwork created by unclear legislation limits the potential of innovation. Durability issues persist, particularly when complex systems are subjected to challenging conditions. Ultimately, a lot of drivers still don't fully understand how these improvements can help them. Together, we can overcome these obstacles. The keys to reducing costs are improved production, more seamless integration, and unified regulations. Their full potential can be realized by educating customers about the safety, efficiency, and aesthetic value of these lighting wonders. By working together, we can pave the way for an even brighter and safer future for vehicle lighting.
It is made possible by advanced LED technology, which gives drivers the ability to customize their illumination for the highest level of comfort and flair. Consumers that care about the environment want greener products, and vehicle lighting complies. While solar- and self-powered lighting technologies offer a future powered by clean energy, energy-efficient LEDs lower pollution. The advent of connected lighting systems heralds a new age. Envision automobiles interacting with infrastructure and one another to minimize accidents and enhance traffic efficiency. Integrated headlights with pedestrian recognition provide unmatched safety, while dramatic taillights with eye-catching displays alert onlookers to your intentions. The possibilities are endless in the future. Gesture-controlled interior illumination, holographic displays projected onto the road, and even light fixtures with self-healing capabilities.
Due to laws requiring safety features like headlights, taillights, and brake lights, exterior lighting presently holds the most market share in the vehicle lighting industry. The dominance of this market is partly attributed to advancements in safety-focused technologies such as adaptive headlights and daytime running lights. The market value of external lighting is increased by the quick adoption of technology like LED bulbs and laser lights, which improve performance and aesthetics. Conversely, the interior lighting market is expected to increase at the fastest rate in the upcoming years. Innovations like ambient lighting and technology breakthroughs like LED and OLED displays, driven by consumer demand for comfort and personalisation, open new possibilities. The spread of sophisticated interior lighting systems is further driven by the growing emphasis on safety and the expansion of the luxury car market.
The worldwide vehicle lighting market is currently dominated by halogen because of its more affordable price, advanced technology, and useful illumination. With its dependable supply chain and affordable option for manufacturers and cost-conscious customers, halogen holds the biggest market share. The fastest-growing market right now is LEDs, which are predicted to shortly overtake halogen. The rapid expansion of LEDs is driven by their higher efficiency, longer lifespan, flexibility in design, and technological breakthroughs including enhanced brightness. Because LEDs use less energy and produce fewer emissions and better fuel economy, they are becoming more and more popular in the changing automotive lighting market.
Passenger automobiles rule the worldwide automotive lighting market. The sheer number of passenger cars produced which surpasses that of business vehicles and fuels the need for lighting systems is the primary cause of this popularity. The growing demand for personal automobiles in developing nations is a result of rising disposable income, which in turn drives the rise of the passenger car market. The importance that consumers place on safety and aesthetics elements helps to drive market expansion. But in the upcoming years, the market for electric and hybrid cars is expected to develop at the quickest rate. The exponential rise of the worldwide electric car market, which is still expanding and shows no signs of slowing down, is what is driving this surge. Specialised lighting solutions are required since electric and hybrid vehicles have different lighting requirements because of their specific functionality and design aesthetics.
Most lighting systems sold nowadays are sold by OEMs (Original Equipment Manufacturers), primarily because manufacturers pre-install lighting systems in new cars. But in the next years, the aftermarket is expected to develop at the quickest rate. This spike in demand for replacement parts, especially lighting systems, can be linked to several variables, one of them being the average age of cars. The industry is expanding because of consumers' growing desire to personalise their cars with aftermarket lighting upgrades such LED upgrades and decorative lighting. The availability and affordability of technologies like adaptive headlights and laser lights in the aftermarket, together with other advancements in lighting technology, are driving demand even more. Moreover, the growing market for electric cars (EVs).
Throughout the forecast period, Asia Pacific is anticipated to be the automotive lighting market with the highest profitability. Over the past few years, Asia Pacific countries like China and India have seen notable increases in automotive manufacturing and sales, primarily in the medium-to premium luxury car segment. Asia Pacific is predicted to see an increase in the manufacturing of passenger cars, with India experiencing the strongest growth rate. Depending on the state of the national economy, the area offers a suitable selection of both high-end and cheap cars. For instance, there is a substantial demand for halogen, Xenon/HID, and LED since China and India produce more economy and mid-range automobiles. On the other hand, luxury car adoption rates are greater in South Korea and Japan, where LED lighting is the norm.
A brief shadow was thrown by COVID-19 over the worldwide automotive lighting market. Production was stopped by lockdowns and supply chain disruptions, while luxury lighting upgrades were shelved by consumers on a tight budget. Resources became scarce, and R&D stagnated. Still, the market is recovering thanks to resurgent demand and rearranged priorities. While energy-efficient LEDs are being pushed towards adoption by sustainability, safety concerns are driving interest in features like pedestrian detection and adaptive headlights. The digital push of the epidemic creates opportunities for intelligent, networked lighting systems that may interact with infrastructure and other cars. Ultimately, the industry is positioned to shine brighter, focused on safety, sustainability, and a connected future, even though the pandemic dimmed its brilliance.
A development collaboration between OSRAM Continental and REHAU aims to incorporate lighting into external components, providing automobile manufacturers with innovative lighting options that improve functionality and design flexibility. For rear combination lamps, Hella unveiled a revolutionary lighting innovation called Hella FlatLight technology. A Memorandum of Understanding (MoU) was signed by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a division of Motherson Group, and Marelli Automotive Lighting to investigate a technology collaboration focused on intelligently lighted external body components. Valeo debuted their revolutionary 360° lighting system at the Shanghai Auto Show. This technology surrounds the car with a band of light, projecting instantaneous, clear signs that other drivers can see from a distance. Pedestrians, cyclists, and scooter riders are especially susceptible to these signals
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