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|As per our research report, the global neurological diagnostics market size was valued at $13.89 billion in 2021 and is estimated to grow $ 21.56 billion by 2027. This market is predicted to exhibit a CAGR of 7.6 % from 2022 to 2027. 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 2019. 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 2020, 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 2019 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.
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 2021. 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 2021, 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 2021 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.
The Latin American Neurological Diagnostics Market is estimated to account for moderate growth during the forecast period.
The Neurological Diagnostics Markets in the Middle East and Africa estimated to have the slowest growth and least share in the global market over the forecast period. This is due to the low availability of technology and treatment facilities.
Key Players in the Market
Companies playing a pivotal role in the global neurological diagnostics market are:
Notable Happenings and Developments:
COVID-19 impact on the neurological diagnostics market
The outbreak of COVID-19 affected the demand for Neurological Diagnostic equipment. The lockdowns imposed by the governments to curb the spread of the virus lead to restrictions in movement which resulted in decrease in regular check-ups. As the COVID-19 patients were given utmost priority, various forms of elective procedures were temporarily stopped which led to a decrease in demand for Neurological Diagnostic Market. COVID- 19 outbreak led to delay in product deliveries, disruptions in global supply chain and affected the business collaborations and partnerships opportunities.
Chapter 1. Global Neurological Diagnostics Market – Scope & Methodology
1.1. Market Segmentation
1.2. Assumptions
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Global Neurological Diagnostics Market – Executive Summary
2.1. Market Size & Forecast – (2022 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3. Global Neurological Diagnostics Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Global Neurological Diagnostics Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porter's Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Global Neurological Diagnostics Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Global Neurological Diagnostics Market – By Type
6.1. Genomic
6.2. Proteomic
6.3. Metabolomic
6.4. Imaging
6.5. Others
Chapter 7. Global Neurological Diagnostics Market – By Technology
7.1. 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)
7.2. In Vitro Diagnostics
Biomarkers
Biopsy
Others
7.3. Neuroinformatics
Chapter 8. Global Neurological Diagnostics Market- By Disease Indication
8.1. Genetic Neurological Disorders
Alzheimer’s Disease
Parkinson’s Disease
Amyotrophic Lateral Sclerosis
Huntington’s Disease
Others
8.2. Immunological Neurological Disorders
Multiple Sclerosis
Others
8.3. Paraproteinemic Neuropathies
8.4. Paraneoplastic Syndrome
8.5. Others
Chapter 9. Global Neurological Diagnostics Market- By End-User
8.1. Hospitals and Surgery Centers
8.2. Neurology Centers
8.3. Diagnostic Laboratories & Imaging Centers
8.4. Research Laboratories & Academic Institutes
8.5. Ambulatory Care Centers
8.6. Pharmaceutical and Biotechnology Companies
8.7. Others
Chapter 10. Global Neurological Diagnostics Market- By Region
10.1. North America
10.2. Europe
10.3. Asia-Pacific
10.4. Rest of the World
Chapter 11. Global Neurological Diagnostics Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. Company 1
11.2. Company 2
11.3. Company 3
11.4. Company 4
11.5 Company 5
11.6. Company 6
11.7. Company 7
11.8. Company 8
11.9. Company 9
11.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Data Collection
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
Data Fusion
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
Data Analysis
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Verification
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.
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