The neurodiagnostics market is expected to reach USD 8.4 billion by 2024 from USD 5.9 billion in 2019, at a CAGR of 7.3%. The demand for neurodiagnostics products is expected to grow mainly due to factors such as the increasing prevalence of neurological disorders & diseases, technological advancements, growing patient emphasis on effective & early disease diagnosis, the growing number of diagnostic centers & hospitals, and the use of biomarker profiling for disease diagnostics.
The neurodegenerative diseases segment accounted for the largest share of the neurodiagnostics market by condition in 2018
The market, by condition, is segmented into neurodegenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and other conditions (includes autism, schizophrenia, Williams syndrome, Landau-Kleffner syndrome, depression, attention-deficit hyperactivity disorder (ADHD), and dyslexia). In 2019, the neurodegenerative diseases segment is expected to account for the largest share of the neurodiagnostics market. The increasing incidence of traumatic brain injuries, dementia, Parkinson’s disease, and Huntington’s disease, and the growing number of neurological examinations for the diagnosis of these conditions are driving the growth of this market segment.
The hospitals & surgical centers end-user segment accounted for the largest share of the neurodiagnostics market in 2018
Based on end-user, the market is segmented into hospitals & surgical centers, diagnostic laboratories & imaging centers, neurology centers, ambulatory care centers (ACCs), and research laboratories & academic institutes. In 2018, hospitals & surgical centers accounted for the largest share of the neurodiagnostics market. The large share of this end-user segment can primarily be attributed to the financial capabilities of hospitals to purchase expensive equipment, such as neurodiagnostic devices. Hospitals also have a more significant number of trained professionals to perform complex diagnostic procedures using neurodiagnostic tools than any other end-user segment, which is another major factor driving market growth.
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North America accounted for the largest share of the neurodiagnostics market in 2018
North America accounted for the largest share of the market. North America is a well-established market for medical devices. The presence of a highly developed healthcare system, high adoption of innovative neurodiagnostic tools among medical professionals, full availability of advanced neurodiagnostic tools, and the large number of neurodiagnostic devices manufacturing companies that have an established base or are headquartered in the US are the major factors driving the market in North America.
Key Market Players
Some of the players in the neurodiagnostics market are GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Canon, Inc. (Japan), Hitachi, Ltd. (Japan), Lifelines Neuro Company, LLC (US), Natus Medical Incorporated (US), Hoffman-La Roche AG (Switzerland), FUJIFILM Holdings Corporation (Japan), Mitsar Co., Ltd. (Russia), Advanced Brain Monitoring (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories (US), QIAGEN N.V. (Netherlands), and Nihon Kohden Corporation (Japan) among others.