According to research report the neurodiagnostics market is projected to reach USD 8.4 billion by 2024 from USD 5.9 billion in 2019, at a CAGR of 7.3%.
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The growth of this market is primarily driven by 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. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities—especially in emerging markets, which are expected to witness the highest growth.
Some prominent players in the neurodiagnostics market are GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Canon, Inc. (Japan), and Hitachi, Ltd. (Japan). An analysis of the developments in the Neurodiagnostics market from 2016–2019 showed that product launches, expansions, agreements, partnerships, collaborations, and acquisitions were the most widely adopted growth strategies by players in the market. Players took these strategies to strengthen their market positions.
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GE Healthcare is the leading player in the global neurodiagnostics market. The company has been operating in the neurodiagnostics industry for more than three decades. It focuses on introducing new products and supporting current product offerings through a combination of internal as well as external efforts that are consistent with its corporate strategy. The company has a keen focus on leveraging its core technologies by introducing product line extensions as well as new product offerings. GE Healthcare also seeks strategic partners to develop products. The company also tries to evaluate new, emerging, and complementary technologies to identify new product opportunities.
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Siemens Healthineers is one of the major players in the market, as of 2018. The company has a strong product portfolio for neurodiagnostic procedures. To strengthen its current position in the neurodiagnostics market, the company is aggressively focused on inorganic business growth strategies such as partnerships, acquisitions, and expansions. The company is also focusing on expanding its R&D capabilities to aid product development and commercialization across major and emerging markets. Siemens is investing significantly in strengthening its localized product development capabilities. The company recently established its medical imaging manufacturing facility in Bengaluru (India) and a state-of-the-art diagnostics manufacturing facility in Gujarat (India).