Neurodiagnostics Market USD 14.77 billion in 2022

The global neurodiagnostics market size was estimated to be USD 14.77 billion in 2021, and its size is anticipated to surpass USD 27.10 billion by 2030, registering a CAGR of 7.8%.

Diagnostic tests are critical tools that help to facilitate the diagnosis of neurological disorders. The neurodiagnostics market is segmented into in-vitro diagnostics, neuroimaging technologies,  and neuroinformatics. Neuroimaging technologies include various imaging techniques such as computed tomography, magnetic resonance imaging, electroencephalography, and magneto-encephalography, etc. In-vitro diagnostics include the use of several neurological biomarkers that aid in the early diagnosis of disorders of the nervous system. Neuroinformatics deals with the management of vast data generated by neuroscience studies. It enables the storage and analysis of clinical study data to gain insights at the molecular level. Rising geriatric population, increasing incidence of neurological diseases, increasing healthcare expenditure burden and government are augmenting the neurodiagnostics market growth.

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Technology Type Outlook:

The neuroimaging technologies, also known as brain scans, are being used to detect and diagnose psychotic disorders and illnesses. Imaging techniques highlight the damaged areas of brain tissues and facilitate the understanding of causative factors linked with disease occurrence. Improvements in imaging equipment owing to technological sophistication have led to non-invasive and efficient diagnostic procedures. Computed tomography, magnetic resonance imaging, and electroencephalography are some of the widely used neuroimaging techniques. Near-infrared spectroscopic imaging and voxel-based morphometry are the emerging segments of neuroimaging. Over the forecast period, neuroimaging technologies will amass more revenue when compared to the in vitro diagnostics and neuroinformatics segments.

Disease Type Outlook:

The conventional diagnostic treatments do not enable early and accurate diagnosis, thus leading to high demand for technologically advanced diagnostic platforms. With increasing life expectancy, the geriatric population is steadily increasing across the globe. Therefore, aging-related neurological diseases such as stroke, Alzheimer’s disease, Parkinson’s disease, and dementia are likewise increasing in their incidence and prevalence rates. As biomarkers serve as an effective approach to gain an understanding of the development of neurological diseases, they can be employed to measure and evaluate therapeutic conditions. Various studies across the globe are being undertaken for the development of biomarkers specific to the diagnosis of neurological diseases. At present, none of the biomarkers has been commercialized; however, they are widely used by the research and clinical laboratories for research purposes. Due to their future potential, industry players are increasingly investing in R&D of neurological biomarkers.

End-Use Outlook:

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 2019, 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 the market growth.

Regional Outlook:

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 U.S. are the major factors driving the market in North America.

Market-O-Nomics

  • The North American market is expected to remain the chief revenue-generating region. During 2020-2030, the market holds a share of 44.6% due to government initiatives and the use of advanced diagnostic technology.
  • Among the end-use, hospitals and clinics accounted for the largest share of about 69.8%. This can be attributed to the availability of advanced technology guiding the diagnosis procedures and ease of getting reimbursements and coverage
  • Magnetoencephalography (MEG) is considered to be the fastest-growing segment in the neuroimaging segment due to the temporal and spatial accuracy it offers while measuring brain activities through magnetic source image to detect the point of malfunctioning and it holds a CAGR of 9.2%
  • Electroencephalogram detects brain activity via electrical impulses and records it on the computer screen. Being cost effective and easy, it is considered to be the future of Neurodiagnostics, and it holds a market share of about 19%.
  • In the technology segment, Neuroinformatics is considered to be an upcoming field registering a CAGR of 4%, as it is an integrated and interdisciplinary approach that combines the neuroscience approaches with informatics for the creation of databases.

Competitive Landscape:

Some of the prominent business players are GE Healthcare Siemens Healthineers, Philips Healthcare, Canon Medical Systems Corporation, Hitachi Medical Corporation, Nihon Kohden Corporation, Fonar Corporation, Neusoft Medical Systems Co., Ltd. NeuroNexus Technologies, Inc. and Lifelines Neurodiagnostic Systems, Inc.

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2022 to 2030. For the purpose of this study,has segmented the neurodiagnostics market on the basis of technology type, disease type, end-use, and region:

Technology Type Outlook (Revenue, USD Million; 2022–2030)

  • Neuroimaging Technology
    • Computed Tomography
    • Magnetic Resonance Imaging
    • Nuclear Medicine Imaging
    • Near Infrared Spectroscopic Imaging
    • Electroencephalography
    • Magnetoencephalography
    • Voxel-Based Morphometry
  • In Vitro Diagnosis
  • Neuroinformatics

Disease Type (Revenue, USD Million; 2022–2030)
Disease Type Outlook (Revenue, USD Million; 2022–2030)

  • Alzheimer’s Disease
  • Migraine
  • Parkinson’s Disease
  • Epilepsy
  • Stroke
  • Multiple sclerosis
  • Neurodegeneration
  • Others

End-Use Outlook (Revenue, USD Million; 2022–2030)

  • Hospital and Clinics
  • Diagnostic Laboratories
  • Others

Regional Outlook (Revenue in USD Million; 2022–2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa
  • Latin America
    • Brazil

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