Neurodiagnostics Market Analysis

Global Neurodiagnostics Market Overview

Neurodiagnostics Market Size was valued at USD 8.03 Billion in 2023. The Global Neurodiagnostics industry is projected to grow from USD 8.60 Billion in 2024 to USD 14.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.45% during the forecast period (2024 - 2032).

Increasing incidence of neurological disorders, and technological advancements in neurological disorders are the key market drivers enhancing the market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

In April 2023, Oculogica, a business based in the United States, introduced a roadside cannabis test that captures and examines eye-pupil traits. The OcuPro headset captures and examines pupil attributes to ascertain if an individual is experiencing impairment due to recent cannabis consumption. The technology will be tested in multiple police agencies in Missouri, United States. 

Existing cannabis tests utilize the analysis of tetrahydrocannabinol (THC) from urine, saliva, or blood samples. Despite the fact that the active element THC in cannabis can persist in the body for several months, its impairing effects are no longer felt by the individual throughout this time. OcuPro distinguishes between current usage within a time frame of 60-90 minutes and usage that occurred several hours ago. According to Dr. Rosina Samadani, CEO of Oculogica, the device aims to fulfill a demand for a scientifically and clinically proven test to assess impairment caused by recent cannabis consumption.

In July 2023, Beacon Biosignals, a prominent firm specializing in computational neurodiagnostics and electroencephalogram (EEG) analytics, successfully acquired the research and development business of Dreem, a pioneering Paris-based company known for its at-home sleep monitoring technology. 

This acquisition is an important achievement that will allow for large-scale clinical trial assessments. It involves combining Dreem's hardware, which has been proven to be effective in clinical settings, with Beacon's advanced EEG analytics platform. Dreem, a prominent company specializing in the creation of sleep monitoring devices that have been scientifically proven to be effective, is ready to significantly improve Beacon's ability to collect data and conduct clinical trials. This will result in significant benefits for Beacon's biopharmaceutical partners. 

Neurodiagnostics Market Trends

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  Increasing incidence of neurological disorders to boost market growth

  
  

The prevalence of neurological disorders such as Alzheimer's, Parkinson's, and epilepsy has been on the rise ly, which has led to an increase in demand for neurodiagnostic tests. According to the World Health Organization (WHO), around 50 million people worldwide are living with dementia, with Alzheimer's disease being the most common form. The number of people with dementia is expected to triple by 2050. In the United States, approximately 6.2 million people are living with Alzheimer's disease, and it is the sixth leading cause of death. The Parkinson's Foundation estimates that approximately 10 million people worldwide are living with Parkinson's disease. In the United States, around 60,000 new cases are diagnosed each year, and it is estimated that 1 million people will be living with Parkinson's disease by 2020. The WHO reports that epilepsy affects over 50 million people worldwide. In the United States, around 3.4 million people have epilepsy, with approximately 1 in 26 people developing epilepsy at some point in their life. Therefore, neurological disorders are a significant health concern ly, and the prevalence of these conditions is expected to increase due to factors such as an aging population and changes in lifestyle habits. Early detection and treatment through neurodiagnostic tests can play a crucial role in managing these conditions and improving outcomes for patients.

The development of advanced imaging technologies such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans have enhanced the accuracy and speed of diagnosis, thereby driving the demand for neurodiagnostic equipment. Rising awareness about the importance of early detection and treatment of neurological disorders, coupled with increasing healthcare expenditure, has led to greater demand for neurodiagnostic services. Advances in the field of neuroscience, including the development of novel therapies and treatments, have resulted in an increased need for neurodiagnostic tests to facilitate clinical trials and drug development.

Neurodiagnostics Market Segment Insights

Neurodiagnostics Product Type Insights

The  Neurodiagnostic market segmentation, based on product type, includes diagnostic imaging systems, clinical diagnostic instruments, and reagents and consumables. The diagnostic imaging systems segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is due to the rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, has led to an increase in demand for diagnostic imaging systems to facilitate early detection and accurate diagnosis.

In 2021:Siemens Healthineers announced the acquisition of Varian Medical Systems, a leading provider of radiation oncology solutions, including diagnostic imaging systems, for $16.4 billion. This acquisition is expected to position Siemens Healthineers as a leader in the oncology space, combining Varian's expertise in radiation therapy with Siemens Healthineers' imaging capabilities to provide an end-to-end solution for cancer treatment.

Neurodiagnostics Condition Insights

The Neurodiagnostics market data has been bifurcated by condition into Neurodegenerative Diseases, Stroke, Epilepsy, Headache Disorders, Sleep Disorders, and Others. The neurodegenerative diseases condition segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The prevalence of neurological disorders such as Alzheimer's, Parkinson's, and epilepsy has been on the rise ly, which has led to an increase in demand for neurodiagnostic tests. 

Figure 1  Neurodiagnostics Market, by Condition, 2022 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Neurodiagnostics Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Neurodiagnostics market accounted for USD 3.61 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region is driven by the presence of a large patient population, well-established healthcare infrastructure, and high healthcare expenditure. Further, the US Neurodiagnostics market held the largest market share, and the Canada Neurodiagnostics market was the fastest growing market in the North American region due to the high demand for Neurodiagnostics and the presence of several major manufacturers in the country.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 NEURODIAGNOSTICS MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Neurodiagnostics market accounts for the second-largest market share. The market is driven by the increasing demand for natural and organic products. The United States is the largest market for Neurodiagnostics in North America, with a growing demand for the ingredient in the food and beverage industries.

The Asia-Pacific Neurodiagnostics market is expected to grow at the fastest CAGR from 2024 to 2032. The market is driven by increasing healthcare expenditure, rising incidence of neurological disorders, and growing awareness about early detection and treatment of neurological disorders. Moreover, China Neurodiagnostics market held the largest market share, and the India Neurodiagnostics market was the fastest growing market in the Asia-Pacific region.

Neurodiagnostics Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Neurodiagnostics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Neurodiagnostics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  Neurodiagnostics industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Neurodiagnostics industry has provided innovative products with some of the most significant benefits. The Neurodiagnostics market major player such as Phillips Healthcare (Netherlands), Lifelines Neuro Company LLC (US), FUJIFILM Holdings Corporation (Japan), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific Inc. (US), Mitsar Co. Ltd. (Russia), Hitachi Ltd. (Japan), Hoffman-La Roche AG (Switzerland), Natus Medical Incorporated (US), Siemens Healthineers (Germany), and others are working to expand the market demand by investing in research and development activities.

Philips Healthcare is a  company that specializes in health technology, providing a wide range of medical equipment, services, and solutions for both healthcare professionals and patients. The company's offerings include medical imaging, patient monitoring, respiratory care, clinical informatics, and home healthcare. Philips Healthcare is their collaboration with Disney on a new line of children's medical equipment. The two companies have joined forces to create a range of Disney-themed designs for Philips' medical equipment, including MRI machines, CT scanners, and X-ray machines. The aim of this collaboration is to make medical procedures less intimidating for children and help healthcare providers create a more child-friendly environment. This collaboration between Philips Healthcare and Disney reflects a growing trend towards incorporating design and technology to create a more patient-centric healthcare experience. By making medical procedures less intimidating for children, Philips Healthcare and Disney are helping to improve patient outcomes and provide better care for patients of all ages.

Lifelines Neuro Company LLC is a healthcare technology company that specializes in providing neurodiagnostic solutions to healthcare providers. The company's offerings include software and hardware solutions for EEG (electroencephalography) and EMG (electromyography) testing, as well as remote monitoring and diagnostic services. One recent development for Lifelines Neuro is the launch of their new product, the Quick-20 Electrode Cap System. This new system is designed to provide a faster and more efficient solution for EEG testing, reducing the setup time required for traditional EEG tests from 45 minutes to just 20 minutes. The Quick-20 cap uses pre-positioned electrodes that are embedded in a comfortable and easy-to-use cap, eliminating the need for time-consuming manual placement of individual electrodes. The Quick-20 cap system also incorporates Lifelines Neuro's proprietary software, which automates many of the steps involved in EEG testing, further streamlining the process and reducing the risk of human error. The software includes a customizable protocol that allows healthcare providers to tailor the testing process to the specific needs of each patient.

Key Companies in the Neurodiagnostics market includes

• Phillips Healthcare (Netherlands)


• Lifelines Neuro Company LLC (US)


• FUJIFILM Holdings Corporation (Japan)


• QIAGEN N.V. (Netherlands)


• Thermo Fisher Scientific Inc. (US)


• Mitsar Co. Ltd. (Russia)


• Hitachi Ltd. (Japan)


• Hoffman-La Roche AG (Switzerland)


• Natus Medical Incorporated (US)


• Siemens Healthineers (Germany)


• Others

Neurodiagnostics Industry Developments

In July 2020:Medtronic acquired Medicrea, a company that specializes in AI-powered surgical planning software for spinal surgery.

In November 2020: Natus Medical launched the Nicolet ACE, a portable EEG system designed for use in the ICU and other critical care settings.

In March 2021:Koninklijke Philips N.V. acquired Capsule Technologies, Inc., a company that provides medical device integration and data management solutions.

In May 2021:Nihon Kohden launched the EEG-1200, a new generation of digital EEG system that features improved signal processing and analysis capabilities.

Neurodiagnostics Market Segmentation

Neurodiagnostics Product Type Outlook

• Diagnostic Imaging Systems


• Clinical Diagnostic Instruments


• Reagents and Consumables

Neurodiagnostics Condition Outlook

• Neurodegenerative Diseases


• Stroke


• Epilepsy


• Headache Disorders


• Sleep Disorders


• Others

Neurodiagnostics End User Outlook

• Hospitals and Surgical Centers


• Diagnostic Laboratories and Imaging Centers


• Neurology Centers


• Ambulatory Care Centers


• Research Laboratories and Academic Institutes

Neurodiagnostics Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America