CHICAGO, Dec. 9, 2019 /PRNewswire/ -- According to the new market research report "Neurodiagnostics Market by Product (Diagnostic & Imaging Systems (MRI, Ultrasound), Clinical Testing (PCR, NGS), Reagents & Consumables), Disease Pathology (Epilepsy, Stroke), End User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, 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 neurodiagnostic 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. 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.
The diagnostic imaging systems segment accounted for the largest share of the Neurodiagnostics Market, by product, in 2018.
Based on the product, the market is segmented into diagnostic imaging systems, clinical diagnostic instruments, and reagents and consumables. The diagnostic imaging systems segment accounted for the largest share of the market in 2018. The increasing incidence and prevalence of neurological disorders and growing R&D in the field of cerebral and spinal disorders are the major factors driving the growth of this segment.
The hospitals & surgical centers segment accounted for the largest share of the Neurodiagnostics Market, by end-user, in 2018
On the basis of 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, mainly due to the financial capabilities of hospitals to purchase expensive equipment, such as neurodiagnostic devices.
North America accounted for the largest share of the Neurodiagnostics Market in 2018
North America accounted for the largest share of the market in 2018, followed by Europe. This can primarily be attributed to the presence of a highly developed healthcare system, high adoption of innovative neurodiagnostic devices among medical professionals, and the full availability of advanced neurodiagnostic devices.
Some of the prominent players in the Neurodiagnostics Market include GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Hitachi, Ltd. (Japan), Canon, Inc. (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), Nihon Kohden Corporation (Japan), ANT Neuro (Netherlands), Fonar Corporation (US), Fujirebio (Japan), DRG Instruments GmbH (Germany), Tecan Trading AG (Switzerland), Motion Lab Systems, Inc. (US), Rigaku Corporation (Japan), Neusoft Medical Systems Co., Ltd. (US), ELMIKO MEDICAL Sp. Z o.o. (Poland) and Ridge Diagnostics (US).
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