The global Neurodiagnostics market is anticipated to grow with a CAGR of around 7% during the forecast period (2019-2026). The major factors driving the global market are rising geriatric population, increasing adoption of novel diagnostic technologies, increasing prevalence of neurological diseases. In addition, increasing Patient Base in developing Economies, innovative product development is acting as the key growth opportunities of the global market. Moreover, there has been increasing prevalence of neurological diseases such as Alzheimer’s disease, migraine, Parkinson’s, epilepsy, stroke, multiple sclerosis, neurodegeneration etc. which has led to increased adoption of Neurodiagnostic technologies for diagnosis and treatment of neurological diseases.
According to World Health Organization (WHO), approximately 6 million deaths occur due to stroke each year. Furthermore, as per WHO, epilepsy is a common neurological disease and approximately 50 million people (as in 2016) globally suffer from epilepsy and 2.4 million people are diagnosed with epilepsy each year. Moreover, as per WHO, Alzheimer’s disease has led to 7.7 million new cases of dementia every year. Further, according to the Reliant Medical Group Central Massachusetts Healthcare (United States), neurological disorders such as strokes, neuropathy, Alzheimer, etc. are highly prevalent among geriatric population (more than 65 years of age) as these diseases preferentially affect the central nervous system. According to the alliance for aging research, in 2017, there were around 64,000 novel incidences of Alzheimer’s in Americans ages 65 – 74, and 243,000 new cases in those 85+ age and around 173,000 new cases for 75-84. Every 70 seconds, someone in the U.S. develops Alzheimer’s disease. 16% of women age 71 and older have Alzheimer’s disease or other dementias compared with 11% of men.
Based on segmentation, the global market is segmented into Neurodiagnostic technologies market. the technologies segment is further sub segmented into In-Vitro Diagnostics, Neuroimaging and Neuroinformatic. Further, Neuroimaging is further divided into Magnetic Resonance Imaging, Computed Tomography, Near Infrared Spectroscopic Imaging, Nuclear Medicine Imaging, Electroencephalography, Voxel-based Morphometry and Magnetoencephalography.
Based on geography, based on geography, the global Neurodiagnostic market is segmented into North America, Europe, Asia pacific, and Row. North America is expected to have the largest share of the market over the period of 2019-2026. The North America Neurodiagnostic market is mainly driven owing to the increasing geriatric population considering escalating cases of Alzheimer’s and Parkinson’s disease which occurs most in the old aged individuals along with investments made by the government institutions in research & development activities for Alzheimer’s diseases. According to Alzheimer’s Association, an estimated of 5.7 millions of United States population combining all the age groups is living with Alzheimer’s dementia in the year 2018. Moreover, Asia pacific is anticipated to be the fastest growing region during the forecast period (2019-2026). Government’s influence to the healthcare sector and rising number neuro-specialty clinics in numerous hospitals are the major factor boosting the market growth.
Some of the major players of the market are Alpha Omega Ltd. (Germany), Agilent Technologies (United States), Bruker (United States), Fonar Corporation (United States), GE Healthcare (United States), Siemens Healthcare (Germany), Hitachi Medical Corporation (Japan), Hologic, Inc. (United States), Neusoft Medical Systems Co., Ltd. (United States), Roche Diagnostics (Switzerland) and Others. These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch. For instance; For instance; in 2018, Brain Vision Solutions launched a high-density wireless EEG solution LiveAmp 64.