Neurodiagnostic Market Development | Industry Report 2024

According to the research report neurodiagnostic 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 growth of this market is largely driven due to the increasing prevalence of neurological disorders & diseases, technological advancements, growing patient emphasis on effective & early disease diagnosis, the growing number of diagnostic centres & hospitals, and the use of biomarker profiling for disease diagnostics.

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In this report, the Neurodiagnostic Market has been segmented based on product, condition, end-user, and region. Based on the product, the Neurodiagnostic 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 Neurodiagnostic 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 Neurodiagnostic Market, by condition, is segmented into neurodegenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and other conditions. In 2019, the neurodegenerative diseases segment is expected to account for the largest share of the Neurodiagnostic Market. The increasing incidence of traumatic brain injuries, dementia, Parkinson’s disease, and Huntington’s disease, and the growing number of neurological examinations for the diagnosis of these conditions are driving the growth of this market segment

Based on end-user, the Neurodiagnostic Market is segmented into hospitals & surgical centres, diagnostic laboratories & imaging centres, neurology centres, ambulatory care centres (ACCs), and research laboratories & academic institutes. In 2018, hospitals & surgical centres accounted for the largest share of the Neurodiagnostic 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.

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North America accounted for the largest share of the Neurodiagnostic Market, by region, in 2018, followed by Europe. This can primarily be attributed to factors such as the high adoption of innovative neurodiagnostic devices among medical professionals, and full availability of advanced neurodiagnostic devices.

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