Global Neurological Disorder Diagnostics Market
Neurological disorder diagnostic tools are medical devices that are used for diagnosing various neurological disorders, such as Alzheimer’s disease (AD), Parkinson’s disease (PD), and Multiple Sclerosis. The devices, which are majorly used in diagnosis include imaging tools such as computed tomography (CT), magnetic resonance imaging (MRI), and in vitro diagnostic tools such as biomarkers and biopsy. Increasing prevalence of neurological disorders in the recent past has increased demand for diagnostic tools. For instance, according to data published by Alzheimer’s Association in 2018, around 5.7 million people in the U.S. of all age groups suffered from Alzheimer’s and dementia in 2017.
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Furthermore, various private and government organizations are taking initiatives to raise awareness about neurological disorders by providing knowledge of diagnosis and treatment about neurological disorders, which is expected to drive the market growth. For instance, in 2012, Georgetown University Medical Center, in collaboration with MedStar Georgetown University Hospital, established Huntington Disease Care, Education, and Research Center that offers diagnosis, treatment, and patient education for Huntington’s disease.
The global neurological disorder diagnostics market size was pegged at US$ 12,162.6 million in 2019 and is expected to exhibit a CAGR of 7.6% over the forecast period (2019-2027).
Figure 1. Global Neurological Disorder Diagnostics Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing number of approvals and launch of novel diagnostic tools to augment market growth
In the recent past, several key players in the market have received approval for launching novel diagnostic tools. Moreover, approval and launch of such novel tools in the market is expected to create lucrative environment for the global neurological disorder diagnostics market growth over the forecast period. For instance, in April 2018, Canon Medical Systems received 510 (k) clearance from the U.S. Food and Drug Administration for its new Aquilion Precision (CT) scanner. Aquilion Precision is an ultra-high resolution CT system (UHR CT).
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Moreover, in March 2018, Koninklijke Philips N.V. launched its new 3-tesla MRI scanner, Elition 3.0T. This new MRI scanner reduces scanning time by 50%, which is expected to enhance patient experience. Furthermore, in January 2019, Canon Medical Systems Corporation launched Aquilion Start CT system with 16 and 32 slice configurations suitable for institutions aspiring to make diagnostic CT imaging more accessible and affordable.
However, the high costs of diagnostic tools, such as MRI machines and CT scan, is a major factor expected to hinder the growth of the global neurological disorder diagnostics market in emerging economies such as India, and China. According to American Health Imaging, price of a magnetic resonance imaging (MRI) devices starts from US$ 150,000, and a high end device costs more than US$ 1 million. Such high cost devices are only adopted by big hospitals and diagnostic laboratories.
Figure 2. Global Neurological Disorder Diagnostics Market Share (%), by Disease Indication
Source: Coherent Market Insights Analysis (2019)
Increasing strategic collaborations for development of new diagnostic tools is expected to propel the market growth
Strategic collaborations among key players are expected to fuel growth of the global neurological disorder diagnosis market over the forecast period. For instance, in March 2018, Canon Medical Systems, Kumamoto University, and University of Bordeaux entered into a collaborative research for the development of deep learning technology in magnetic resonance imaging.
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Moreover, in 2017, the Singapore-based National Neuroscience Institute and Nanyang Technological University (NTU Singapore) collaborated to develop innovative technologies for improved diagnosis and treatment of patients with neurological conditions, such as Parkinson’s disease, and brain injuries.
Significant Market Players
The renowned players operating in the global neurological disorder diagnostics market include Siemens Healthineers, Koninklijke Philips N.V., General Electric Company, Esaote SpA, NeuroLogica Corporation, Masimo Corporation, York Instruments Ltd., Neusoft Medical Systems, and Canon Medical Systems Corporation.
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