Neurodiagnostics Market Challenges, Business Overview and Forecast Research Study 2031

The Neurodiagnostics – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

The Global Neurodiagnostic Market was worth US$ 14.5 billion in 2019 and is expected to reach US$ 29.3 billion by 2030 at a CAGR of 6.6%. Neurodiagnostic can be defined as a branch of healthcare profession that promotes the effective treatment of pathological conditions by recording, analyzing, and monitoring function of nervous system.  However, Neurodiagnostics or neurodiagnostic tests monitor and record electrical activities of the patient’s brain, spinal cord, and peripheral nerves. Some of the major factors driving the market growth include rising awareness regarding management of neurological diseases and fluctuating demographic conditions that leads to occurrences of these diseases. Additionally, consistent technological modifications as well as increased preference for novel diagnostic technologies will further fuel the market. With a growing population of neurological disorders across the globe the marketplace for neurodiagnostic will positively emerge out as a prospecting and lucrative market within the coming years. Diagnosis of those neurological disorders is rapidly changing as new tools now a day developed are developing with the only intention of rendering personalized assessment and treatment. The leading players operating in the market are focusing on business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.

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Increasing Prevalence of Aging Related Diseases Across the Globe

The conventional diagnostic treatments don’t enable early and accurate diagnosis, thus resulting in a high demand for technologically advanced diagnostic platforms. With increasing lifespan, geriatric population is steadily expanding worldwide. Therefore, aging-related neurological diseases like stroke, Alzheimer’s disease, Parkinson’s disease, and dementia are likewise increasing in their incidence and prevalence rates. As biomarkers function an efficient approach to realize an understanding of the development of neurological diseases, they will be used to live and evaluate therapeutic conditions. Various studies across the world are being undertaken for the event of biomarkers specific to the diagnosis of neurological diseases. At present none of the biomarkers has been commercialized; however, they’re widely employed by the research and clinical laboratories for research purposes. Attributable to their future potential, companies are increasingly investing in research and development of neurological biomarkers.

By Condition, the Neurodegenerative Diseases Segment is Expected to Hold Largest Market Share

By condition, the global market is led by neurodegenerative diseases segment by occupying highest market share in 2019. The segment is expected to maintain its dominating position throughout the forecast period. The growth of the segment can be attributed to rising prevalence of Huntington’s disease, traumatic brain injuries, Parkinson’s disease, and dementia across the globe. Moreover, rising number of neurological examinations in order to diagnose these conditions is expected to positively influence the segment growth during the period of research study.

By end-user, the Hospitals & Surgical Centers Segment is Expected to Hold Largest Market Share

The end-user segment is dominated by hospitals & surgical centers segment. The segment accounted for largest market share in 2019. The growth of the segment can be accredited to significant financial capability and purchasing power of hospitals to afford purchasing expensive equipment and devices such as neurodiagnostic devices. Moreover, hospitals consist of more skilled professionals who are able to perform complex diagnostic procedures using advanced tool more efficiently as compared with other end-users. This is expected to favor the segment growth during the forecast timespan.

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North America Accounted for Highest Market Share Making it the Dominant Region in Global Market

North America accounted for the biggest share of the market. North America may be a well-established marketplace for medical devices. The presence of a highly developed healthcare system, high adoption of innovative neurodiagnostic tools among medical professionals, full availability of advanced neurodiagnostic tools, and also the sizable amount of neurodiagnostic devices manufacturing companies that have a longtime base or are headquartered within the US are the key factors driving the market in North America.

Some of the major players involved in the global Neurodiagnostics Market include GE Healthcare , Siemens Healthineers , Philips Healthcare , Hitachi, Ltd. , Canon, Inc. , Lifelines Neuro Company, LLC , Natus Medical Incorporated , Hoffman-La Roche AG , FUJIFILM Holdings Corporation , Mitsar Co., Ltd. , Advanced Brain Monitoring , Thermo Fisher Scientific, Inc. , Bio-Rad Laboratories , QIAGEN N.V. , Nihon Kohden Corporation , ANT Neuro , Fonar Corporation , Fujirebio , DRG Instruments GmbH ,Tecan Trading AG , Motion Lab Systems, Inc., Rigaku Corporation ,Neusoft Medical Systems Co., Ltd. , ELMIKO MEDICAL Sp. Z o.o.  and Ridge Diagnostics.

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