Global market for neurological diagnostics devices expected to grow as a result of rising frequency of neurological disorders and increased emphasis on early diagnosis and use of reliable & safe technology for treatment.
According to Fact.MR, a market research and competitive intelligence provider, the global demand for neurology diagnostics devices is set to exhibit strong expansion at an incline of 8.9% CAGR across the 2022-2032 assessment period. As per the report, the market is poised to be valued at US$ 21.1 billion by the end of 2032.
Currently, neurology occupies a position that can range from being almost nonexistent to having a high and complex development in the many health centers across the world. Due to important variables such as government neuroscience initiatives, continuous brain mapping research and investigation projects, and technological improvements in the tools and algorithms used in the neuroscience field, the market is predicted to grow rapidly over the coming years.
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Prominent market players and researches are continuously focusing on introducing cutting-edge integrated solutions to cater to the clinical needs for diagnosis.
- For instance, Cadwell engineers published a patent in October 2019 for the ability of Arc software to synchronize recorded video to brain activity.
- Additionally, to promptly assess patients who are unconscious for brain health, Nihon Kohden created VitalEEGTM in 2019. The device contains remote access features that let specialists assess important data from anywhere in the hospital and Bluetooth communication, which eliminates the need for extra wires.
The introduction of such advanced devices has gained popularity and the adoption of neurological diagnostics devices is expected to propel market growth over the coming years.
Key Takeaways from Market Study
- CT scanners held the highest market share of 37.3% in 2021.
- The mental health segment held 7% of the global market share at the end of 2021.
- Hospitals, as end users, held the largest market share of 4% in 2021.
- North America leads the global market with 34.2% market share.
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Key Segments in Neurology Diagnostics Devices Industry Research
- By Product :
- Electroencephalogram (EEG)
- fMRI Systems
- Optical Topography Systems (fNIRs)
- CT Scanners
- Magnetoencephalography (MEG)
- Cerebral Oximetry Devices
- Neuro-diagnostics Biomarker Tools
- By Application :
- Cognitive Diagnosis
- Attention-Deficit/Hyperactivity Disorder (ADHD)
- Mental Health
- Other Neurological Diseases
- By End User :
- Neurofeedback Clinics
- Neurology Clinics
- Neurorehabilitation Centers
- Academic and Research Institutes
- By Region :
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Key neuroscience industries are continuously investing in the development of efficient systems and expanding their inorganic growth prospects, accelerating their sales footprint across national borders.
- In May 2021, the Philips Spectral CT 7500 system was released, which consistently generates high-quality spectral images without the need for specialized protocols like those on many other recent models, minimizing protocol bias and validating dated knowledge in as much as 60% fewer tests than before.
- In May 2021, Canon Medical Systems USA, Inc. launched Medical Marketplace, an online marketplace for medical imaging parts, to better serve the needs of its customers. Customers can find OEM parts on the platform for cheap rates, which maximizes productivity.
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Market Situation for Neurology Diagnostics in the United States
The U.S. accounted for around 32 % share of the global neurology diagnostics devices market in 2021 owing to the presence of leading players such as General Electric, Canon Medical Systems Corporation, Siemens Medical Solutions USA, Inc., Masimo, and many others within the neurology space.
Additionally, the United States has highly-developed technological infrastructure that has helped it become a pioneer in technology and inspired many businesses to enter the market, thus aiding overall market expansion.
- For instance, Masimo’s O3 regional oximetry device was approved by FDA in September 2020. The device monitors somatic tissue oxygenation saturation as well as relative changes in haemoglobin, oxyhemoglobin, and deoxyhemoglobin in adult brains. This marks an important step in assisting clinicians and researchers in further increasing their understanding of how the body utilises oxygen and in identifying organ hypoxemia.
More Market Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the neurology diagnostics devices market, presenting historical demand data (2012-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (electroencephalogram (EEG), fMRI systems, optical topography systems (fNIRs), CT scanners, magnetoencephalography (MEG), cerebral oximetry devices, neuro-diagnostics biomarker tools), application (cognitive diagnosis, attention-deficit/hyperactivity disorder (ADHD), mental health, stroke, concussion, dementia & PTSD, other neurological diseases), and end user (neurofeedback clinics, neurology clinics, hospitals, neurorehabilitation centers, academic & research institutes), across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa)
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