Global Neurological Diagnostics Market Research Report - Segmentation by Type (Genomic, Proteomic, Metabolomic, Imaging, Others); Technology (Neuroimaging Technologies, In Vitro Diagnostics, Neuroinformatics); Disease Indication (Genetic Neurological Disorders, Immunological Neurological Disorders, Paraproteinemic Neuropathies, Paraneoplastic Syndrome, Others); End-User (Hospitals and Surgery Centers, Neurology Centers , Diagnostic Laboratories & Imaging Centers, Research Laboratories & Academic Institutes, Ambulatory Care Centers, Pharmaceutical and Biotechnology Companies, Others) ;and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Market Size and Overview:

The Global neurological Diagnostics Market size was valued at USD 14.95 billion in 2023 and is estimated to grow USD 24.96 billion by 2030. This market is predicted to exhibit a CAGR of 7.6 % from 2024 - 2030

Neurological diagnostics encompass examinations designed to identify issues within the nervous system and evaluate the sleep patterns of individuals. These tests entail the observation and analysis of the nervous system to assess motor and sensory capabilities, auditory and speech functions, visual coordination, and equilibrium. Conducting neurological examinations is instrumental in facilitating the prompt initiation of treatment protocols. The World Health Organization (WHO) has projected an increase in the number of individuals with neurological disorders from 95 million in 2015 to 103 million by 2030.

The growth of the neurological diagnostics market is attributed to factors such as the escalating incidence of neurodegenerative diseases among the aging population, heightened awareness regarding early disease detection, and advancements in neuro diagnostics technology.

Market leaders are strategically focusing on acquisitions and collaborations to augment their product portfolios. For instance, York Instruments Ltd. has entered agreements with prominent universities, including The University of Glasgow, The University of York, and the University of Konstanz, to develop three magnetoencephalography systems. In April 2022, Koninklijke Philips N.V. and Hong Duc General Hospital signed a seven-year collaboration agreement, wherein Philips will furnish the hospital with cutting-edge medical imaging, healthcare IT systems, and patient monitoring. Collaborative efforts like these among key industry players are anticipated to propel market growth.

Global Neurological Diagnostics Market Drivers:

The increasing prevalence of neurological disorders boosts neurological diagnostics market growth

The increasing prevalence of neurological disorders is a significant driver for market expansion. Data from the Centers for Disease Control and Prevention indicates that, in 2014, approximately 5 million Americans had Alzheimer's disease, a number expected to reach 14 million by 2060. The global impact is substantial, with hundreds of millions affected by neurological disorders, including over 50 million with epilepsy and 47 million with dementia, as per the World Health Organization. The surge in awareness regarding early disease diagnosis is further stimulating market growth.

Approval and launch of new products drive market growth

The approval of technologically advanced neurological devices is a catalyst for the global Neurological Diagnostic Market's growth. Notably, Compumedics Limited received US FDA approval in 2022 for the Orion LifeSpanTM MEG, featuring a patented double relaxation oscillator superconducting quantum interference device sensor system. Additionally, Nihon Kohden introduced VitalEEG in 2022, designed for rapid brain health assessments in unconscious patients. These product advancements are expected to drive market expansion during the forecast period.

Increasing government initiatives helps to elevate neurological diagnostics market growth

Increasing government initiatives in the form of funding and support for research activities are propelling market growth. Noteworthy examples include Israel's Ministry of Health launching a National MRI Program in 2015 to augment MRI scanners in hospitals and the establishment of the Huntington Disease Care, Education, and Research Centre by Georgetown University Medical Centre in collaboration with MedStar Georgetown University Hospital in 2012. Such initiatives, both from public and private entities, are fostering awareness about neurological disorders and contributing to market growth.

Global Neurological Diagnostics Market Challenges:

Lack of skilled professionals stifles neurological diagnostics market growth

The lack of skilled professionals in the neurological diagnostics market, coupled with inadequate health check-up facilities and routine diagnostics in developing countries, poses a hindrance to market growth. Additionally, deficient infrastructure in certain underdeveloped nations and limited awareness of medical treatment present challenges for market expansion.

High cost of diagnostic tools restrains the growth of the neurological diagnostics market

The elevated costs associated with diagnostic tools and procedures, such as MRI machines and CT scans for brain monitoring, act as a constraint on the global demand for neurological diagnostics, particularly in emerging economies like China, India, and Africa. The adoption of such high-cost devices is predominantly limited to large hospitals and diagnostic laboratories, thereby impeding market growth.

Global Neurological Diagnostics Market Segmentation:

Global Neurological Diagnostics Market Segmentation: By Type:

• Genomic
• Proteomic
• Metabolomic
• Imaging
• Others

The Proteomic category took the lead in revenue share, surpassing 32%, with the Genomic sector following as the second-largest market share contributor in 2022. This is a result of promising prospects for developing personalized medicines and diagnostics based on an individual’s specific genetic variations and susceptibility to diseases.

Global Neurological Diagnostics Market Segmentation: By Technology:

• Neuroimaging Technologies

• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Nuclear Medicine Imaging (PET, SPECT)
• Near Infrared Spectroscopic Imaging (NIRS)
• Electroencephalography (EEG)
• Magnetoencephalography (MEG)

• Voxel-based Morphometry (VBM)

• In Vitro Diagnostics
• Biomarkers
• Biopsy
• Others

• Neuroinformatics

The imaging technology segment stands out as the primary revenue contributor, expected to maintain significant revenue share over the forecast period. This is due to the increasing awareness of various imaging technologies, growing investments by device manufacturers, and the rising adoption of such devices in hospitals and surgery centers. The surge in demand for epilepsy diagnosis has prompted companies to concentrate on developing diagnostic imaging systems.

Global Neurological Diagnostics Market Segmentation: By Disease Indication:

• Genetic Neurological Disorders

• Alzheimer’s Disease
• Parkinson’s Disease
• Amyotrophic Lateral Sclerosis
• Huntington’s Disease
• Others

• Immunological Neurological Disorders

• Multiple Sclerosis
• Others

• Paraproteinemic Neuropathies
• Paraneoplastic Syndrome
• Others

In 2022, Neurodegenerative diseases claimed the largest market share due to the increasing incidence of conditions such as Parkinson’s disease, Huntington’s disease, and dementia. The neurological examination for diagnosing such conditions is propelling market growth.

Global Neurological Diagnostics Market - By End-User:

• Hospitals and Surgery Centers
• Neurology Centers
• Diagnostic Laboratories & Imaging Centers
• Research Laboratories & Academic Institutes
• Ambulatory Care Centers
• Pharmaceutical and Biotechnology Companies
• Others

The hospitals & clinics segment is projected to experience the highest growth in terms of revenue share over the forecast period, attributed to the availability of advanced treatment facilities. Diagnostic Laboratories and Imaging Centers hold a significant market share and are expected to continue this trend due to increasing investments in healthcare infrastructure and rising research and development in the field of neurodegenerative disorders.

Global Neurological Diagnostics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World (Middle East, Africa, and South America)

Geographically, North America dominated the global Neurological Diagnostics Market in terms of revenue share in 2022 and is expected to maintain this position during the forecast period. Factors such as the increasing prevalence of neurological disorders, high adoption of innovative neurodiagnostic devices, technological advancements, elevated healthcare spending, and a well-established healthcare infrastructure are propelling market growth in this region.

The European Neurological Diagnostics Market is anticipated to hold the second-largest share during the forecast period due to a focus on advancing technologies, innovative product launches, an increasing geriatric population, and the prevalence of diseases such as dementia, stroke, and Parkinson’s disease, alongside rising awareness regarding advanced treatment availability.

The Neurological Diagnostics Market in the Asia Pacific offers lucrative opportunities for key players. Increased government initiatives, investments in overall research and development of neurological diagnostics, a surge in product approvals, ongoing innovations in neurological devices, and advancements in healthcare facilities contribute to market growth. Leading manufacturers are strategically expanding their geographical presence in emerging Asia-Pacific countries to capture a higher market share, further driving growth in this region.

Key Players:

• GE HealthCare
• Koninklijke Philips N.V.
• Siemens Healthcare GmbH
• Hitachi Ltd.
• Canon Inc.
• Lifelines Neuro
• Natus Medical Incorporated
• F. Hoffmann-La Roche Ltd.
• FUJIFILM Holdings Corporation
• Mitsar Co. LTD