Neurodiagnostics Market Will Grow at Highest Pace Owing to Rising...

Neurodiagnostics Market Will Grow at Highest Pace Owing to Rising Prevalence of Neurological Disorders

Posted 2024-05-09 13:15:18

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The neurodiagnostics market involves diagnostic tools and devices used to identify central and peripheral nervous system disorders. Some common neurodiagnostic tools include diagnostic imaging systems such as MRI, CT, PET, EEG, and EMG. Neurological disorders severely impact quality of life and are a huge economic burden. Various advantages offered by neurodiagnostic tools include non-invasive procedures, identification of abnormalities early, and monitoring disease progression. The increasing prevalence of neurological conditions such as stroke, Alzheimer's disease, Parkinson's disease, epilepsy, and multiple sclerosis is driving the demand for neurodiagnostic devices globally.

The Global neurodiagnostics market is estimated to be valued at US$ 14.91 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Neurodiagnostics Market Demand are Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc. Neurodiagnostic devices help in early and accurate diagnosis of neurological disorders. The growing geriatric population which is more susceptible to neurological conditions is fueling the demand for neurodiagnostic devices. Furthermore, technological advancements are enabling high resolution brain imaging, physiological signal monitoring, and non-invasive diagnostic procedures.

Growing demand is attributable to rising disease burden of neurological disorders worldwide. According to the WHO, over 1 billion people suffer from neurological disorders globally. Estimates indicate 50 million strokes and over 50 million epilepsy cases occur worldwide every year. With growing awareness and improved access to healthcare, the demand for effective neurodiagnosis and treatment is rising significantly.

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