The Neurodiagnostics Market Involves Medical Devices And Technologies Used For Diagnostic Testing
The increasing adoption of digital technologies, integration of AI and cloud computing in healthcare is positively impacting the global neurodiagnostics market. Key market players are expanding their presence in developing markets like Asia Pacific, Middle East, and Latin America to tap the high growth opportunities. For instance, in August 2022, Siemens Healthineers launched its first medical diagnostic center equipped with advanced clinical MRI systems in Nigeria.
The growing prevalence of neurological disorders along with increasing healthcare expenditures is fueling the demand for Neurodiagnostics Market Demand globally. According to the WHO, neurological disorders affect over 1 billion people worldwide with stroke being the second leading cause of death globally. Neurological disorders put a huge economic burden on the patients as well as the global economy. For instance, the cost of Alzheimer's and other dementias in the US was estimated at US$ 355 billion in 2021.
Market drivers
The growing geriatric population is one of the major drivers of the Neurodiagnostics market. According to the United Nations, the population aged 60 years and above is expected to reach 2 billion by 2050 from 1 billion in 2020. With age, the risk of neurological disorders increases which is expected to drive the demand for neurodiagnostic procedures. Additionally, increasing healthcare expenditure globally and rising awareness about early disease diagnosis are some other factors augmenting the growth of Neurodiagnostics market.
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