The global Neurodiagnostics Market was
valued at 13.6 billion in 2015 and is expected to reach a value of USD 18.3
billion by 2024, according to a new report by Grand View Research, Inc. Key
factors driving the market growth include increasing prevalence of neurological
diseases due to demographic changes and growing awareness of their management.
In addition, consistent technological modifications coupled with increased
preference for novel diagnostic technologies will further fuel the market. The
economic burden of neurological diseases is extremely high on society and
governments with around 1 billion people suffering globally.
Among all the neuroimaging
techniques, computed tomography has the largest market share followed by
Magnetic Resonance Imaging (MRI). Computed Tomography (CT) uses ionized
radiations for the purpose of creating images, whereas MRI uses radio waves in
a magnetic field. Neuroimaging techniques are used to detect brain injuries,
developmental malformations in the brain area, vascular irregularities that may
lead to stroke, epilepsy, etc.
Biomarkers are an important
part of in vitro diagnostics for neurological disorders as their development is
targeted at the early disease diagnosis with information about nervous system.
Although biomarkers are not commercially available in the market, their use is
confined to clinical research settings. For instance, ELISA tests for Tau
protein are available in clinical studies of Alzheimer’s disease. In addition,
neuroinformatics is a field that studies neuroscience and information
technology. This integration allows the storage of neurological data in the
form databases. The neuroinformatics market is expected to grow at second
highest growth rate during the forecast period.
Further Key Findings From the Study Suggest:
- Increased life expectancy has resulted in
increased geriatric population across the globe. The prevalence of
aging-related neurological diseases such as Alzheimer’s disease and
Parkinson’s disease is on the rise. The diagnosis of these diseases
includes neuroimaging, in vitro diagnosis, and neuroinformatics.
- CT and MRI are the most commonly used imaging
techniques across the globe, which are mainly used to detect brain
abnormalities.
- Neurological biomarkers are extremely promising
as they provide a direction to the diagnostic studies. Although currently
no commercial biomarker is available in the market, an extensive clinical
research is happening to find out the perfect combinations of the
biomarkers.
- North America held the major market share of
around 36% in the year 2015 and will retain its top position during the
forecast period. On the other hand, Asia Pacific will exhibit highest CAGR
of 4% over the forecast period.
Grand View Research has
segmented the Neurodiagnostics market by Technology, and region:
Technology Outlook (Market revenue in USD Million, 2013
- 2024)
- 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
- Neuroinformatics
Regional Outlook (Market Revenue in USD Million,
2013 - 2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
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