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(Medical-NewsWire.com, July 29, 2020 ) The growth of this market is largely driven due to the increasing prevalence of neurological disorders & diseases, technological advancements, growing patient emphasis on effective & early disease diagnosis, the growing number of diagnostic centres & hospitals, and the use of biomarker profiling for disease diagnostics.
According to the research report neurodiagnostics market is expected to reach USD 8.4 billion by 2024 from USD 5.9 billion in 2019, at a CAGR of 7.3%.
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In this report, the Neurodiagnostic Market has been segmented based on product, condition, end-user, and region.
•Based on the product, the Neurodiagnostic Market is segmented into diagnostic imaging systems, clinical diagnostic instruments, and reagents and consumables. The diagnostic imaging systems segment accounted for the largest share of the Neurodiagnostic Market in 2018.
•The Neurodiagnostic Market, by condition, is segmented into neurodegenerative diseases, epilepsy, stroke, headache disorders, sleep disorders, and other conditions. In 2019, the neurodegenerative diseases segment is expected to account for the largest share of the Neurodiagnostic Market.
North America accounted for the largest share of the Neurodiagnostic Market, by region, in 2018, followed by Europe. This can primarily be attributed to factors such as the high adoption of innovative neurodiagnostic devices among medical professionals, and full availability of advanced neurodiagnostic devices
Some prominent players in the neurodiagnostics market are GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Canon, Inc. (Japan), and Hitachi, Ltd. (Japan). An analysis of the developments in the Neurodiagnostics market from 2016–2019 showed that product launches, expansions, agreements, partnerships, collaborations, and acquisitions were the most widely adopted growth strategies by players in the market. Players took these strategies to strengthen their market positions.
GE Healthcare is the leading player in the global neurodiagnostics market. The company has been operating in the neurodiagnostics industry for more than three decades. It focuses on introducing new products and supporting current product offerings through a combination of internal as well as external efforts that are consistent with its corporate strategy.
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Siemens Healthineers is one of the major players in the market, as of 2018. The company has a strong product portfolio for neurodiagnostic procedures. To strengthen its current position in the neurodiagnostics market, the company is aggressively focused on inorganic business growth strategies such as partnerships, acquisitions, and expansions.
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