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.
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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 the 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 of databases. The neuroinformatics market is expected to grow at the second-highest growth rate during the forecast period.
Further Key Findings From the Study Suggest:
• Increased life expectancy has resulted in an 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, 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 the highest CAGR of 4% over the forecast period.
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Grand View Research has segmented the Neurodiagnostics market by Technology, and region:
Technology Outlook (Market revenue in USD Million, 2013 - 2024)
• Neuroimaging Technologies
o Computed Tomography (CT)
o Magnetic Resonance Imaging (MRI)
o Nuclear Medicine Imaging (PET, SPECT)
o Near Infrared Spectroscopic Imaging (NIRS)
o Electroencephalography (EEG)
o Magnetoencephalography (MEG)
o Voxel-based Morphometry (VBM)
• In Vitro Diagnostics
Regional Outlook (Market Revenue in USD Million, 2013 - 2024)
• North America
o The U.S.
o The U.K.
• Asia Pacific
• Latin America
• The Middle East and Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.