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Global Neurodiagnostics market (2020 to 2025) - by Product Type, Condition, End-user and Geography - ResearchAndMarkets.com

The "Global Neurodiagnostics market (2020-2025) by Product Type, Condition, End user, Geography and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Neurodiagnostics Market is estimated to be USD 6.8 Bn in 2020 and is expected to reach USD 9.5 Bn by 2025, growing at a CAGR of 7%.

Neurological disorders are increasingly recognized as major causes of death and disability worldwide. Data estimated by the Global Burden of states that neurological disorders were the leading causes of Disability-Adjusted Life Years (DALY), with around 276 Mn deaths worldwide. This shows the need for early diagnosis of neurological disorders. Diagnostics testing procedures and tools are essential ways to diagnose a disorder or any other medical condition. In the case of neurosciences, neurodiagnostic has a wide application base.

Neurodiagnostic tests are usually performed on patients who suffer from conditions related to the central nervous system (brain and the spinal cord). These tests monitor and record the electrical activity of the brain, spinal cord, and peripheral nerves to ensure the early and accurate diagnosis of the disease. The specialized imaging procedures can help in visualizing the changes in brain activity or the amounts of a particular brain chemical to provide more detailed diagnostic information. The most common neurodiagnostic procedures are Electroencephalogram (EEG), Magnetic Resonance Imaging (MRI), and Position Emission Tomography (PET) scan. Many companies related to neurodiagnostic are focusing on the development of innovative products to strengthen their product portfolio and product pipelines.

Factors promoting the growth of the neurodiagnostic markets are the increasing number of neurological disorders, growing number of diagnostic centres, growing advancement in genomics and proteomics, the ability of the devices to monitor patients in ICUs, and rising patient emphasis on early diseases diagnosis.

However, low amounts of regular diagnosis amongst the patients due to the high costs associated with the diagnosis and awareness hinders the growth of this market. Also, the lack of skilled expertise and limitations of EEGs in providing accurate diagnosis may impede the market growth. A surge in the prevalence of neurological disorders, technological developments, an increase in healthcare awareness among people, and an increase in healthcare expenditure may provide numerous opportunities for expansion of the Neurodiagnostics Market.

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