NEURODIAGNOSTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Neurodiagnostics Market Size and Trends

The neurodiagnostics market is estimated to be valued at USD 8.66 Bn in 2024 and is expected to reach USD 14.91 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031.

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The neurodiagnostics market is expected to witness positive growth over the forecast period. The growing geriatric population and rising global disease burden of neurodegenerative and neurological disorders are the major factors that are expected to drive the market growth. In addition, technological advancements in neurodiagnostics testing and imaging modalities along with growing awareness regarding early disease diagnosis are further expected to support the market growth between 2024 and 2031. However, high cost of advanced neurodiagnostic tests may hinder the market growth to some extent over the coming years.

Market Driver – Rising Prevalence of Neurological Disorders

Neurological conditions, such as Alzheimer's disease, Parkinson's disease, epilepsy, multiple sclerosis, stroke, and traumatic brain injuries, are affecting a significant proportion of the population worldwide. It is estimated that around 50 million people are suffering from dementia globally and the number is expected to triple by 2050. The increasing prevalence of as Alzheimer's disease, Parkinson's disease, epilepsy can be attributed to both genetic and environmental factors. With increasing age comes an increased risk of neurological dysfunction. As life expectancy improves across countries, aging populations are more susceptible to these conditions. Moreover, modern lifestyles with less physical activity, poor dietary habits, and higher stress levels are contributors. Exposure to toxic substances, head injuries, and neurological infections also add to the rising disease burden. This massive patient pool needs effective diagnosis and monitoring of their conditions. Neurodiagnostics devices come handy for doctors in studying the structure and function of the nervous system. Devices like magnetic resonance imaging systems, computed tomography scanners, electroencephalogram (EEG) machines, ultrasound scanners, and molecular testing kits are indispensable tools for identifying the underlying cause of symptoms and deciding on the right course of treatment.

The increasing adoption of inorganic growth strategies, such as agreements, by key market players to develop advanced neurodiagnostics systems is expected to drive the global neurodiagnostics market growth over the forecast period. For instance, in November 2022, DiagnaMed Holdings Corp., a medical technology company, announced an agreement with KU Center for Technology Commercialization at the University of Kansas, U.S., to develop a new virtual reality (VR) and artificial intelligence (AI) neurodiagnostic system (VR/AI Neuro). The VR/AI Neuro system is designed for assessing, diagnosing, and monitoring neurodegenerative diseases, including Parkinson’s disease.