Market Challenges And Opportunities

However, high cost of diagnostic tools such as MRI machines and CT scan is a major factor, which is expected to hinder growth of global neurological disorder diagnostics market in emerging economies such as India, and China. According to American Health Imaging, price of a magnetic resonance imaging (MRI) devices starts from US$ 150,000, and a high end device costs more than US$ 1 million. Such high cost devices are only adopted by big hospitals and diagnostic laboratories.

Increasing number of approvals and launches of novel diagnostic tools

In the recent past, several key players in the market have received approval for launching novel diagnostic tools. Moreover, approval and launch of such novel tools in the market is expected to create lucrative environment for the global neurological disorder diagnostics market growth over the forecast period. For instance, in April 2018, Canon Medical Systems received 510 (k) clearance from the U.S. Food and Drug Administration for its new Aquilion Precision (CT) scanner. Aquilion Precision is an ultra-high resolution CT system (UHR CT).

Moreover, in March 2018, Koninklijke Philips N.V. launched its new 3-tesla MRI scanner, Elition 3.0T. This new MRI scanner reduces scanning time by 50%, which is expected to enhance patient experience. Furthermore, in January 2019, Canon Medical Systems Corporation launched Aquilion Start CT system with 16 and 32 slice configurations suitable for institutions aspiring to make diagnostic CT imaging more accessible and affordable.

Increasing strategic collaborations for development of new diagnostic tools is expected to propel the market growth

Strategic collaborations among key players are expected to fuel growth of the global neurological disorder diagnosis market over the forecast period. For instance, in March 2018, Canon Medical Systems, Kumamoto University, and University of Bordeaux entered into a collaborative research for the development of deep learning technology in magnetic resonance imaging.

Moreover, in 2017, Singapore-based National Neuroscience Institute and Nanyang Technological University (NTU Singapore) collaborated to develop novel and innovative technologies for better diagnosis and treatment of patients with neurological conditions such as Parkinson’s disease, and brain injuries.

Furthermore, in January 2017, Siemens Healthineers and Biogen signed an agreement to develop new MRI tools for multiple sclerosis.