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Market Overview
Although SARS-CoV-2 does not cause any neurological disease, it can still lead to CNS/central nervous system infection, along with para-infectious issues. More than a million novel coronavirus cases have been reported across the world, despite the lockdown imposed. However, definitive proof is insufficient to say that neurological disorders are associated with the pandemic. Currently, the healthcare is primarily focused on dealing with the COVID-19 outbreak, and the focus on Neurodiagnostics has gone down to some extent.
With that said, the surging life expectancy and the consequent expansion of the elderly population can be favorable for the Neurodiagnostics market. Since the geriatric populace has increased, age-associated neurological diseases like Alzheimer’s disease, stroke, dementia and Parkinson’s disease have also gathered prevalence at the same time. The biomarker trend is also gaining momentum worldwide, as it is an efficient approach to understand how neurological diseases develop. Biomarkers are increasingly being used to evaluate and measure the therapeutic status. Considering biomarkers’ growth potential, firms are progressively spending on research and development in this regard, which could benefit the global market in the next few years.
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Accelerated knowledge among people due to efforts being given by government organizations with regard to neurological diseases has positively shaped the market. A robust research base has created a number of lucrative opportunities for the renowned firms in the global market. For instance, in July 2020, a team of researchers developed an in-vitro biological neuronal network over a multi-electrode array, while running an artificial spiking neural network over a Field Programmable Gate Array board. The research helped understand the application scope of SNN in neuro-prosthetic tools and devices used for replacing wounded micro-circuitries that are able to communicate inside big brain networks.
Key Players
Some of the most renowned players in the global market are Lifelines Neuro Company, LLC (US), QIAGEN N.V. (Netherlands), Hitachi, Ltd. (Japan), GE Healthcare (US), Thermo Fisher Scientific, Inc. (US), Philips Healthcare (Netherlands), Hoffman-La Roche AG (Switzerland), Natus Medical Incorporated (US), FUJIFILM Holdings Corporation (Japan), Siemens Healthineers (Germany), Canon, Inc. (Japan), Mitsar Co., Ltd. (Russia), to name a few.
Segmental Review
The Neurodiagnostics industry has been considered for product, condition, and end user.
The market, with respect to the product type, caters to clinical diagnostic instruments, reagents & consumables and diagnostic imaging systems. In 2018, the biggest share in the market belonged to the diagnostic imaging systems category, given the increasing number of diagnostic labs as well as imaging centers across developing nations. However, the fastest expansion rate was obtained by reagents & consumables the same year, on account of the high deployment rate in a host of routine techniques.
Meurodiagnostics market, depending on the condition, covers stroke, sleep disorders, neurodegenerative diseases, headache disorders, epilepsy, and more. In the year 2018, the stoke segment took the lead in the market, as a result of the booming geriatric populace. On the other hand, the fastest advancing segment can be neurodegenerative diseases, due to the accelerated cases of Parkinson and Alzheimer worldwide.
The significant market end-users identified in the report are diagnostic laboratories & imaging centers, hospitals & surgical centers, ambulatory care centers, research laboratories & academic institutes and neurology centers. Hospitals & surgical centers remain the top segment since 2018, because of the high financial capacity to purchase expensive and advanced equipment. Further, neurology centers can be the fastest gaining segment, given the affordability and shorter waiting period in comparison to hospitals.
Regional Insight
The worldwide market can be regionally considered for Europe/EU, the Middle East & Africa/MEA, Asia Pacific/APAC, and the Americas.
As of 2018, the Americas has been the highest gainer in the global market, thanks to the escalating cases of neurological disorders across the US and Canada. The surge in cases of ischemic stroke, stroke, migraine, epilepsy and Parkinson’s disease coupled with the high frequency of technological innovations in this field benefits the market here. In recent years, a rise in studies with regard to biomarkers has been observed in the region, which can be a significant market trend in the coming years. Also, most of the firms in the region are focused on developing ELISA kits and protein assays that help diagnose Alzheimer’s disease.
The APAC market for neurodiagnostics is split into emerging countries of Japan, Australia, India, China and South Korea. The APAC market has been performing well, due to the expanding patient pool, mounting awareness level of patients, and the increasing spending on the healthcare sector. The increasing deployment of new and modern diagnostic technologies along with the growing geriatric populace suffering from epilepsy, Parkinson disease, stroke and migraine can also enhance the market size in the ensuing period.
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