all report title image
  • Published In : Apr 2024
  • Code : CMI6902
  • Pages :155
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

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.

Neurodiagnostics Market Key Factors

To learn more about this report, request a free sample copy

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.

Market Concentration and Competitive Landscape

Neurodiagnostics Market Concentration By Players

To learn more about this report, request a free sample copy

Market Driver – Increasing Adoption of Growth Strategies by Key Market Player

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.

Neurodiagnostics Market Key Takeaways From Lead Analyst

To learn more about this report, request a free sample copy

Market Challenges – High Cost of Equipment

The high cost of equipment hinders wider adoption rates across healthcare facilities. Furthermore, a shortage of skilled professionals trained to operate advanced diagnostic tools poses a hurdle. Reimbursement policies for expensive tests vary significantly globally, affecting return on investment. Persistent technological challenges in certain areas like brain mapping add to the research costs. Overall, achieving economies of scale due to the specialized nature and demand variability within the industry influences profit margins.

Market Opportunities – Increasing Awareness Programs for Neurological Disorders

Increasing growth strategies such as launch of awareness programs by key market players offers lucrative opportunities for the global neurodiagnostics market. For instance, in May 2022, St. Rita’s Medical Center announced the launch of a new Ceribell Rapid EEG Brain Monitoring program to ensure that optimal care is provided to critically ill patients. The Rapid EEG is providing a vital sign for brain function.

Neurodiagnostics Market By Product Type

To learn more about this report, request a free sample copy

Insights, By Product Type: Early Detection of Neurological Disorders Drives the Demand for EEG Systems

The product type segment includes electroencephalogram (EEG) systems, magnetic resonance imaging (MRI) systems, ultrasound imaging systems, computed tomography (CT) scanner, reagents & consumables, and others. The electroencephalogram (EEG) systems segment is estimated to hold 29.5% share of the market in 2024 owing to its ability to detect neurological disorders at an early stage. EEG systems help scan the brain's electrical activity and detect even subtle changes caused by conditions like seizures, head injuries, brain tumors, and sleep disorders. The non-invasive nature and portability of EEG systems make them suitable for the continuous monitoring of patients, especially children. EEG findings can guide physicians towards a confirmatory diagnosis and appropriate treatment plan. This early diagnosis helps curb the progression of neurological damage and improves patient outcomes. Furthermore, ambulatory EEG systems allow for long-term monitoring in a real-world setting outside of hospitals and labs. This helps physicians better understand how neurological events manifest over extended periods. The growing preference for non-invasive diagnostics and emphasis on early intervention support the higher adoption of EEG systems compared to other neurodiagnostic modalities.

Insights, By Therapeutic Area: Rising Prevalence of Neurodegenerative Diseases

The therapeutic area segment includes neurodegenerative diseases, sleep disorders, stroke, epilepsy, and others. The neurodegenerative diseases subsegment is expected to account for 52.4% of the market share in 2024 owing to rising prevalence of neurodegenerative diseases such as Alzheimer's disease and Parkinson's disease. Neurodegeneration leads to the gradual loss of structure or function of neurons, including those in the brain and spinal cord. Physicians rely on neurodiagnostic tests to detect changes in the brain that are characteristic of neurodegenerative diseases. This helps achieve confirmatory diagnosis and monitor progression and treatment response over time. As there are currently no cures for major neurodegenerative diseases, diagnostic testing assumes great importance to facilitate drug development and advances in treatment approaches. The growing clinical focus on neuroinflammation as a driver of neurodegeneration also boosts the clinical need for neuroimaging and cerebrospinal fluid analysis via this market segment.

Insights, By End User: Availability of Advanced Neurodiagnostic Modalities and Expertise

The end user segment includes hospitals, diagnostic centers, ambulatory care centers, and others. The hospitals subsegment is expected to hold 33.7% of the market share in 2024 due to the availability of advanced neurodiagnostic modalities and expertise in clinically complex areas like neurosurgery and neurology. Most patients rely on hospital facilities for MRI, CT, EEG, and lumbar puncture procedures required to investigate neurological symptoms and events. The high infrastructure investments made towards neurodiagnostic departments by hospitals attract more complex referral cases. Hospitals also have well-established neurology specialty services that regularly utilize objective test findings to refine clinical management for inpatients and outpatients. This promotes the higher uptake of neurodiagnostic services among hospitals.

Regional Insights

Neurodiagnostics Market Regional Insights

To learn more about this report, request a free sample copy

North America remains the dominant region in the global neurodiagnostics market and is anticipated to hold 34.8% of the market share in 2024. The major factor contributing to its leadership position is the presence of a well-established healthcare infrastructure and advanced technologies in countries like the U.S. and Canada. These countries have been early adopters of new neurodiagnostics technologies due to strong demand. They also provide favorable reimbursement policies, facilitating wider adoption of such technologies. North America has a large number of leading neurodiagnostics device manufacturers such as GE Healthcare, Philips Healthcare, Siemens Healthineers, etc. The strong in-house manufacturing base creates easy accessibility to a wide range of advanced neurodiagnostic devices. It also allows local companies to continuously invest in research and development to introduce innovative products in the market. This has ensured that North America is at the forefront of introducing new technologies like portable or wearable neuromonitoring devices.

The Asia Pacific region has been witnessing strong growth in the neurodiagnostics market over the past few years. Major factors driving the market expansion are rising incidence of neurodegenerative diseases, growing health awareness, expanding healthcare infrastructure, and increasing disposal incomes in developing countries like China, India, and other Asian economies. The neurodiagnostics market is attracting significant investments from global as well as local medical device manufacturers to tap growth opportunities in this region. Several companies have set up manufacturing facilities or partnered with local players. This has increased availability and access to advanced neurodiagnostics solutions. Additionally, favorable government initiatives aimed at making healthcare more affordable and accessible are facilitating the wider adoption of neurodiagnostics across Asia Pacific. This positions the region as one of the fastest growing markets for neurodiagnostics globally.

Market Report Scope

Neurodiagnostics Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 8.66 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 8.1% 2031 Value Projection: US$ 14.91 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Electroencephalogram (EEG) Systems, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Imaging Systems, Computed Tomography (CT) Scanner, Reagents & Consumables, and Others
  • By Therapeutic Area: Neurodegenerative Diseases, Sleep Disorders, Stroke, Epilepsy, and Others
  • By End User: Hospitals, Diagnostic Centers, Ambulatory Care Centers, and Others  
Companies covered:

Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc., Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Mennen Medical, Natus Medical Incorporated, Medicaid Systems, Fujirebio, FONAR Corp, ANT Neuro, NEUROLITE AG, and Atlantic Health System

Growth Drivers:
  • Rising Prevalence of Neurological Disorders
  • Increasing Adoption of Growth Strategies by Key Market Player
Restraints & Challenges:
  • High Cost of Equipment
  • Limited Reimbursements 

Key Developments

  • On February 27, 2024, Koninklijke Philips N.V, a health technology company, announced the launch of Azurion neuro biplane system, designed to streamline neurovascular procedures and help care teams make the right decisions faster, treat more patients, and achieve better outcomes. The new interventional system features enhanced 2D and 3D imaging and X-ray detector positioning flexibility
  • In January 2023, Natus Medical Incorporated, a medical device company, acquired Micromed Holding SAS, a provider of neurophysiology solutions, to expand its neurodiagnostics product portfolio. The products of Micromed Holding SAS will be added to the Natus Medical Incorporated Neurology portfolio and will be developed alongside Natus Medical Incorporated.
  • In August 2023, FUJIFILM Holdings Corporation, a medical device company, announced the launch of 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy that uses deep learning technology to accelerate image acquisition and enhance brain image quality
  • *Definition: The neurodiagnostics market involves medical devices and technologies used to diagnose neurological disorders and conditions affecting the brain, spine, and nerves. This includes diagnostic tools such as imaging devices like MRI and CT scanners used to visualize the brain and nervous system, as well as devices that monitor and record neurological signals and biomarker tests that identify indicators of various neurological diseases and disorders. Neurodiagnostics help physicians accurately identify neurological problems to inform treatment decisions.

Market Segmentation

  •  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Electroencephalogram (EEG) Systems
    • Magnetic Resonance Imaging (MRI) Systems
    • Ultrasound Imaging Systems
    • Computed Tomography (CT) Scanner
    • Reagents & Consumables
    • Others
  •  Therapeutic Area Insights (Revenue, USD Bn, 2019 - 2031)
    • Neurodegenerative Diseases
    • Sleep Disorders
    • Stroke
    • Epilepsy
    • Others
  •  End User Insights (Revenue, USD Bn, 2019 - 2031)
    • Hospitals
    • Diagnostic Centers
    • Ambulatory Care Centers
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • Koninklijke Philips N.V
    • Siemens Healthcare GmbH
    • F. Hoffmann-La Roche Ltd
    • FUJIFILM Holdings Corporation
    • Bio-Rad Laboratories Inc.
    • Advanced Brain Monitoring, Inc.
    • Nihon Kohden Corporation
    • Mitsar Co. LTD.
    • EMS Biomedical
    • Mennen Medical
    • Natus Medical Incorporated
    • Medicaid Systems
    • Fujirebio 
    • FONAR Corp
    • ANT Neuro
    • Atlantic Health System

Frequently Asked Questions

The CAGR of the neurodiagnostics market is projected to be 8.1% from 2024 to 2031.

Rising prevalence of neurological disorders and increasing adoption of growth strategies by key market players are the major factors driving the growth of the neurodiagnostics market.

High cost of equipment and limited reimbursements are the major factors hampering the growth of the neurodiagnostics market.

In terms of product type, Electroencephalogram (EEG) systems is estimated to dominate the market revenue share in 2024.

Koninklijke Philips N.V, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd, FUJIFILM Holdings Corporation, Bio-Rad Laboratories Inc., Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Mennen Medical, Natus Medical Incorporated, Medicaid Systems, Fujirebio, FONAR Corp, ANT Neuro, NEUROLITE AG, and Atlantic Health System are the major players.

North America is expected to lead the neurodiagnostics market.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount

Reliability and Reputation

DUNS Registered
DMCA Protected


Reliability and Reputation


Reliability and Reputation


Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo