Neurodiagnostics Market Analysis By Technology Market Analysis, Forecast, Overview, Growth Impact and Demand by Regions till 2024

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Neurodiagnostics Market Analysis By Technology:
Applications, Types and Industry Analysis Including Growth,
Trends and Forecasts to 2024
The global neurodiagnostics market was valued at 13.6 billion in 2015 and is expected to reach a value
of USD 18.3 billion by 2024. Key factors driving the market growth include increasing prevalence of
neurological diseases due to demographic changes and growing awareness of their management. In
addition, consistent technological modifications coupled with increased preference for novel diagnostic
technologies will further fuel the market. The economic burden of neurological diseases is extremely
high on society and governments with around 1 billion people suffering globally.
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Among all the neuroimaging techniques, computed tomography has the largest market share followed
by Magnetic Resonance Imaging (MRI). Computed Tomography (CT) uses ionized radiations for the
purpose of creating images, whereas MRI uses radio waves in a magnetic field. Neuroimaging
techniques are used to detect brain injuries, developmental malformations in the brain area, vascular
irregularities that may lead to stroke, epilepsy, etc.
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Biomarkers are an important part of in vitro diagnostics for neurological disorders as their development
is targeted at the early disease diagnosis with information about nervous system. Although biomarkers
are not commercially available in the market, their use is confined to clinical research settings. For
instance, ELISA tests for Tau protein are available in clinical studies of Alzheimer's disease. In addition,
neuroinformatics is a field that studies neuroscience and information technology. This integration allows
the storage of neurological data in the form databases. The neuroinformatics market is expected to
grow at second highest growth rate during the forecast period.
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Increased life expectancy has resulted in increased geriatric population across the globe. The prevalence
of aging-related neurological diseases such as Alzheimer's disease and Parkinson's disease is on the rise.
The diagnosis of these diseases includes neuroimaging, in vitro diagnosis, and neuroinformatics.
CT and MRI are the most commonly used imaging techniques across the globe, which are mainly used to
detect brain abnormalities.
Neurological biomarkers are extremely promising as they provide a direction to the diagnostic studies.
Although currently no commercial biomarker is available in the market, an extensive clinical research is
happening to find out the perfect combinations of the biomarkers.
North America held the major market share of around 36% in the year 2015 and will retain its top
position during the forecast period. On the other hand, Asia Pacific will exhibit highest CAGR of 4% over
the forecast period.
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The global neurodiagnostics market was valued at 13.6 billion in 2015 and is expected to reach a value of USD 18.3 billion by 2024. Key factors driving the market growth include increasing prevalence of neurological diseases due to demographic changes and growing awareness of their management.