SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global neurological disorder diagnostics market is expected to be valued at US$ 12,162.6 million in 2019, and is expected to exhibit a CAGR of 7.6% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Neurological Disorder Diagnostics Market:
Increasing prevalence of neurological disorders, product approvals, and launch of novel diagnostics tools are the key trends in the market.
Increasing product approvals and launches by market players are some of the major factors that are expected to drive the market growth. For instance, in April 2018, Siemens Healthineers received the U.S. FDA approval for its computed tomography (CT) systems, SOMATOM go. All and SOMATOM go. Top. SOMATOM go. All has 64-slice CT scanner and provides 0.33-second rotation time, stellar detector technology, and a robust 75 kW generator. SOMATOM go. Top has 128-slice CT scanner and provides fast scanning. Moreover, in 2014, GE Healthcare received approval from the European Union for its new imagining agent VIZAMYL (Flutemetamol (18F) Solution for Injection). VIZAMYL is an imaging agent intended to detect Alzheimer's-tied buildups in Positron Emission Tomography (PET) scans.
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Increasing prevalence of neurological disorders is expected to drive the market growth over the forecast period. For instance, according to data published by Centers for Disease Control and prevention, in 2014, in the U.S. prevalence of multiple sclerosis is estimated to be 90 per 100,000 population, and can occur at any age between 10 years to 80 years. However, it usually occurs between ages 20 years and 40 years.
Furthermore, key players operating in the market are focusing on adoption of strategies such as acquisitions and collaborations, in order to enhance their product offerings. For instance, in 2017, York Instruments Ltd. signed an agreement for developing three magnetoencephalography systems with three leading universities, which include The University of York, U.K., the University of Glasgow U.K., and University of Konstanz, Germany.
Key Market Takeaways:
- The neurological disorder diagnostics market is expected to exhibit a CAGR of 7.6% during the forecast period (2019 – 2027), owing to increasing product launches, and adoption of collaboration and acquisition strategies by market players. For instance, in April 2019, Koninklijke Philips N.V. and Hong Duc General Hospital, Vietnam entered a seven-year partnership agreement. Under this agreement, Koninklijke Philips N.V. has offered Hong Duc General Hospital the latest medical imaging, patient monitoring, and healthcare IT solutions.
- Increasing government initiatives are also expected to contribute to the market growth. For instance, in 2015, Israel’s Ministry of Health launched a National MRI Program. The aim of this program is to increase MRI scanners in hospitals.
Key players operating in the global neurological disorder diagnostics market include --
Siemens Healthineers, Koninklijke Philips N.V., General Electric Company, Esaote SpA, NeuroLogica Corporation, Masimo Corporation, York Instruments Ltd., Neusoft Medical Systems, and Canon Medical Systems Corporation.
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Global Neurological Disorder Diagnostics Market, By Technology:
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Nuclear Medicine Imaging
- Positron Emission Tomography (PET)
- Single-photon Emission Computed Tomography (SPECT)
- Near Infrared Spectroscopic Imaging (NIRS)
- Electroencephalography (EEG)
- Magnetoencephalography (MEG)
In Vitro Diagnostics
Global Neurological Disorder Diagnostics Market, By Disease Indication:
Genetic Neurological Disorders
- Alzheimer’s Disease (AD)
- Parkinson’s Disease (PD)
- Amyotrophic Lateral Sclerosis (ALS)
- Huntington's Disease (HD)
Immunological Neurological Disorders
- Multiple Sclerosis
- Paraneoplastic Syndrome
- Paraproteinemic Neuropathies
- Genetic Neurological Disorders
Global Neurological Disorder Diagnostics Market, By End User:
- Hospitals & Clinics
- Diagnostic Centers
- Ambulatory Care Centers
Global Neurological Disorder Diagnostics Market, By Region:
- North America
- Latin America
- Asia Pacific
- Middle East
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