Neurology Diagnostics Devices Market

Neurology Diagnostics Devices Market Outlook (2022-2032)

At the end of 2021, the global neurology diagnostics devices market was valued at US$ 8.24 billion and is anticipated to reach US$ 21.1 billion by 2032, expanding at a high CAGR of 8.9% over the 2022-2032 time frame.

As per a detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, CT Scanners dominated the global market in 2021 accounting for 37.3% market share.

Sales of neurology diagnostics devices accounted for around 25% share of the global diagnostic imaging market in 2021.

Report Attribute	Details
Neurology Diagnostics Devices Market Size (2021)	US$ 8.24 Billion
Estimated Market Value (2022)	US$ 8.96 Billion
Forecasted Market Value (2032)	US$ 21.1 Billion
Global Market Growth Rate (2022-2032)	8.9% CAGR
East Asia Market Share (2021)	18.5%
East Asia Market Growth Rate (2022-2032)	10.6% CAGR
China Market Growth Rate (2022-2032)	10.2% CAGR
Market Share of Top 5 Countries	66%
Key Market Players	Quanterix, Cadwell Laboratories Inc. Hitachi Medical Systems Canon Medical Systems Corporation Compumedics Limited Koninklijke Philips N.V. Medtronic plc., Siemens AG Nonin Medical, Inc. Nihon Kohden Corporation Masimo Natus Medical Incorporated General Electric Company Elekta AB Neurosoft, Inc. EB Neuro S.p.A. Ricoh USA Inc.

Demand Analysis of Neurology Diagnostics Devices (2012-2021) Vs. Market Outlook (2022-2032)

The global neurology diagnostics devices market expanded at a CAGR of 8% over the last nine years (2012-2021).

Sales of neurology diagnostics devices have been positively influenced by the rising prevalence of neurological disorders and increased focus on early diagnosis with the usage of reliable and safe devices for neurological treatment.

The focus of neurology is to diagnose and treat a wide range of brain and neurological disorders.

According to the most recent WHO survey (2021), neurological disorders such as stroke, Alzheimer's disease, epilepsy, and others account for more than 12% of all fatalities worldwide. It is also expected that by 2030, the number of years of life lost to neurological disorders will increase rapidly, from 95 million in 2015 to 103 million.

Additionally, it is anticipated that the global cost of neurological disorders alone was US$ 2.5 trillion in 2010, which will rise to US$ 6 trillion by 2030. The prevalence of neurological illnesses has significantly increased during the previous 25 years.

As such, Fact.MR expects the global neurology diagnostics devices market to be a fast-growing industry, with sales expected to surge at 8.9% CAGR over the forecast period (2022-2032).

What’s Mainly Driving Demand for Neurological Diagnostic Devices?

“Increasing Public Awareness Programs across Regions”

Patient care is the subject of numerous awareness campaigns, which is a key element in market growth. Globally, governments are putting more effort into promoting early detection, awareness, and recognition of the signs of neurological illnesses.

• The World Federation of Neurology (WFN) is taking the lead in supporting brain health awareness with the introduction of its Brain Health Initiative (BHI). This program is focused on providing in-depth knowledge on several issues, such as the significance of brain health and the consequences of brain dysfunction.
• In the U.S., the American Association of Neurological Surgeons (AANS), the Congress of Neurological Surgeons (CNS), and ten other national surgical associations jointly established a campaign to safeguard patients' access to care, in June 2020.

As a result, it is anticipated that increasing awareness will drive the demand for early neurology diagnosis, which will propel the market for neurology diagnostics devices in the years to come.

What are the Opportunities for Key Suppliers of Neurology Diagnostics Devices?

“Collaborative Neuroscience Projects”

Besides having a substantial impact on medical science, the industrial economy, society, and other academic subjects, a new era of global neuroscience collaborations is establishing momentum.

• For instance, the American government has proposed a national brain science project and started the Brain Research through the Advancing Innovative Neurotechnologies (BRAIN) initiative. The International Brain Research Organization, along with many other national projects from Korea, China, Canada, and Australia joined this initiative shortly after it was launched as a complement to the Human Brain Project in the European Union.

What’s Restraining Neurology Diagnostics Devices Market Growth?

“Product Recalls Hurting Market Progress”

Patients and personnel utilizing neurology diagnostics devices could be at risk of health problems as a consequence of ongoing quality issues with medical devices and related recalls. The expense of replacing and fixing defective devices or compensating injured customers is borne by the organization or the manufacturer, which may affect its financial investments. Recalls tend to damage a company's reputation and result in losses of several billions of dollars.

• The FDA ordered Siemens Medical Systems Inc. to recall its SIEMENS SOMATOM, which uses the syngo CT VA30A SP4 software, in March 2022.

Software faults in models can lead to erratic problems that stop scanning processes, generate unexpected user warnings, and create artifacts in photos. Workflows for interventions might occasionally experience software problems.

Country-wise Insights

What is the U.S. Market Stance for Neurology Diagnostics Devices?

“Presence of Leading Players & High Regulatory Approvals”

The U.S. accounted for around 32 % share of the global neurology diagnostics devices market in 2021 owing to the presence of leading players such as General Electric, Canon Medical Systems Corporation, Siemens Medical Solutions USA, Inc., Masimo, and many others within the neurology space.

Additionally, the United States has highly-developed technological infrastructure that has helped it become a pioneer in technology and inspired many businesses to enter the market, thus aiding overall market expansion.

• For instance, Masimo's O3 regional oximetry device was approved by FDA in September 2020. The device monitors somatic tissue oxygenation saturation as well as relative changes in haemoglobin, oxyhemoglobin, and deoxyhemoglobin in adult brains. This marks an important step in assisting clinicians and researchers in further increasing their understanding of how the body utilises oxygen and in identifying organ hypoxemia.

Why is the U.K. a Lucrative Market for Neurology Diagnostics Device Manufacturers?

“Growing Prevalence of Neurological Disorders in the Country”

The U.K. accounted for 5.6% share of the global neurology diagnostics devices market in 2021.

The effects of neurological diseases are widespread.

• According to the Neurological Alliance Neuro Numbers 2019, there are reportedly 14.7 million cases of neurological disorders, which equates to one in every six citizens in the U.K. However, the annual spending on neurological diseases by NHS was reported to be around US$ 5.4 billion.

Rising disease prevalence will propel the country as a lucrative market for neurology diagnostics system manufacturers.

Which Factors are Fueling Demand for Neurology Diagnostics Devices in China?

“Growing Innovations Speeding Up Market Expansion”

China accounted for 14% of the global neurology diagnostics devices market share at the end of 2021.

• According to the "Made in China 2025" plan, the Chinese government wants the manufacturing of biomedical and luxury medical devices to increase rapidly.

Chinese domestic manufacturers are focusing on expanding the national economy by offering hospitals in the country less expensive local alternatives to imported medical goods.

A majority of domestic Chinese medical equipment makers' offerings have always been inexpensive and low-tech. The approach focuses on the creation of high-performance gadgets such as telemedicine equipment, wearable tech, entirely biodegradable cardiovascular stents, robotic surgery tools, and diagnostic imaging equipment.

The high-end medical devices market in China will continue to expand as local Chinese companies develop their technological skills, thus propelling the neurology diagnostics devices market in the country.

Category-wise Insights

Why is Demand for CT Scanners Gaining High Traction?

“Growing Advancements in Imaging Technology”

The CT scanners segment held the highest market share of 37.3% in 2021. The segment is expected to expand at 8.3% CAGR throughout the forecast period. This traction is being influenced by increasing advancements and the installation of CT scanners.

Recent improvements in CT scanning technology have reduced the hazardous radiation that patients are exposed to, along with allowing faster scan times and enhanced image quality. These factors have driven up the popularity of CT scanners in the market.

Which Application of Neurology Diagnostics Devices Brings in Higher Revenue?

“Rising Mental Health Issues Globally”

The mental health segment held 22.7% share of the global market in 2021.

A significant portion of the population is becoming more vulnerable to several mental health problems due to changing lifestyles, as well as a growing number of people falling under the geriatric age group suffering from several disorders, including multiple sclerosis, Parkinson's disease, brain tumours, epilepsy, dementia, and stroke.

Competitive Landscape

Leading industry players in the field of neurology are currently focusing on expanding their operations into several nations across the globe. As part of their plan to hold onto their position in the market for neurology diagnostics devices globally, market players are also concentrating on innovation by developing and launching new products.

Collaborations and partnerships are major promotional strategies carried out by various key players.

• In January 2022, the Tianjin Normal University (TJNU) was awarded Compumedics Limited's first MEG contract in Asia. Over time, the installation of the new MEG system will build a strong centre of expertise for Compumedics in the significant and quickly expanding Chinese neurosciences industry.
• The National Cancer Center Japan Exploratory Oncology Research & Clinical Trial Center (NCC-EPOC), EAST Hospital, and Canon Medical Systems Corporation have partnered to perform research using PCCT, commencing in August 2021. (photon counting computed tomography).

Similarly, recent developments related to companies manufacturing neurology diagnostics devices have been tracked by the team at Fact.MR, which are available in the full report.

Key Segments in Neurology Diagnostics Devices Industry Research

• By Product :

  • Electroencephalogram (EEG)
  • fMRI Systems
  • Optical Topography Systems (fNIRs)
  • CT Scanners
  • Magnetoencephalography (MEG)
  • Cerebral Oximetry Devices
  • Neuro-diagnostics Biomarker Tools

• By Application :

  • Cognitive Diagnosis
  • Attention-Deficit/Hyperactivity Disorder (ADHD)
  • Mental Health
  • Stroke
  • Concussion
  • Dementia
  • PTSD
  • Other Neurological Diseases

• By End User :

  • Neurofeedback Clinics
  • Neurology Clinics
  • Hospitals
  • Neurorehabilitation Centers
  • Academic and Research Institutes

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)