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I AgreeAnalysis of Neurology Diagnostics Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 |
|
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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).
“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.
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.
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“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.
“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.
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.
“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.
“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.
Rising disease prevalence will propel the country as a lucrative market for neurology diagnostics system manufacturers.
“Growing Innovations Speeding Up Market Expansion”
China accounted for 14% of the global neurology diagnostics devices market share at the end of 2021.
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.
“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.
“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.
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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.
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.
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The global neurology diagnostics devices market was worth US$ 8.24 billion in of 2021.
The global market for neurology diagnostics systems is expected to reach US$ 21.1 billion by the end of 2032.
Revenue from the sales of neurology diagnostics devices increased at 8% CAGR from 2012 to 2021.
The U.S., China, India, Germany, and U.K. are witnessing the highest sales of neurology diagnostics equipment.
The U.S. accounted for 93.4% share of the North American market in 2021.
The European market is predicted to expand at 10% CAGR over the forecast period.
Top companies in the market are Siemens Medical Solutions USA, Inc., General Electric Company, FUJIFILM Holdings America Corporation, Canon Medical Systems USA, Koninklijke Philips N.V., Masimo, Medtronic plc., and Ricoh USA.
The South Korean neurology diagnostics devices market is expected to exhibit 5.9% CAGR, and the Japanese market will surge at a value of 12.6% CAGR.
The Indian market is set to expand rapidly at a CAGR of 7.3% through 2032.