Innovation In Product By Key Players Offers Robust Growth Opportunities For Neurodiagnostics Market
The global Neurodiagnostics market is anticipated to grow with a CAGR of around 7% during the forecast period (2019-2026). The key players pertaining to Neurodiagnostics market are presenting innovative products and solutions for the neurological disease diagnosis. For Example; in 2016, Royal Philips a leading health technology company, launched the Philips IQon Spectral CT in Canada. The Philips IQon Spectral CT is the first and only spectral detector CT across the globe, that are designed especially for spectral imaging. It offers on-demand colour quantification and the facility to characterize structures and at a low dose. Further, in 2018, Brain Vision Solutions launched a high-density wireless EEG solution LiveAmp 64 that can have employed with an extensive range of innovative electrode technologies and similarly, there is an easy upgrade path from 8 to 64 channels. In Addition, in 2018 Canon Medical Systems Corporation has introduced collaborative research on the application of DLR (Deep Learning Reconstruction), an Artificial Intelligence (AI)-based technology for magnetic resonance (MR) imaging, organized with the University of Bordeaux and Kumamoto University. Hence, the above mentioned technological advancements in the product and solutions pertaining to Neurodiagnostics present various options to the patients. Also, this creates a sense of competition between the market players to innovate new products cost effectively. All these facts in turn drive the global Neurodiagnostics market growth.
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Increasing prevalence of neurological diseases: Bolster demand for the Neurodiagnostics market during the forecast period
The prevalence of dementia, Parkinson’s disease, stroke and others are leveraging huge adoption base for the Neurodiagnostics. According to Alzheimer Disease International, 46.78 million people had dementia in 2015 across the globe and these figures are further estimated to increase up to 63.45 million by the end of 2025 and 131.45 million till 2050. In addition, 7 to 10 million people up to 2016 have been diagnosed with Parkinson’s disease and its prevalence increases with age, as per Parkinson Association. Further, these figures are projected to rise up to 8.7 million by the end of 2030. The types of neurological disorders include Tetanus, Meningitis, Encephalitis, Stroke, Alzheimer's disease and other dementias, Parkinson's disease, Epilepsy, Multiple sclerosis, Migraine and others. Furthermore, as per WHO, epilepsy is a common neurological disease and approximately 50 million people suffered from epilepsy in 2016 throughout the globe and 2.4 million people are diagnosed with epilepsy each year. In addition, as per a research paper published by to European Brain Council (2017), about 220.7milion people in Europe are suffering from at least one type of neurological disease. Hence, the above facts show the increasing neurological disorders across the globe. This leads to the hike in the adoption of Neurodiagnostics imaging technologies as the patients suffering from neurological disorders would opt for the Neurodiagnostics for getting back to the normal situation. Hence, this in turn propels the global Neurodiagnostics market growth.