Launches of such advanced neurological disorder diagnostics products is expected to aid in growth of the global neurological disorder diagnostics market over the forecast period.

Seattle, WA -- (SBWire) -- 10/02/2019 --Global Neurological Disorder Diagnostics Market, by Technology (Imaging and In Vitro Diagnostics), by Disease Indication (Genetic Neurological Disorders, Immunological Neurological Disorders, Paraneoplastic Syndrome, Paraproteinemic Neuropathies, and Others), by End User (Hospitals & Clinics, Diagnostic Centers, and Ambulatory Care Centers), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 10,774.6 Mn in 2017, and is projected to exhibit a CAGR of 7.3% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights. According to the Coherent Market Insights analysis global neurological disorder diagnostics market is expected to show a significant growth in the near future owing to frequent launches of novel diagnostic products in the market by key players.

For instance, in 2017, Koninklijke Philips N.V. launched its latest MR Prodiva 1.5T, a magnetic resonance imaging (MRI), which provides enhanced clinical performance, workflow, and patient experience. Furthermore, in March 2018, Koninklijke Philips N.V. also launched a new 3-tesla MRI scanner, Elition 3.0T, which reduces scanning time by 50%. Furthermore, in 2017, Samsung NeuroLogica launched an upgraded version of its previous BodyTom 32-slice CT scanner. The new upgraded version features new visual design, upgraded software, hardware, and workstation. Hence, key players in the market are focused on developing and updating their neurological diagnostic devices with latest technologies and are launching them in market, in order to increase their presence with advanced portfolio and to gain competitive advantage by providing products with latest technologies. Launches of such advanced neurological disorder diagnostics products is expected to aid in growth of the global neurological disorder diagnostics market over the forecast period.

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Neurological disorder diagnostics tools are medical devices, which are used in diagnosis of various neurological disorders such as Alzheimer's disease (AD), Parkinson's disease (PD), and Multiple Sclerosis. The devices which are majorly used in diagnosis are imaging tools such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and in-vitro diagnostics tools such as biomarker and biopsy. Increasing prevalence of neurological disorders in the recent past has increased demand for diagnostic tools. For instance, according to a study published in Parkinson Association of the Carolinas, 2013, each year, around 10 million people worldwide are suffering from Parkinson disease. Moreover, this accounts for around 60,000 cases in the U.S. alone. According to data published by Alzheimer's Association in 2017, around 5.5 million people in the U.S. of all ages are suffering from Alzheimer's dementia

Frequent launches and approvals of novel neurological disorder diagnostics products is expected to drive growth of the market

In the recent past, key players in the market had received approvals and had launched a number of novel technological advanced neurological disorder diagnosis devices in the market, and this is expected to aid in neurological disorder diagnostics market growth. For instance, in April 2018, Canon Medical Systems Corporation launched 1.5T MRI System, Vantage Orian. In April 2018, Siemens Healthineers received U.S. FDA approval for its new SOMATOM go.All and SOMATOM go.Top computed tomography (CT) systems. SOMATOM go.All has 64-slice and provides 0.33-second rotation time, stellar detector technology, and a robust 75 kW generator. SOMATOM go.Top has 128-slice and provides fast scanning. Furthermore, in 2017, Neusoft Medical Systems received U.S. FDA approval for NeuViz Prime CT Scanner.

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The global neurological disorder diagnostics market was valued at US$ 10,774.6 Mn in 2017, and is expected to witness a CAGR of 7.3% over the forecast period (2018 – 2026).

Furthermore, North America neurological disorder diagnostics market, and Asia Pacific neurological disorder diagnostics market are expected to show a good growth in the near future due to increasing adoption of diagnostic devices by hospitals and ambulatory care centers in regions. For instance, according to the data published by the Organisation for Economic Co-operation and Development (OECD), in the U.S., the total unit of Magnetic Resonance Imaging (MRI) in hospital and ambulatory care centers in 2015, were around 39.0 per 1,000,000 inhabitants increasing from 31.5 per 1,000,000 population in 2010. In Asia Pacific, Japan is the only country to have over 100 CT scanners per 1,000,000 population. According to Organisation for Economic Co-operation and Development (OECD), Japan had 107.2 CT scanners per 1,000,000 population in 2014.

High cost of diagnostic tools such as MRI machines and CT scan is a major factor, which is expected to hinder growth of global neurological disorder diagnostics market. Devices of such high cost are not affordable by small hospital facilities in emerging economies such as India, Africa, and China. Therefore, this factor is expected to negatively affect growth of the market. For instance, price of a magnetic resonance imaging (MRI) devices starts from US$ 150,000, and high end device costs over US$ 1 million. Such high cost devices are only affordable by big hospitals and diagnostic laboratories.

Key players operating in the neurological disorder diagnostics market include 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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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.