Neurodiagnostics Market Estimated to Record Highest CAGR by 2023

Neurodiagnostics or neurodiagnostic tests monitor and record electrical activities of patient’s brain, spinal cord and peripheral nerves. The US National Institute of Mental Health (NIMH) estimates that approximately one in four individual suffers from diagnosable mental disorder each year. One in seventeen which is approximately 13.6 million people live with serious mental illnesses such as schizophrenia, major depression or bipolar disorder. Serious mental illness costs the United States approximately USD 193.2 billion losses each year. Among other neural disorders, mood disorders such as depression are one of the most common causes of hospitalization among youth and adults in the U.S. aged between 18 years to 44 years.

According to a report by the Alzheimer’s Association approximately 5.1 million people in the United States suffers from Alzheimer’s disease in 2012 and by 2020, the statistical data is likely to touch 16 million bar with one new case appearing in every 33 seconds. Autism and Autism Spectrum Disorders, according to an analysis by the Centers for Disease Control is estimated to affect 1 in every 88 children in the U.S. Similar studies conducted in other countries, for instance the UK National Health Service estimates the prevalence of Autism Spectrum disorders among adults in England is approximately one percent in 2012. The economic cost associated with Autism in the U.S. and U.K. is estimated to be approximately USD 35 billion and USD 45 billion (£27 billion) respectively each year.

Prevalence of other prominent diseases such as multiple sclerosis, narcolepsy and sleep disorders and strokes among others accounted for 400,000, 14.3 million and 4,700,000 individuals respectively between 2001 and 2014. With such a growing population of neurological disorders across the globe the Neurodiagnostics Market will positively emerge out as a prospecting and lucrative market in coming years. Diagnosis of these neurological disorders is rapidly changing as new tools now a day developed are coming up with the sole intention of rendering personalized assessment and treatment. In general the market for neurodiagnostics can be segmented on the basis of nuroimaging techniques, in-vitro diagnostic techniques and disease type. The market for neuroimaging techniques can be further sub-segmented into electro-encephalography, nuclear medicine imaging (pet), magneto-encephalography, and computed tomography among others. Whereas, market for in-vitro diagnostic include protein biomarker assay and genetic testing and pharmacogenomics among others.

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The commonly occurring disease type encompasses attention disorder, Alzheimer’s, anxiety disorder, schizophrenia, depression, epilepsy, Parkinson’s disease, sensory disorders, and sleep disorders among others. Major drivers for the neurodiagnostics market comprises advances in diagnostic equipments, developments in biomarker assay techniques and increasing use of imaging techniques in drug development.

Growing trend of cloud computing based EEG devices which can store all the diagnosis report, medication schedules and sharing of real time analysis with patients as well as other physicians is likely to uplift the neurodiagnostics market in coming years. The lack of regular diagnosis and mental health check up not in developing and emerging economies but even in developed parts of the world is one of the prominent and major restraints to the neurodiagnostics market. There are still millions of people who are yet undiagnosed and a large chunk of the affected population are carrying them for more than 5 years.

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Some of the prominent players in the neurological disorders include Neuro Diagnostic Devices, Inc., Lifelines Neurodiagnostics Systems Inc., Zynex NeuroDiagnostics, Digital NeuroDiagnostics, LLC, Ridge Diagnostics among others.\

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