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What is the current growth rate of the Neurological Disorder Diagnostics market?
The neurological disorder diagnostics market size has grown strongly in recent years. It will grow from $10.98 billion in 2023 to $11.75 billion in 2024 at a compound annual growth rate CAGR of 7%. The growth in the historic period can be attributed to increase in prevalence of neurological disorders, increase in ageing population, growth in emphasis on early diagnosis and disease management, growth in awareness of neurological disorders, and increase focus on early diagnosis.
What does the future hold for the Neurological Disorder Diagnostics market?
The neurological disorder diagnostics market size is expected to see strong growth in the next few years. It will grow to $15.51 billion in 2028 at a compound annual growth rate CAGR of 7.2%. The growth in the forecast period can be attributed to growing awareness and education, increasing healthcare expenditure, improved access to healthcare services, expansion of diagnostic centers, and rising adoption of personalized medicine. Major trends in the forecast period include advancements in neuroimaging techniques, adoption of wearable devices and remote monitoring technologies, advancements in biomarker discovery and genetic testing, integration of artificial intelligence and machine learning, and development of point-of-care diagnostic devices.
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What factors are driving the neurological disorder diagnostics market?
The increasing prevalence of Alzheimer's disease is expected to propel the growth of the neurological disorder diagnostics market going forward. Alzheimer's disease refers to a progressive neurodegenerative disorder characterized by a gradual decline in cognitive functions, including memory, reasoning, and problem-solving. Alzheimer's disease combines genetic factors, such as specific gene mutations and variations, the accumulation of amyloid plaques and tau tangles in the brain, chronic inflammation, vascular issues, and lifestyle factors. Neurological disorder diagnostics help Alzheimer's disease by enabling early and accurate detection through advanced imaging techniques, biomarker analysis, and cognitive assessments.
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Who are the key players in the Neurological Disorder Diagnostics market?
Major companies operating in the neurological disorder diagnostics market are Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Novartis AG, Medtronic plc, Amgen Inc., Siemens Healthineers AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Otsuka Pharmaceutical Co. Ltd., Boston Scientific Corporation, Neurocrine Biosciences Inc., Neusoft Medical Systems Co. Ltd., Nihon Kohden Corporation, Natus Medical Incorporated, Esaote S.p.A, Canon Medical Systems Corporation, NeuroPace Inc., Lifelines Neuro Company LLC, York Instruments Ltd., Advanced Brain Monitoring Inc., Neurometrix Inc., Croton Healthcare Private Limited, NeuroLogica Corporation
What are the emerging trends within the Neurological Disorder Diagnostics market?
Major companies operating in the neurological disorder diagnostics market are focused on developing innovative solutions, such as neurological disease quantification software, for one billion individuals affected by neurological diseases worldwide. Neurological disease quantification software is a tool used to measure and analyze brain function and disease progression in neurological conditions.
How is the Neurological Disorder Diagnostics market segmented?
The neurological disorder diagnostics market is categorized based on:
1 By Component: Instruments, Reagents, Kits, Software, Services
2 By Technology: Immunoassay, Polymerase Chain Reaction PCR Techniques
3 By Disease Type: Alzheimer's Disease, Dementia, Parkinson's Disease, Epilepsy, Traumatic Brain Injury, Other Disease Types
4 By End User: Hospitals And Clinics, Diagnostic Centers, Academic And Research Institutes
What are the regional insights into the market?
North America was the largest region in the neurological disorder diagnostics market in 2023. The regions covered in the neurological disorder diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.The growth trails along major regions such as North America, Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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