Neurological Disorder Diagnostics Market to Surpass USD 20,129.5 Million by 2026

Global neurological disorder diagnostics market was valued at USD 10,774.6 million in 2017 and is projected to exhibit a CAGR of 7.3 percent during 2018 – 2026. The 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 percent. 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.

Key players in the market are focusing on rapid research and development activities, in order to launch diagnostic tools integrated with artificial intelligence. This is expected to aid in gaining share in the market and also create a lucrative opportunity for other key players to focus on and provide advance diagnostic tools. For instance, in 2017, Samsung NeuroLogica Corporation, the healthcare subsidiary of Samsung Electronics Co., Ltd. collaborated with MedyMatch Technology, Ltd. to integrate artificial intelligence (AI) clinical decision support technology developed by MedyMatch Technology in its computed tomography (CT) and other imaging equipment. Increasing approval for novel neurological disorder diagnostic products is also expected to fuel growth of the global neurological disorder diagnosis market. For instance, in April 2018, Canon Medical Systems received 510 (k) clearance from the US Food and Drug Administration for its new Aquilion Precision (CT) scanner. Aquilion Precision is an ultra-high-resolution CT system (UHR CT).

Increasing collaborations among various research institutes for development of novel diagnosis techniques for neurological disorders is expected to drive growth of neurological disorder diagnostics market growth in the near future. For instance, in 2017, Singapore-based National Neuroscience Institute and Nanyang Technological University, Singapore (NTU Singapore) collaborated for development of novel and innovative technologies to better diagnose and treat patients with neurological conditions such as Parkinson’s disease and brain injuries. – Coherent Market Insights