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 market for neurodiagnostics 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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.