Neuromonitoring Devices Market Report
Neuromonitoring Devices Market by Product (Intracranial Pressure Monitoring, Cerebral Oximeter, Near Infrared Spectroscopy, Speckle Imaging, Doppler Ultrasound, EEG, Fetal/Neonatal Neuromonitoring Devices, Micro Ultrasound, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030
pandemic has shown to have an enormous impact
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Impact of covid-19 on Neuromonitoring Devices Market
Global Neuromonitoring Devices Market Analysis
The global neuromonitoring devices market is predicted to generate $10,276.0 million in the 2022-2030 timeframe, growing from $5593.1 million in 2021, at a healthy CAGR of 7.24%.
Increasing cases of neurological diseases such as epilepsy, Parkinson’s disease, and Alzheimer’s disease in all aged people, especially in geriatric population are expected to drive the market of neuromonitoring devices, globally. The rising incidence rates of neurological diseases, mind up of neurodegenerative disorders, a rise in the number of brain injuries, and recent expansion of brain tracking in clinical studies are going to drive the neuromonitoring devices market. Rising demand for non-invasive and nondestructive gadgets, expanding clinical uses of neuromonitoring devices, and the expanding healthcare market in emerging economies are all expected to provide opportunities for neuromonitoring devices market participants.
However, high cost of neuromonitoring devices and dearth of skilled technicians & personnel are expected to hinder the market growth. Moreover, a lack of qualified professionals for device performance and high due process costs associated with neuromonitoring devices deployment are expected to present a challenge to the market expansion of neuromonitoring devices all through the period of analysis.
According to the regional analysis of the market, the Asia-Pacific neuromonitoring devices market is anticipated to grow at a CAGR of 7.99%, by generating a revenue of $2,702.6 million during the review period.
Neuromonitoring Devices Overview
Neuromonitoring devices are medical devices which are capable of displaying or monitoring the vital signs of patient’s brain, recording data such as electrical impulse rate, blood flow, & oxygen level, and instantly displaying the result. These devices are widely used in hospitals, clinics, and more. Various types of neuromonitoring devices are available in the market like doppler ultrasound, computed tomography (CT scan), and magnetic resonance imaging (MRI).
Impact Analysis of COVID-19 on the Global Neuromonitoring Devices Market
The COVID-19 pandemic has severely affected the business sector, across the world. During the pandemic, where healthcare sector experienced a positive growth, neuromonitoring devices market experienced a major setback due to decreased demand in the hospitals and clinics. Since corona virus is highly transmissible and spreads rapidly in the environment, affecting many people in the minimum time, the hospital authorities restricted the admission of patients with other diseases and this factor has decreased the demand for neuromonitoring devices. Also, many neurosurgeries were postponed amid rising cases of corona virus patients. This factor is further likely to impede the market growth in the pandemic duration.
Moreover, need for remote monitoring and patient management solutions has soared significantly as a result of the outbreak's urgency. Majority health care facilities have been presently trying to expand monitoring of patients to home care or other momentary configurations in order to provide the best possible care. In comparison to neuromonitoring devices, COVID-19 has resulted in a significant increase in supply for ventilators, and industries are continuously focusing their attention to meet the ever increasing for ventilators, including the other diagnostic devices. The pandemic is considered to have a negative impact on the neuromonitoring devices industry, due to hospital systems' aim of establishing COVID-19 specific ICUs, and the temporary ban of industrial and assembly sites throughout major cities.
Increasing Rate of Neuromonitoring Devices to Surge the Market Growth
Rapidly increasing neurological diseases like dementia and epilepsy among old age population are expected to accelerate the neuromonitoring devices market, globally. Also, increased rate of hospitalizations and emergency department admissions owing to serious health conditions and brain injury due to road accidents is further expected to increase the market revenue of neuromonitoring devices.
Moreover every day, the number of neurological illnesses and catastrophic accidents grows. Neurological illnesses, seizures, Parkinson's, strokes, multiple sclerosis, and headaches affected roughly 1 billion individuals, or 1 in every five or six people in the world, as according to UN data from 2007. The market for neuromonitoring devices is being driven by an increase in the number of people suffering from neurological illnesses. Furthermore, the Centers for Disease Control and Prevention estimated that 2.5 million traumatic accidents occur in the United States each year, resulting in brain infection, meningitis, and aneurysm. This necessitates intracranial pressure monitoring, which drives the growth of neuromonitoring devices market.
Apart from this, introduction of wearable neuromonitoring devices to avoid unnecessary visits and hospitalizations is further expected to drive the market of neuromonitoring devices in the forecast time period. Wearable neuromonitoring devices are important tools to regularly monitor brain health while patients are at home or while traveling. For instance, according to a news published on Med Tech Innovations, technology news portal, on May 14, 2021, WISE Srl, a medical device manufacturing company, developed its WISE Cortical Strip (WCS). It is a single use medical device which is attached on the brain surface for intraoperative neurophysiological monitoring (IONM). Such factors are likely to flourish the market growth in the forecast time frame.
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High Cost of Neuromonitoring Devices to Restrain the Market Growth
Neuromonitoring devices are very expensive and can be opted at a mode of treatment only by the patients who can afford costly treatment. This factor restrains the market from growth. Furthermore, due to high cost of the devices, not many healthcare facilities like small hospitals & clinics in rural areas can afford to keep these expensive devices for patient’s treatment. The high price of neuromonitoring surgeries and devices is a key restraint on the global industry, especially in underdeveloped countries with lax reimbursement rules. Neuromonitoring technologies are extremely complicated, and the procedures requiring their utilization are often costly. For example, the average cost of neuromonitor is around USD 340–500, with dual computed tomography costs around USD 3,000–3,200. All such factors are expected to restrain the market growth.
Advances in Technology and Innovation in Neuromonitoring Devices to Fuel the Market Growth
According to WHO data, approximately 50 million people in world are affected by dementia as of September 2019, with nearly 10 million cases registered each year. This is one of the main causes of disability or reliance among aged all around globe. According to WHO estimates, around 50 million people worldwide suffered with epilepsy in June 2019, with nearly 80% living in low and middle-income countries. Epilepsy is predicted to affect 150,000 people in the United States each year, or 48 people for every 100,000 people (Source: Epilepsy Foundation). Epilepsy affects around 3.4 million people in the United States.
Technological advancements in the development of neuromonitoring devices to monitor the brain health of the patients are expected to accelerate the market growth in the future. Amid rising demand for advanced neuromonitoring devices, the manufacturing companies have started investing a huge amount in pacing their research and development activities which has boosted the market growth further. For instance, according to a news published on Business Wire, online news portal, on February 23, 2021, Rhythmlink International, LLC, a company that manufactures medical devices, announced FDA clearance of its new product line called sticky pad surface electrodes. The new device is stick-on electrodes that is used for intraoperative neurophysiological monitoring (IONM) and electroencephalography (EEG). Such advancements are likely to accelerate the market growth of neuromonitoring devices in the future.
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Global Neuromonitoring Devices Market, by Product
Based on product, the global neuromonitoring devices market is segmented into intracranial pressure monitoring, cerebral oximeter, near infrared spectroscopy, speckle imaging, doppler ultrasound, EEG, fetal/neonatal neuromonitoring devices, micro ultrasound, and others. Doppler ultrasound sub-segment is projected to generate the maximum revenue and near infrared spectroscopy sub-segment is predicted to show the fastest growth.
Global Neuromonitoring Devices Market Share, by Product, 2021
Source: Research Dive Analysis
The doppler ultrasound sub-segment is predicted to have a dominating market share in the global market and register a revenue of $3,153.5 million during the forecast period. Doppler ultrasounds employ sound waves to create images of how blood flows through veins and arteries in the body. Often, the purpose is to check blood flow in the arms and legs. A handheld instrument creates sound waves that bounce off moving things like blood cells during a doppler ultrasonography. The reflected sound waves generate a representation of blood flow. The growth is attributed to increasing cases of neurological disorders among people of all age group, especially geriatric population. Doppler ultrasound is a popular imaging test that is used to observe proper blood flow through veins and arteries in the patient’s body. The test is conducted by using sound waves which detect blood movements through blood vessels. Doppler ultrasound is widely used for observing brain health in cases of severe accidents. It is also used to detect any blood clot present inside the brain. Such advantages of the technique is expected to drive the market of neuromonitoring devices in the forecast time period.
Global Neuromonitoring Devices Market, Regional Insights:
The neuromonitoring devices market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global Neuromonitoring Devices Market Size & Forecast, By Region, 2021-2030 (USD Million)
Source: Research Dive Analysis
The Market for Neuromonitoring Devices in North America to be the Most Dominant
The North America neuromonitoring devices market accounted $1,996.7 million in 2021 and is projected to register a revenue of $3,534.9 million by 2030. The growth is attributed to the rising demand for better and advanced healthcare facilities among patients. Also, adoption of new and advanced technologies might further increase the market revenue of North America. Major market players have focused on launching new products in the market to cater the rising demand for neuromonitoring devices amid rising cases of neurological disorders such as epilepsy. Apart from this, prevalence of neurological disorders in the North America region is anticipated to drive the market even further. In 2021, North America dominated the market, accounting for approximately 49.30%of worldwide sales. This dominance is mostly due to advantageous reimbursement conditions and an increase in the number of instances of neurological illnesses. According to the National Institute of Health, roughly 795,000 people in the United States have a stroke each year, resulting in 137,000 deaths. Furthermore, the Migraine Research Foundation estimated that 35 million Americans would suffer from migraine headaches by 2020. Furthermore, migraines are predicted to affect approximately 43% of women and 18% of males in the country. As a result, rising incidences of neurological illnesses like TBI, migraine, and stroke are expected to fuel market growth in this country.
Competitive Scenario in the Global Neuromonitoring Devices Market
Product launches and acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
The companies involved in the neuromonitoring devices market are GE Healthcare, Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corporation, Natus Medical Incorporated., Nuvasive, Inc., Advanced Brain Monitoring, Inc., Intranerve Neuroscience Holdings, Llc, Specialtycare, and RIMED Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Product
Key Companies Profiled
Q1. What is the size of the neuromonitoring devices market?
A. The global neuromonitoring devices market was valued at $5,593.1 million in 2021, and is projected to reach $10,276.0 million by 2030, registering a CAGR of 7.24%.
Q2. Which are the major companies in the neuromonitoring devices market?
A. GE Healthcare & Medtronic Plc. are some of the prominent companies in the neuromonitoring devices market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific neuromonitoring devices market?
A. The share of Asia-Pacific market is anticipated to grow at a CAGR of 7.99%.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on Global Neuromonitoring Devices Market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on Neuromonitoring devices market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Neuromonitoring Devices Market, by Product
5.1.Intracranial Pressure Monitoring
5.1.1.Market size and forecast, by region, 2022-2030
5.1.2.Comparative market share analysis, 2022 & 2030
5.2.1.Market size and forecast, by region, 2022-2030
5.2.2.Comparative market share analysis, 2022 & 2030
5.3.Near Infrared Spectroscopy
5.3.1.Market size and forecast, by region, 2022-2030
5.3.2.Comparative market share analysis, 2022 & 2030
5.4.1.Market size and forecast, by region, 2022-2030
5.4.2.Comparative market share analysis, 2022 & 2030
5.5.1.Market size and forecast, by region, 2022-2030
5.5.2.Comparative market share analysis, 2022 & 2030
5.6.1.Market size and forecast, by region, 2022-2030
5.6.2.Comparative market share analysis, 2022 & 2030
5.7.Fetal/Neonatal Neuro-Monitoring Devices
5.7.1.Market size and forecast, by region, 2022-2030
5.7.2.Comparative market share analysis, 2022 & 2030
5.8.1.Market size and forecast, by region, 2022-2030
5.8.2.Comparative market share analysis, 2022 & 2030
5.9.1.Market size and forecast, by region, 2022-2030
5.9.2.Comparative market share analysis, 2022 & 2030
5.10.Research Dive Exclusive Insights
6.Neuromonitoring Devices Market, by Region
6.1.2.Market size and forecast, by product , 2022-2030
6.1.4.Market size and forecast, by product , 2022-2030
6.1.6.Market size and forecast, by product , 2022-2030
6.1.7.Research Dive Exclusive Insights
6.2.2.Market size and forecast, by product , 2022-2030
6.2.4.Market size and forecast, by product , 2022-2030
6.2.6.Market size and forecast, by product , 2022-2030
6.2.8.Market size and forecast, by product , 2022-2030
6.2.10.Market size and forecast, by product , 2022-2030
6.2.11.Rest of Europe
6.2.12.Market size and forecast, by product , 2022-2030
6.2.13.Research Dive Exclusive Insights
6.3.2.Market size and forecast, by product , 2022-2030
6.3.4.Market size and forecast, by product , 2022-2030
6.3.6.Market size and forecast, by product , 2022-2030
6.3.8.Market size and forecast, by product , 2022-2030
6.3.10.Market size and forecast, by product , 2022-2030
6.3.11.Rest of Asia Pacific
6.3.12.Market size and forecast, by product , 2022-2030
6.3.13.Research Dive Exclusive Insights
6.4.2.Market size and forecast, by product , 2022-2030
6.4.4.Market size and forecast, by product , 2022-2030
6.4.6.Market size and forecast, by product , 2022-2030
6.4.8.Market size and forecast, by product , 2022-2030
6.4.9.Rest of LAMEA
6.4.10.Market size and forecast, by product , 2022-2030
6.4.11.Research Dive Exclusive Insights
7.1.Top winning strategies, 2021
7.3.Market share analysis, 2021
8.1.4.Recent strategic moves & developments
8.2.Koninklijke Philips N.V.
8.2.4.Recent strategic moves & developments
8.3.4.Recent strategic moves & developments
8.4.Nihon Kohden Corporation
8.4.4.Recent strategic moves & developments
8.5.Natus Medical Incorporated
8.5.4.Recent strategic moves & developments
8.6.4.Recent strategic moves & developments
8.7.Advanced Brain Monitoring, Inc
8.7.4.Recent strategic moves & developments
8.8.Intranerve Neuroscience Holdings, LLC
8.8.4.Recent strategic moves & developments
8.9.4.Recent strategic moves & developments
8.10.4.Recent strategic moves & developments
9.1.Parent & peer market analysis
9.2.Premium insights from industry experts
Neuromonitoring devices are specific medical devices that are designed to record the spontaneous activity of the central nervous system including the brain, spinal cord, brainstem, peripheral nerves, and cranial nerves. These devices are mostly used by clinicians, surgeons, and anesthesiologists to avoid any kind of risk during the surgery or treatment line of the patients. Neuromonitoring devices can record crucial data of the nervous system, such as blood flow and oxygen level, electrical impulse rate, etc. Some of the commonly used neuromonitoring devices are magnetic resonance imaging (MRI), Doppler ultrasound, computed tomography (CT scan), and electromyography (EMG).
Forecast Analysis of Neuromonitoring Devices Market
With the rapidly increasing neurological diseases, such as epilepsy or dementia among the old age population, the neuromonitoring devices market is expected to witness exponential growth during the estimated timeframe. Besides, the outbreak of the Covid-19 pandemic has raised the demand for remote monitoring and patient management solutions for people to provide the best possible care at their homes due to the outbreak of the Covid-19 pandemic, which is expected to fortify the growth of the market over the analysis period. Moreover, the technological advancements in the development of neuromonitoring devices to better monitor the brain health of the patients are projected to propel the growth of the neuromonitoring devices market during the forecast period.
According to the report published by Research Dive, the global neuromonitoring devices market is anticipated to generate a revenue of $10,276.0 million, growing at a healthy CAGR of 7.24% throughout the forecast timeframe 2022-2030. The major players in the market include Koninklijke Philips N.V., Nuvasive, Inc., Natus Medical Incorporated, Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Intranerve Neuroscience Holdings, LLC, Specialtycare, Medtronic Plc, RIMED Ltd., GE Healthcare, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global neuromonitoring devices market to grow significantly.
For instance, in April 2022, Imeka, a well-established neuroimaging company that combines diffusion imaging and AI to measure white matter integrity, announced its collaboration with GE Healthcare, an American multinational conglomerate that offers diagnostics, therapeutics, and monitoring through intelligent devices, such as data analytics, decision support tools, etc. With this collaboration, the companies aimed to expand the capabilities of MRI and advance precision medicine to improve the brain health of patients suffering from complex neurological disorders.
In July 2020, Magstim Co. Ltd., a leading manufacturer of medical and research devices, acquired Electrical Geodesics Inc., a medical device company that designs, develops, and commercializes a range of non-invasive neurodiagnostic products, from Royal Philips NV, a renowned Dutch health technology company. With this acquisition, the company Magstim planned to expand its product portfolio by adding high-density electroencephalography (EEG), which can evaluate brain’s electrical activity.
In May 2021, WISE Srl, a Berlin-based biomedical company developing a genuinely new generation of implantable leads for Neuromodulation and Neuromonitoring devices, launched its new product named “WISE Cortical Strip”, which was the first product to receive a CE mark within the company’s WISEneuro Monitoring product family. This particular product can be used to stimulate MEP and record the electrical activity of the human brain such as ECoR and SEP. The WISE Cortical Strip can also support intraoperative monitoring during resection of brain tumors or epileptogenic lesions.
Most Profitable Region
The North America region of the neuromonitoring devices market is predicted to hold the largest share of the market and is expected to generate a revenue of $3,534.9 million during the forecast period. The rising demand for advanced healthcare facilities among patients is expected to foster the growth of the regional market over the analysis timeframe. Furthermore, the increasing prevalence of neurological disorders in this region is expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Neuromonitoring Devices Market
With the rise of the Covid-19 pandemic, the healthcare industry has experienced growth; however, the neuromonitoring devices market has had a negative impact due to the decrease in the demand for neuromonitoring devices in hospitals and clinics. The hospital authorities have restricted the admission of patients with other diseases and focused on providing treatment facilities for the patients infected by the deadly virus. This led to the postponement of many neurosurgeries during the pandemic period. However, the increasing demand for remote monitoring and patient management solutions has created some growth opportunities for the market during the period of crisis.
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