The Neuromonitoring Device Market Anticipated to Generate a Revenue of $ 8,824.56 Million, Growing at a CAGR of 7.2% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global neuromonitoring device market size is predicted to generate $8,824.56 million in the 2021-2028 timeframe, growing from $5,098.11million in 2020 at a noteworthy CAGR of 7.2%.
Impact Analysis of COVID-19 on the Neuromonitoring Device Market
The COVID-19 pandemic has had a negative impact on the growth of neuromonitoring device market. The deadly coronavirus has high transmission capabilities which have severely affected the health of millions of people, worldwide. Hospitalization rate across the world has drastically increased due to rising COVID-19 cases which has forced the healthcare professionals to use the available hospital resources for the treatment of infected patients. Due to this, admission of patients with other health issues were carefully monitored and their admissions and regular checkups were postponed avoiding further viral transmission. This factor has severely decreased the demand for neuromonitoring devices which is expected to restrain the market growth in the pandemic time period.
Neuromonitoring Device Market Analysis
The global neuromonitoring devices is likely to experience an exponential rise owing to rising chronic neurological diseases in geriatric population such as dementia and seizures which has led to high hospitalizations and emergency department admissions. Also, rising case of road accidents and occurrence of brain injuries in people is further expected to increase the demand for neuromonitoring devices which will accelerate the positive growth of the market in future. Apart from this, the trend of using wearable monitoring devices to avoid unnecessary visits and hospitalizations is further expected to drive the market of neuromonitoring devices in the forecast time period.
The market for neuromonitoring devices is likely to face some major hindrance due to high cost of the devices. The neuromonitoring devices are highly expensive due to use of many costly equipments such as advanced sensors, electrodes, and wirings used for their construction. Also, less availability of skilled personnel to operate such devices is further anticipated to impede the market growth.
Key market companies are continuously innovating their portfolio of neuromonitoring devices to cater the rising demand for advanced neuromonitoring devices. For this, these companies have started investing a huge amount in advancing their research and development activities and develop new an advanced product range. For instance, according to a news published in Yahoo Finance, world financial news portal, on May 17, 2021, iCE Neurosystems, a startup company developing medical instruments to diagnose and prevent brain injury in patients, launched its iCE-SG Subcutaneous Electrode device as a novel component which enables routine personnel to record long-term brain data which can be used for immediate interpretation and clinical action. Such factors are likely to drive the market of neuromonitoring devices in the future.
Neuromonitoring Device Market, Segmentation
The Neuromonitoring device market is segmented based on product and region.
The product segment is further classified into intracranial pressure monitoring, cerebral oximeter, near infrared spectroscopy, speckle imaging, doppler ultrasound, EEG, fetal/neonatal neuromonitoring devices, micro ultrasound, and others. The doppler ultrasound sub-segment is predicted to have a dominating market share in the global market and register a revenue of $2,921.89 million during the forecast period. The growth is attributed to rising prevalence of of neurological disorders among people of all age group. Also, adoption of doppler ultrasound technique by the healthcare professionals in the diagnosis of blood clots in various parts of the patient’s body such as brain is expected to surge the market growth in future. Doppler ultrasound is an imaging test widely used to regularly monitor blood flow rate through veins and arteries in the patient’s body.
The North America neuromonitoring device market accounted $2,161.60million in 2020 and is projected to register a revenue of $3,519.23 million by 2028. The regional growth is attributed to presence of well-established neuromonitoring devices companies in the market and their constant effort to develop and launch advanced medical devices. For instance, according to a news published in Business wire, an online global news portal, on April 22, 2021, a U.S based surgical equipment manufacturing company, EDGe Surgical, Inc., has launched its next-generation Awl-in-One Tap device. It is a single-use spine surgery instrument which has digital depth measurement and disposable neuromonitoring EMG system built in. The device will be by the healthcare people while creating a screw hole pathway in posterior pedicle spinal fusion surgeries. Also, the government constantly initiates the development of healthcare sector which also has a positive impact on the market growth of the region
Key Players in the Neuromonitoring Device Market
The companies involved in the neuromonitoring device 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.
- RIMED Ltd.
Porter’s Five Forces Analysis for the Neuromonitoring Device Market
- Bargaining Power of Suppliers: Since the number of suppliers are large in number, they have to optimize their product value to attract the customers.
Hence, the bargaining power of suppliers is moderate.
- Bargaining Power of Buyers: Buyer have a variety of options available in the market. Thus, buyers can freely choose those neuromonitoring devices from the market that best fit their use and price.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: New companies entering the market have great opportunity to introduce new technologies in the minimum time frame.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: In case of neuromonitoring devices, the devices have a primary role of displaying the vitals of the patients’ brain activity. Therefore, no substitute can replace the devices.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.