The Neuromonitoring Devices Market Anticipated to Generate a Revenue of $10,276.0 Million, Growing at a CAGR of 7.24% from 2022 to 2030Download Sample Reports Overview
The global neuromonitoring devices market is predicted to generate $10,276.0 million in the 2022-2030 timeframe, growing from $5,593.1 million in 2021, at a noteworthy CAGR of 7.24%.
Impact Analysis of COVID-19 on the Neuromonitoring Devices Market
The COVID-19 pandemic has had a negative impact on the growth of neuromonitoring devices 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 & 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. People are affected by the COVID-19 pandemic in a variety of ways. It reflects health risks for the initiation, frustration, and backslide of a wide range of mental, neurological, and substance use (MNS) disorders, especially among the most vulnerable populations.
Neuromonitoring Devices Market Analysis
The global neuromonitoring devices market is expected to grow exponentially as a result of rising chronic neurological diseases in the geriatric population, such as dementia and seizures, which has resulted in increased hospitalizations and emergency department admissions. Furthermore, rising traffic accidents and the occurrence of brain injuries in people are expected to increase demand for neuromonitoring devices, accelerating the market's positive growth in the future. Aside from that, the trend of using wearable monitoring devices to avoid unnecessary visits and hospitalizations is expected to drive the neuromonitoring devices market during the forecast period.
Furthermore, rising demand for non-invasive and minimally invasive medical devices is expected to drive the global neuromonitoring devices market. Because it includes intervention with sensitive brain tissue, intrusive tracking is a complex, distressing, and dangerous procedure. As a result, both patients and doctors prefer the use of non-invasive or non-invasive neuromonitoring devices. Because of their advantages, non-invasive ICP monitoring systems, computed tomography devices, tympanic displacement procedures, nervous system sheath diameter, chest x ray, and fundoscopy have seen a rapid upsurge, compelling market participants to grow and commercialize such products. All such factors are expected to drive the neuromonitoring devices market during the forecast period.
The market for neuromonitoring devices is likely to face some major hindrance due to high cost of the devices. Neuromonitoring devices are highly expensive due to the use of many costly equipment 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 on 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.
Furthermore, trends of intracranial pressure monitoring devices are expected to bring new opportunities in the global neuromonitoring devices market. Over the last few decades, intracranial pressure monitoring techniques have evolved from invasive to non-invasive, with both advantages and limitations. Any increase in cranial volume may contribute to an increase in intracranial hypertension. An accurate understanding of intracranial pressure (ICP) monitoring can help in the management of space-occupying head injuries, lesions, and pathological conditions causing abnormal intracranial pressure, which is then followed by cranial surgeries. A rise in intracranial pressure is the leading cause of long-term disability and death following head injuries, hemorrhage, and other intracranial pathological situations. Intracranial pressure monitoring has proven to be useful, and even life-saving, in the critical care of traumatic brain injuries, hydrocephalus, and related cerebral diseases such as intracranial hemorrhage and Reye's syndrome. All such factors will rise adoption of neuromonitoring devices market.
Neuromonitoring Devices Market, Segmentation
The neuromonitoring devices 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 $3,153.5 million during the forecast period. The growth is attributed to rising prevalence 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 devices market accounted $1,996.7 million in 2021 and is projected to register a revenue of $3,534.9 million by 2030. The regional growth is attributed to the presence of well-established neuromonitoring devices companies in the market and their constant effort to develop and launch advanced medical. For instance, according to a news published on Business wire, an online global news portal, on April 22, 2021, a U.S based surgical equipment manufacturing company, EDGe Surgical, Inc., 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 devices 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 Devices Market
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
- RIMED Ltd.