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Neurophysiology Devices and Equipment Global Market Report 2024: A $2.07 Billion Market by 2028
Friday, March 1, 2024
DUBLIN, Feb. 22, 2024 /PRNewswire/ -- The "Neurophysiology Devices and Equipment Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
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The neurophysiology devices and equipment market size is expected to see strongly grown in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the forecast period is driven by several factors, including the expansion of personalized medicine, advancements in neurological research, the emphasis on neurorehabilitation, increased investments in neurophysiology infrastructure, and a rising demand for cloud-based neurophysiology solutions.
Key trends expected during this period encompass advancements in neurophysiology technology, the development of non-invasive brain stimulation techniques, the trend towards miniaturization and portability of devices, the enhancement of functional neuroimaging capabilities, the rise of wireless and wearable neurophysiology devices, the evolution of neural interface technology, and a focus on clinical research and drug development in the neurological domain.
The predominant driver for the expansion of the neurophysiology device and equipment market is the escalating prevalence of neurological disorders worldwide. Among recurring ailments, neurological disorders stand out as one of the most widespread categories, encompassing over 600 conditions like brain tumors, epilepsy, Parkinson's, and Alzheimer's. These disorders rank prominently as the leading cause of Disability Adjusted Life Years (DALYs), representing years lost due to ill-health, disability, or premature death. With an increasing incidence of neurological diseases and a rising number of affected individuals, there's a surging demand for devices utilized in treating such conditions. For instance, in 2021, approximately 83,570 individuals in the USA were reported to have Brain Tumors, amplifying the need for medical devices catering to neurological disorder treatments and consequently propelling the Neurophysiology device and equipment market.
Prospective growth in the neurophysiology devices and equipment market is expected due to government initiatives aimed at next-generation invasive devices. These initiatives encompass specific actions, policies, or programs undertaken by governmental bodies at various levels to address particular issues or drive positive societal changes. Numerous healthcare initiatives launched by government authorities focus on supporting advancements in next-generation invasive devices. For example, in 2023, the National Institutes of Health (NIH), as per the Department of Health and Human Services, issued a funding opportunity announcement (FOA) to encourage researchers to pursue early-stage clinical studies or first-in-human trials for next-generation invasive devices. Consequently, these government initiatives aimed at advancing invasive devices are projected to steer growth in the neurophysiology devices and equipment market.
Companies operating in the neurophysiology devices and equipment market are investing significantly in technological advancements to enhance device efficiency. Remarkable innovations have surfaced in brain monitoring devices, including EEG monitoring, Brain Simulation therapies, and Intraoperative Neurophysiological Monitoring. These technological strides facilitate the development of devices incorporating advanced neuroimaging techniques, stem cell therapies, molecular interventions, and microbiome technologies. A trend toward portable and wearable devices aiding home-based monitoring for conditions like epilepsy and sleep apnea is also notable. For instance, in March 2022, Braintale, based in Paris, introduced the brainTale-care platform, dedicated to white matter quantification and brainScore-coma offering predictive coma diagnostics.
Key players in the neurophysiology devices and equipment market are introducing innovative products like the Evo sEEG electrodes to bolster market revenues. The Evo sEEG electrode, a high-definition, minimally invasive thin film electrode, is specifically designed for diagnosing and treating diverse neurological conditions.
In the USA, the American Association of Neurological Surgeons (AANS) and the Congress of Neurological Surgeons (CNS) AANS/CNS regulate neurology devices including neurophysiology devices. There are two methods that manufacturers can use for premarket approval for neurophysiology devices. The first method consists of conducting clinical studies and submitting a premarket approval (PMA) application that includes evidence providing reasonable assurance that the device is safe and effective. The other method involves submitting a 510(k)-notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA.
Key technologies in neurophysiology devices include electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), and evoked potential (EP). Electromyography (EMG) serves as a diagnostic tool to evaluate muscle health and the nerve cells controlling them (motor neurons). EMG results can indicate issues related to nerve dysfunction, muscle health, or disruptions in nerve-to-muscle signal transmission. These neurophysiology devices are available as standalone units or portable systems utilized by a range of end-users, including hospitals and ambulatory surgical centers.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Key Markets Covered:
1) by Technology: Electromyography (EMG); Electroencephalography (EEG); Electrocorticography (ECoG); Evoked potential (EP)
2) by Modality: Standalone; Portable
3) by End Users: Hospitals; Ambulatory Surgical Centers
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
-- Medtronic Plc
-- Nihon Kohden Corporation
-- Dr. Langer Medical Gmbh
-- Natus Medical Incorporated
-- Inomed Medizintechnik
-- NuVasiveInc
-- Axon Healthcare Ltd.
-- Bovie Medical Corporation
-- Neurosign
-- Neurowave Systems
-- Cadwell Industries
-- Brainsway
-- Checkpoint Surgical
-- Deymed diagnostic Inc.
-- Langer Medical GmbH
-- EMS Biomedical
-- Halyard Health
-- Compumedics Limited
-- Magtism
-- Erbe Elektromedizi
-- Langer Medical
-- Shanghai NCC Medical
-- Ambu
-- Blackrock Microsystems
-- Cognionics
-- Morningside Medical Equipment
-- BeckerSmith Medical
-- Cognivue
-- Helius Medical Technologies
-- inTRAvent Medical Partners
-- Neural Diagnostics Pty Ltd
-- Irras
For more information about this report visit https://www.researchandmarkets.com/r/xams11
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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