- Global neuromonitoring device market is expected to experience a significant growth during the forecast period. Doppler ultrasound sub-segment is estimated to be the most profitable segment. North America is expected to lead the market.
NEW YORK, Sept. 15, 2021 /PRNewswire/ -- Research Dive has published a report titled, "Global Neuromonitoring Device 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, 2021-2028"
The Global Neuromonitoring Device Market is anticipated to garner a revenue of $8,824.56 million at a CAGR of 7.2% during the forecast period (2021-2028), increasing from $5,098.11 million in 2020.
North America Neuromonitoring Device Market recorded a revenue of $2,161.60 million in 2020 and is further predicted to garner a revenue of $3,519.23 million by the end of 2028. Most of the neurological disorders are detected in the North American countries, which has increased the demand of advanced healthcare facilities in the hospitals of the region. The hospitals are focusing on adopting technologically advanced devices in order to offer improved treatment to the patients. These are the factors enhancing the growth of the regional market during the forecast period.
Based on product, the report has categorized the market into many segments such as EEG, cerebral oximeter, intracranial pressure monitoring, near infrared spectroscopy, doppler ultrasound, speckle imaging, micro ultrasound, fetal/neonatal neuromonitoring devices, and others.
The doppler ultrasound sub-segment is predicted to register the highest revenue of $2,921.89 million during the forecast period. The main factor behind the growth is the popularity of doppler ultrasound. Doppler ultrasound is an imaging test that is used to monitor the blood flow through the veins and arteries of the patient. In critical accidental cases, doppler ultrasound is used to examine the brain health of the patient. These are the main factors fueling the growth of the market segment during the forecast period.
Dynamics of the Neuromonitoring Device Market
Increasing neurological diseases such as dementia and epilepsy among the geriatric population is expected to augment the growth of the neuromonitoring devices market during the forecast period. Recent unveiling of wearable neuromonitoring devices is another factor behind the growth of the market. Another factor is the increasing road traffic accidents leading to severe brain injury.
Restraining Factor: The main restraining factor of the market is the high cost of neuromonitoring devices. Most of the hospitals in the rural areas can't afford these expensive devices, which is expected to hamper the growth of the market during the forecast period.
Opportunity: Penetration of advanced technology in the R&D of the neuromonitoring devices market is expected to create many opportunities for the market in upcoming years.
Key Players & Strategies
The most significant players of the global neuromonitoring device market include –
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In November 2020, Natus Medical Incorporated, a leading medical device solution provider focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages, announced the completion of its acquisition of Babybe GmbH and its patented remote mother to baby communication technology. Babybe GmBH is a medical device company based out of Germany. This acquisition is expected to enhance Natus's market leading Newborn Care portfolio of products.
Impact Analysis of COVID-19 on the Neuromonitoring Device Market
The coronavirus pandemic has impacted the global neuromonitoring devices market in a negative way. The pandemic spread like wildfire in many countries. Hospitals and health centers were stuffed with corona virus infected people. Many hospitals had to release many critical patients who were suffering from chronic diseases so as to afford the pandemic-infected patients. In such conditions, the demand of neurological devices has been decreased. These are the main factors behind the declining state of the market. However, the leading players of the market are focusing on the research and development, and many different strategies to revive the market growth post the pandemic.
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