Neuromonitoring Devices Market Expected to Reach $10.3 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neuromonitoring Devices Market," The neuromonitoring devices market was valued at $5.6 billion in 2021, and is estimated to reach $10.3 billion by 2030, growing at a CAGR of 7.24% from 2022 to 2030.

The high prevalence of neurological diseases such as brain tumours, epilepsy, and seizures among people, the global neuromonitoring devices market is expected to grow at a rapid pace. Hospitalizations and emergency department admissions have increased in recent years as disease rates have risen, increasing the demand for neuromonitoring devices. To provide advanced technological diagnosis to patients, healthcare professionals have chosen to use the latest technology in neuromonitoring devices, which has resulted in the neuromonitoring devices market experiencing significant growth. Aside from that, the preference of patients and healthcare providers for wearable neuromonitoring devices to avoid unnecessary hospital visits is expected to drive the market in the forecast time period.

Neuromonitoring devices are quite expensive and are only available to people who can afford them as a therapeutic option. This factor prevents the market from expanding. Furthermore, due to the high cost of the gadgets, few healthcare institutions in rural regions, such as tiny hospitals and clinics, can not afford to maintain these costly instruments for patient treatment. The high cost of neuromonitoring operations and equipment is a major impediment to the global neuromonitoring devices market growth, particularly in developing nations where reimbursement standards are lenient. Neuromonitoring systems are exceedingly intricate, and the treatments very expensive. A neuromonitor, for example, costs roughly $340–500, whereas dual computed tomography costs around $3,000–3,200. All of these factors are projected to hamper the neuromonitoring device market in the near future.

Spine surgery is one of the fastest-growing specialities in medical tourism, increased medical tourism is a key trend for neuromonitoring products and service providers. The use of neuromonitoring in medical tourism would enhance surgical outcomes all over the world. Patients who travel for medical treatment are typically consumers as well as decision-makers. As a consequence of the rising demand from medical tourism patients, the need for neuromonitoring equipment in hospitals may expand. Medical tourism would also increase awareness of the importance of neuromonitoring and how to use it during procedures. The aforementioned factors are projected to boost the global neuromonitoring devices market share over the forecast period.

The global neuromonitoring devices market is segmented on the basis of product, and region. By product, the market is classified into intracranial pressure monitoring, cerebral oximeter, near-infrared spectroscopy, speckle imaging, doppler ultrasound, EEG, fetal/neonatal neuromonitoring devices, micro-ultrasound, and others. Among the products near infrared spectroscopy is anticipated to be the fastest-growing sub-segment.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific area is predicted to develop at a healthy rate in the next years. Emerging economies such as Japan, China, South Korea, and India are likely to grow considerably throughout the forecast period. The presence of several indigenous businesses in China and Japan may aid the industry's growth. Furthermore, in the next years, the local market will most certainly be pushed by the expanding senior population and the rising occurrence of traumatic brain injuries. According to projections from the national 2020 census, China's elderly population will exceed 300 million by 2025, and 400 million by 2033.

The key players profiled in this report include 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.

The report focuses on the global neuromonitoring devices market size and the major products & applications, where neuromonitoring devices are used. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for Neuromonitoring devices in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL NEUROMONITORING DEVICES MARKET

• COVID-19 pandemic had a negative impact on the market of neuromonitoring devices. The demand for neuromonitoring devices reduced due to decreased patients’ hospital visits and admissions amid high prevalence of corona virus infection.
• Due to the high transmission of the viral infection and severe complications associated with the infection, healthcare professionals were forced to postpone many neurosurgeries, negatively impacting demand for neuromonitoring devices.  

Key Findings of the Study

• On the basis of product, the doppler ultrasound segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Asia-Pacific is projected to have the fastest growing market during the forecast period.
• The report showcases the indepth analysis of neuromonitoring devices market trends.