PUBLISHER: DelveInsight | PRODUCT CODE: 1439276
PUBLISHER: DelveInsight | PRODUCT CODE: 1439276
Neurological Diagnostic and Monitoring Equipment - Market Insights, Competitive Landscape, and Market Forecast - 2030
Neurological Diagnostic and Monitoring Equipment Market By Type (Invasive and Non-Invasive), Product Type (Magneto-Encephalography Devices (Meg), Electroencephalography Devices (Eeg), Transcranial Doppler Sonography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, and Others), Indication (Traumatic Brain Injuries, Epilepsy, Stroke, and Others), End-User (Hospitals, Diagnostic & Imaging Centers, and Others), and Geography is expected to grow at a static CAGR forecast till 2030 due to advances in product portfolio and burgeoning neurological disorder prevalence among the aging population.
The global neurological diagnostic and monitoring equipment market was valued at USD 11.81 billion in 2023, growing at a CAGR of 6.66% during the forecast period from 2024 to 2030, and will reach USD 17.33 billion by 2030. The rise in demand for neurological diagnostic and monitoring equipment is primarily motivated by the increasing prevalence of neurological disorders along with the rising aging population, growing incidence of traumatic brain injuries, technological advancement in the product portfolio, the rising government initiatives to raise awareness among patient regarding neurological disorders and their early diagnosis for proper management, among others.
Neurological Diagnostic and Monitoring Equipment Market Dynamics:
The global neurological diagnostic and monitoring equipment market growth is burgeoning due to the rising prevalence of neurological disorders such as epilepsy, stroke, and Parkinson's among others across the globe. According to WHO 2022, epilepsy is a chronic brain disorder that accounts for a significant proportion of the world's disease burden by affecting around 50 million people across the globe with 80% of the cases in low and middle-income nations. Also, the report mentions that an estimated 70% of people with epilepsy could be seizure-free if properly diagnosed and treated.
Moreover, the incidence of brain tumors and cancer among the world population is also on the rise. For instance, as per the Global Cancer Observatory 2020 statistics, globally there were 308,102 new cases of brain and central nervous system cancer new cases in 2020. Therefore, the rising patient population and the need for early diagnosis of these disorders could increase the demand for neurodiagnostic and monitoring devices which further is expected to boost the global neurological diagnostic and monitoring equipment market.
Further, product approval of technologically advanced neurodiagnostic devices is likely to upsurge the global neurological diagnostic and monitoring equipment market. For example, recently in January 2020, Compumedics Limited received US FDA approval for Orion LifeSpanTM MEG with a patented double relaxation oscillator superconducting quantum interference device (DROS; SQUID) sensor system.
However, certain factors such as the dearth of skilled professionals and the high cost of surgery and devices for brain monitoring are major factors limiting the global demand for neurological diagnostic and monitoring equipment, especially in developed countries with low reimbursement policies.
Neurological Diagnostic and Monitoring Equipment Market Segment Analysis:
Neurological Diagnostic and Monitoring Equipment Market By Type (Invasive and Non-Invasive), Product Type (Magneto-Encephalography Devices (MEG), Electroencephalography Devices (EEG), Transcranial Doppler Sonography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, and Others), Indication (Traumatic Brain Injuries, Epilepsy, Stroke, and Others), End-User (Hospitals, Diagnostic & Imaging Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the neurological diagnostic and monitoring equipment product segment, electroencephalography devices (EEG) hold a significant market during the forecasted period. This is owing to the availability of standalone as well as portable EEG models with different channels such as 8, 21, 25, and 32, among others. Moreover, other factors that contribute to the growth of the EEG segment are the growing focus of manufacturers towards technological advancements, such as lightweight, portability, and the acquisition of raw data simultaneously. Also, the increasing demand for portable devices for clinical practice and outdoor investigation is projected to augment the segment growth.
Furthermore, recently in 2019, Nihon Kohden launched VitalEEG(TM) to rapidly assess brain health in unconscious patients. The system provides both remote access functionality, so clinicians can assess critical information from anywhere in the hospital, and Bluetooth communication, eliminating the need for additional cables.
Thus such product launches are also expected to fuel the segmental growth of the neurological diagnostic and monitoring equipment market during the forecasted period.
North America is expected to dominate the overall Neurological Diagnostic and Monitoring Equipment Market:
North America is expected to dominate the overall neurological diagnostic and monitoring equipment market during the forecast period. This domination is due growing incidence of traumatic brain injuries (TBI), the increased healthcare expenditure along with the presence of well-developed and advanced healthcare systems in the region. Moreover, adequate reimbursement policies are the driving factors.
For instance, as per the CDC 2022 report, in 2019, there were nearly 61,000 TBI-related deaths in the US. Also, research studies have estimated that in the US, approximately 1.7 million people suffer a traumatic brain injury, with adolescents between ages 15 and 19 and adults aged 65 and older among the most likely to sustain a traumatic brain injury.
The presence of key market players such as Masimo Corporation, Compumedics Limited, and Natus Medical Incorporated, among others in the region is likely to boost the neurological diagnostic and monitoring equipment market.
1. What is Neurological Diagnostic and Monitoring Equipment?
2. What is the market for global neurological diagnostic and monitoring equipment?
3. What are the drivers for global neurological diagnostic and monitoring equipment?
4. Who are the key players operating in global neurological diagnostic and monitoring equipment?
5. Which region has the highest share in the neurological diagnostic and monitoring equipment market?
Table of Contents
1. Neurological Diagnostic and Monitoring Equipment Report Introduction
2. Neurological Diagnostic and Monitoring Equipment Executive Summary
- 2.1. Scope of the Study
- 2.2. Market at Glance
- 2.3. Competitive Assessment
3. Regulatory Analysis
- 3.1. The United States
- 3.2. Europe
- 3.3. Japan
- 3.4. China
4. Neurological Diagnostic and Monitoring Equipment Market Key Factors Analysis
5. Neurological Diagnostic and Monitoring Equipment Porter's Five Forces Analysis
6. Neurological Diagnostic and Monitoring Equipment Market Layout
7. Neurological Diagnostic and Monitoring Equipment Company and Product Profiles
8. KOL Views
9. Project Approach
10. DelveInsight Capabilities
11. About DelveInsight
12. Disclaimer & Contact Us
List of Tables
- Table 1: Competitive Analysis
- Table 2: Neurological Diagnostic and Monitoring Equipment Market in Global (2021-2030)
- Table 3: Neurological Diagnostic and Monitoring Equipment Market in Global by Type (2021-2030)
- Table 4: Neurological Diagnostic and Monitoring Equipment Market in Global by Product Type (2021-2030)
- Table 5: Neurological Diagnostic and Monitoring Equipment Market in Global by Indication (2021-2030)
- Table 6: Neurological Diagnostic and Monitoring Equipment Market in Global by End-User (2021-2030)
- Table 7: Neurological Diagnostic and Monitoring Equipment Market in Global by Geography (2021-2030)
- Table 8: Neurological Diagnostic and Monitoring Equipment Market in North America (2021-2030)
- Table 9: Neurological Diagnostic and Monitoring Equipment Market in the US (2021-2030)
- Table 10: Neurological Diagnostic and Monitoring Equipment Market in Canada (2021-2030)
- Table 11: Neurological Diagnostic and Monitoring Equipment Market in Mexico (2021-2030)
- Table 12: Neurological Diagnostic and Monitoring Equipment Market in Europe (2021-2030)
List of Figures
