PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401872
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401872
According to Stratistics MRC, the Global Neurophysiology Devices and Equipment Market is accounted for $1.52 billion in 2023 and is expected to reach $2.95 billion by 2030 growing at a CAGR of 9.9% during the forecast period. Neurophysiology devices and equipment are a broad category of medical instruments and tools designed to measure, monitor, stimulate, or record the electrical activity and responses within the nervous system. These devices are utilised in various clinical, research, and diagnostic applications to assess and understand the functioning of the brain, spinal cord, nerves, and muscles.
According to the National Brain Tumour Society, approximately 83,570 persons in the United States will be affected by Brain Tumours in 2021.
Rising prevalence of neurological disorders
The increasing prevalence of neurological disorders such as epilepsy, Parkinson's, Alzheimer's, and stroke worldwide has led to a greater need for sophisticated diagnostic instruments and monitoring apparatus. Neurophysiology equipment is essential for the timely identification, precise diagnosis, and ongoing surveillance of various conditions. They make it possible for medical practitioners to evaluate neural responses, muscle function, and brain activity, which helps with accurate diagnosis and individualised treatment plans. Moreover, the growing prevalence of neurological diseases makes effective and dependable neurophysiology devices necessary for improved patient management. This is propelling the industry's research, innovation, and development of cutting-edge technologies to meet the expanding demands of neurological conditions in healthcare.
High cost
Advanced neurophysiology devices, such as EEG, MEG, and EMG systems, often require substantial initial investments, coupled with ongoing expenses for maintenance, upgrades, and training. These elevated costs limit access to state-of-the-art equipment for smaller clinics, healthcare facilities with limited budgets, or regions with constrained resources. Also, the expense of specialised training for healthcare professionals to operate and interpret data from these devices further adds to the financial burden. Thus, there is a decreasing demand for market expansion.
Integration of AI and data analytics
AI-driven algorithms and data analytics enable advanced processing, interpretation, and extraction of meaningful insights from complex neural signals captured by devices like EEG, MEG, and EMG systems. Pattern identification, anomaly detection, and predictive modelling are made easier by AI algorithms, which improve the precision of neurological disease diagnosis, tracking, and treatment planning. Moreover, this integration enhances the capabilities and value of neurophysiology equipment, promotes innovation, and enhances clinical neurology and neuroscience by providing opportunities for more effective data processing, real-time feedback, and better decision-making.
Complexity and training
The complexity of operating sophisticated neurophysiology devices and equipment, such as EEG or MEG systems, requires specialised training for effective use. Interpretation of complex neural signals demands expertise, posing a challenge due to a shortage of skilled professionals proficient in handling these devices. The need for comprehensive training programmes and the time investment to educate healthcare personnel about these intricate technologies create a barrier, potentially limiting their widespread adoption and optimal utilisation in clinical settings, thereby hindering market growth.
The COVID-19 pandemic has had a multifaceted impact on the neurophysiology devices and equipment market. During the initial phases of the pandemic, hospitals and clinics faced constraints in providing routine care due to resource reallocation, reduced outpatient visits, and elective procedure cancellations. Economic downturns and budget constraints in healthcare systems globally affected capital expenditure, potentially slowing down investments in new neurophysiology equipment. This led to a temporary decline in the adoption of neurophysiology devices for non-urgent cases. Despite challenges, the pandemic accelerated innovation in remote technologies, fostering the development of user-friendly, remote-accessible neurophysiology devices and software.
The Electroencephalography (EEG) segment is expected to be the largest during the forecast period
The Electroencephalography (EEG) segment is estimated to hold the largest share. An electroencephalogram (EEG) is a test that measures electrical activity in the brain using small metal discs (electrodes) attached to the scalp. EEG devices capture brainwave patterns, aiding in the diagnosis of various neurological conditions such as epilepsy, sleep disorders, and brain injuries. Advancements in EEG technology have led to portable, wireless, and high-resolution systems, enabling real-time monitoring and analysis. EEG plays a crucial role in clinical neurology, neurofeedback therapies, and research, driving continuous innovation and adoption in the market for neurophysiology devices.
The Hospitals segment is expected to have the highest CAGR during the forecast period
The Hospitals segment is anticipated to have lucrative growth during the forecast period. Hospitals utilise various neurophysiology devices for diagnostics, monitoring, and treatment purposes in neurology departments, intensive care units (ICUs), and neurosurgery units. In hospitals, neurophysiology equipment aids in diagnosing epilepsy, stroke, brain tumours, and neuromuscular disorders. These devices include electroencephalography (EEG), electromyography (EMG), magnetoencephalography (MEG), and neuroimaging systems like MRI and CT scanners. The hospital segment drives significant demand for advanced neurophysiology equipment, emphasising accuracy, reliability, and innovative features to enhance patient care and clinical outcomes in neurological assessments and treatments.
Asia Pacific commanded the largest market share during the extrapolated period due to increasing healthcare expenditure, the rising prevalence of neurological disorders, and advancements in healthcare infrastructure. The significant patient populations and increasing healthcare investments in nations like China, India, Japan, and South Korea play a crucial role in this expansion. Additionally, the Asia-Pacific area makes a substantial contribution to the growing market for neurophysiology devices and equipment due to partnerships with international manufacturers and a focus on research and development.
North America is expected to witness profitable growth over the projection period, due to robust healthcare infrastructure and technological advancements. The regions well-established research facilities and healthcare institutions fuel innovation and the adoption of advanced neurophysiology devices. Countries like the United States and Canada witness substantial demand for EEG, EMG, and neuroimaging equipment for diagnosing neurological disorders. Moreover, the increasing prevalence of neurological conditions, ageing population, and emphasis on personalised medicine contribute to the region's leadership in neurophysiology technology adoption and market expansion in North America.
Some of the key players in the Neurophysiology Devices and Equipment Market include Medtronic PLC., Dr. Langer Medical Gmbh, Nihon Kohden Corporation, Natus Medical Incorporated, NuVasiveInc., Inomed Medizintechnik, Axon Healthcare Ltd., Neurosign, Bovie Medical Corporation, Neurowave Systems, Koninklijke Philips N.V., Cadwell Industries, Inc., Electrical Geodesics Incorporated, and Advanced Brain Monitoring, Inc.
In December 2022, Natus Medical Incorporated, a leading provider of medical device solutions focused on the screening, diagnosis and treatment of central nervous and sensory system disorders, has entered into a definitive agreement to acquire Micromed Holding SAS, a global provider of neurophysiology solutions. Exciting combination of product solutions will create a leading neurodiagnostic and neuromonitoring portfolio supported by an organization of knowledgeable and passionate experts.
In October 2022, Nihon Kohden, a U.S. market leader in precision medical products and services, announced the launch of the Smart Cable™ NMT Pod and disposable electrode, allowing clinicians to monitor neuromuscular blockade with confidence. The new device allows clinicians to objectively monitor the patient's depth of paralysis during surgery when a neuromuscular blockade agent (NMBA), either non-depolarizing or depolarizing, is administered to the patient.