Major players in the neurophysiology devices and equipment market are Medtronic Plc, Nihon Kohden Corporation, Dr. Langer Medical Gmbh, Natus Medical Incorporated and Inomed Medizintechnik.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurophysiology Devices And Equipment Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151582/?utm_source=GNW
The global neurophysiology devices and equipment market is expected to grow from $1.3 billion in 2020 to $1.4 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.75 billion in 2025 at a CAGR of 5.7%.
The neurophysiology devices and equipment market consist of sales of neurophysiology devices and equipment and related services.Most prevalent monitoring techniques under this market are Electroencephalography (EEG), electromyography/electroneurography (EMG/ENG) and the recording of evoked potentials (EP).
These equipment and techniques are helpful in dealing with different functions of the nervous system such as spinal cord & peripheral nerve dysfunction brain alterations and nerve damage.
The neurophysiology devices and equipment market covered in this report is segmented by technology into electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), evoked potential (EP). It is also segmented by end users into hospitals, ambulatory surgical centers and by modality into standalone, portable.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market for neurophysiology devices and equipment is restricted by the high cost of neurodiagnostic procedures.The treatments available for neurophysiological disorders are very expensive due to the advanced technology used in this equipment.
High cost of procedure leads to decrease in demand for these treatments because of low affordability, especially in low income countries, thus restraining the growth of the market.For example, a survey conducted by NCBI highlighted that the availability of EEG and EMG was significantly correlated with higher income group countries.
Out of the surveyed low-income countries, only the top 20% could afford neurodiagnostic tests and in lower-middle-income countries more than 40% of the population were unable to afford this treatment, thus limiting the growth of the market.
In the USA, 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.
The major factor responsible for the growth of neurophysiology device and equipment market is the increasing prevalence of neurological disorders, worldwide.Neurological disorders are identified as one of the most prevalent disorders out of all the recurring ailments.
There are more than 600 neurological disorders like brain tumor, epilepsy, Parkinson’s disease, Alzheimer’s etc.These disorders were ranked as the leading cause group of Disability Adjusted Life Years (DALYs), which is the number of years lost due to ill-health, disability or early death.
The increasing number of cases of neurological diseases and growing count of patients is leading to the increasing demand for the devices used in the treatment of such disorders.For example, as per the National Brain Tumor Society, around 700,000 people in the USA were suffering from Brain Tumors in 2019.
Similarly, the Alzheimer’s Association reported that between 2017 and 2025, number of Alzheimer cases are expected to rise by around 14% in the U.S. This would increase the demand for medical devices used in the treatment of neurological disorders, thus driving the Neurophysiology device and equipment market during the forecast period.
Companies in the neurophysiology devices and equipment market are investing in advancement of technology to increase the efficiency of these devices.There have been plenty of innovations in the brain monitoring devices, for instance, EEG monitoring, Brain Simulation therapies and Intraoperative Neurophysiological monitoring.
New technological innovations are enabling the development of devices which are integrating or adopting processes such as advanced neuroimaging techniques, stem cell therapies, and molecular interventions and microbiome technologies.There is also a trend of portable and wearable device technology assisting in home-based monitoring for ailments such as epilepsy and sleep apnea.
For example, Smart Monitor, in 2019 developed SmartWatches called Embrace to monitor symptoms of epilepsy and instantly send alerts to the caregivers and family members of the patient, if any abnormal pattern is noticed in his body. This technology also helps in improving the safety and treatment of users.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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