PUBLISHER: The Business Research Company | PRODUCT CODE: 1426226
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426226
Neurophysiology devices and equipment are focused on assessing various functions of the nervous system, including spinal cord and peripheral nerve functions, brain alterations, and nerve damage.
Key technologies in neurophysiology devices include electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), and evoked potential (EP). Electromyography (EMG) serves as a diagnostic tool to evaluate muscle health and the nerve cells controlling them (motor neurons). EMG results can indicate issues related to nerve dysfunction, muscle health, or disruptions in nerve-to-muscle signal transmission. These neurophysiology devices are available as standalone units or portable systems utilized by a range of end-users, including hospitals and ambulatory surgical centers.
The neurophysiology devices and equipment market research report is one of a series of new reports from The Business Research Company that provides neurophysiology devices and equipment market statistics, including neurophysiology devices and equipment industry global market size, regional shares, competitors with a neurophysiology devices and equipment market share, detailed neurophysiology devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the neurophysiology devices and equipment industry. This neurophysiology devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The neurophysiology devices and equipment market size has grown strongly in recent years. It will grow from $1.5 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be linked to several factors, including an increased prevalence of neurological disorders, growing demand for early diagnostic measures, an aging population, and a rise in chronic diseases' prevalence.
The neurophysiology devices and equipment market size is expected to see strongly grown in the next few years. It will grow to $2.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the forecast period is driven by several factors, including the expansion of personalized medicine, advancements in neurological research, the emphasis on neurorehabilitation, increased investments in neurophysiology infrastructure, and a rising demand for cloud-based neurophysiology solutions. Key trends expected during this period encompass advancements in neurophysiology technology, the development of non-invasive brain stimulation techniques, the trend towards miniaturization and portability of devices, the enhancement of functional neuroimaging capabilities, the rise of wireless and wearable neurophysiology devices, the evolution of neural interface technology, and a focus on clinical research and drug development in the neurological domain.
The predominant driver for the expansion of the neurophysiology device and equipment market is the escalating prevalence of neurological disorders worldwide. Among recurring ailments, neurological disorders stand out as one of the most widespread categories, encompassing over 600 conditions like brain tumors, epilepsy, Parkinson's, and Alzheimer's. These disorders rank prominently as the leading cause of Disability Adjusted Life Years (DALYs), representing years lost due to ill-health, disability, or premature death. With an increasing incidence of neurological diseases and a rising number of affected individuals, there's a surging demand for devices utilized in treating such conditions. For instance, in 2021, approximately 83,570 individuals in the USA were reported to have Brain Tumors, amplifying the need for medical devices catering to neurological disorder treatments and consequently propelling the Neurophysiology device and equipment market.
Prospective growth in the neurophysiology devices and equipment market is expected due to government initiatives aimed at next-generation invasive devices. These initiatives encompass specific actions, policies, or programs undertaken by governmental bodies at various levels to address particular issues or drive positive societal changes. Numerous healthcare initiatives launched by government authorities focus on supporting advancements in next-generation invasive devices. For example, in 2023, the National Institutes of Health (NIH), as per the Department of Health and Human Services, issued a funding opportunity announcement (FOA) to encourage researchers to pursue early-stage clinical studies or first-in-human trials for next-generation invasive devices. Consequently, these government initiatives aimed at advancing invasive devices are projected to steer growth in the neurophysiology devices and equipment market.
Companies operating in the neurophysiology devices and equipment market are investing significantly in technological advancements to enhance device efficiency. Remarkable innovations have surfaced in brain monitoring devices, including EEG monitoring, Brain Simulation therapies, and Intraoperative Neurophysiological Monitoring. These technological strides facilitate the development of devices incorporating advanced neuroimaging techniques, stem cell therapies, molecular interventions, and microbiome technologies. A trend toward portable and wearable devices aiding home-based monitoring for conditions like epilepsy and sleep apnea is also notable. For instance, in March 2022, Braintale, based in Paris, introduced the brainTale-care platform, dedicated to white matter quantification and brainScore-coma offering predictive coma diagnostics.
Key players in the neurophysiology devices and equipment market are introducing innovative products like the Evo sEEG electrodes to bolster market revenues. The Evo sEEG electrode, a high-definition, minimally invasive thin film electrode, is specifically designed for diagnosing and treating diverse neurological conditions. For instance, in May 2023, NeuroOne Medical Technologies Corporation, headquartered in the US, launched the Evo sEEG electrodes. This electrode harbors potential future capabilities for spinal cord stimulation and ablation solutions. Featuring hi-definition, thin film electrodes, it promises increased signal clarity, enabling secure, precise, and less invasive diagnostic procedures for patients with epilepsy, chronic back pain, and Parkinson's disease.
In the USA, the 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.
Major companies operating in the neurophysiology devices and equipment market include Medtronic PLC, Nihon Kohden Corporation, Dr. Langer Medical Gmbh, Natus Medical Incorporated, Inomed Medizintechnik, NuVasiveInc., Axon Healthcare Ltd., Bovie Medical Corporation, Neurosign, Neurowave Systems, Cadwell Industries, Brainsway, Checkpoint Surgical, Deymed diagnostic Inc., Langer Medical GmbH, EMS Biomedical, Halyard Health, Compumedics Limited, Magtism, Erbe Elektromedizi, Langer Medical, Shanghai NCC Medical, Ambu, Blackrock Microsystems, Cognionics, Morningside Medical Equipment, BeckerSmith Medical, Cognivue, Helius Medical Technologies, inTRAvent Medical Partners, Neural Diagnostics Pty Ltd., Irras AB
North America was the largest region in the neurophysiology devices and equipment market in 2023. Western Europe was the second-largest region in the global neurophysiology devices and equipment market share. The regions covered in the neurophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the neurophysiology devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The neurophysiology devices and equipment market consist of sales of devices and instruments for nerve conduction studies. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Neurophysiology Devices And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on neurophysiology devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for neurophysiology devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The neurophysiology devices and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.