Major players in the neurophysiological device and device market are Medtronic Plc, Nihon Kohden Corporation, Dr. Langer Medical GmbH, Natus Medical Incorporated and Inomed Medizintechnik.
New York, September 27, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of 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 equipments market is expected to grow from $ 1.3 billion in 2020 to $ 1.4 billion in 2021 with an average annual growth rate (CAGR) of 7.7% . The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the effects of COVID-19 that previously resulted in restrictive containment measures involving social distancing, remote working and the closure of commercial activities had operational challenges. The market is expected to reach $ 1.75 billion at a CAGR of 5.7% in 2025.
Neurophysiology devices and devices market consists of the sale of neurophysiology devices and devices and related services. The most widely used monitoring techniques in this market are electroencephalography (EEG), electromyography / electroneurography (EMG / ENG), and evoked potentials recording (EP).
These devices and techniques are helpful in dealing with various functions of the nervous system, such as: B. dysfunction of the spinal cord and peripheral nerves, brain changes and nerve damage.
The Neurophysiology Devices and Devices market covered by this report is segmented into Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), and Evoked Potential (EP). It is also divided into hospitals, outpatient surgical centers by end-user, and stand-alone, wearable devices by modality.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The market for neurophysiological devices and devices is constrained by the high cost of neurodiagnostic procedures. Treatments for neurophysiological disorders are very expensive because of the advanced technology used in these devices.
High procedural costs, due to their low affordability, lead to a decline in the demand for these treatments, especially in low-income countries, which inhibits the growth of the market. For example, a survey conducted by NCBI showed that the availability of EEG and EMG was significantly correlated with countries in the higher income group.
Of the low-income countries studied, only the top 20% could afford neurodiagnostic tests, and in lower-middle-income countries more than 40% of the population could not afford this treatment, which limited market growth.
In the United States, the American Association of Neurological Surgeons (AANS) and the Congress of Neurological Surgeons (CNS) regulate neurological devices, including neurophysiological devices.
The first method is to conduct clinical studies and submit a Pre-Marketing Authorization Application (PMA) that includes evidence that gives reasonable assurance that the product is safe and effective. The other method involves filing a 510 (k) notification showing that the device is essentially the same as a device already on the market (a predicate device) that does not require a PMA.
The main factor responsible for the growth of the neurophysiology devices and equipment market is the increasing prevalence of neurological diseases around the world. Neurological diseases are identified as one of the most common diseases among all recurrent diseases.
There are more than 600 neurological disorders such as brain tumor, epilepsy, Parkinson’s disease, Alzheimer’s, etc. These disorders have been classified as the main causal group of Disabled Life Years (DALYs), that is, disability or premature death.
The increasing number of neurological diseases and the increasing number of patients lead to an increasing demand for devices for the treatment of such diseases. According to the National Brain Tumor Society in the United States, around 700,000 people suffered from brain tumors in 2019.
Similarly, the Alzheimer’s Association reported that the number of Alzheimer’s cases in the US is expected to increase by about 14% between 2017 and 2025 over the forecast period.
Companies in the neurophysiological device market are investing in advancing technology to make these devices more efficient. There have been many innovations in brain monitoring devices such as EEG monitoring, brain simulation therapies, and intraoperative neurophysiological monitoring.
New technological innovations enable the development of devices that integrate or take over processes such as advanced neuroimaging techniques, stem cell therapies, molecular interventions, and microbiome technologies. There is also a trend towards portable and wearable device technologies that aid in home monitoring of conditions such as epilepsy and sleep apnea.
For example, in 2019 Smart Monitor developed SmartWatches called Embrace to monitor symptoms of epilepsy and send instant alerts to the patient’s caregivers and family members if an abnormal pattern is detected in their body. This technology also helps improve user safety and treatment.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151582/?utm_source=GNW
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