New York, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global neuromonitoring devices market is expected to generate $10,276.0 million in revenue and grow at a CAGR of 7.24% throughout the estimated timeframe from 2022 to 2030.
As per our analysts, with the increased rate of hospitalizations and emergency department admissions due to crucial neurological diseases and growing road accidents, the neuromonitoring devices market is predicted to witness remarkable growth during the forecast period. Moreover, the advances in technology and innovation in neuromonitoring devices are predicted to fortify the growth of the market over the analysis timeframe. However, the high cost of neuromonitoring devices may hinder the growth of the market throughout the estimated period.
Segments of the Market
The report has divided the neuromonitoring devices market into segments based on product and region.
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Product: Doppler Ultrasound Sub-Segment to be Most Productive
The doppler ultrasound sub-segment is expected to garner a revenue of $3,153.5 million throughout the forecast period. This is mainly because of the increasing cases of neurological disorders among the geriatric population all across the globe. Moreover, the increasing use of doppler ultrasound for observing brain health in cases of severe accidents is predicted to upsurge the growth of the market sub-segment during the analysis timeframe.
North America Region to have Huge Growth Opportunities
The North America region of the neuromonitoring devices market is predicted to generate a revenue of $3,534.9 million during the forecast period. This is majorly due to the rising demand for better and more advanced healthcare facilities among patients in this region. In addition, the increasing adoption of new and advanced technologies and the growing cases of migraines among women in this region are the major factors expected to drive the regional growth of the market over the analysis period.
Covid-19 impact on the Neuromonitoring Devices Market
The outbreak of the Covid-19 pandemic has had a negative impact on the neuromonitoring devices market. This is mainly due to the decreased demand for neuromonitoring devices in hospitals and clinics. Due to the spontaneous spread of the deadly coronavirus, many hospital authorities have restricted the admission of patients suffering from other diseases. This led to a decrease in the demand for neuromonitoring devices over that period. However, the need for remote monitoring and patient management solutions has significantly increased the growth of the market during the period of crisis.
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Key Players of the Market
The major players of the neuromonitoring devices market include
- Natus Medical Incorporated
- Advanced Brain Monitoring Inc.
- Nuvasive Inc.
- Nihon Kohden Corporation
- Intranerve Neuroscience Holdings LLC
- Medtronic Plc
- Specialtycare
- Koninklijke Philips N.V.
- RIMED Ltd.
- GE Healthcare
These players are widely working on the development of new business strategies such as product development, mergers, and acquisitions, partnerships, and collaborations to acquire a leading position in the global industry.
For instance, in June 2022, GE Healthcare, a leading American multinational conglomerate offering diagnostics, therapeutics, and monitoring through intelligent devices, data analytics, decision support tools, and applications announced its partnership with Medtronic plc, a renowned American medical device company. With this collaboration, the companies aimed to integrate clinically advanced parameters to enable physicians to perform precision monitoring for patients' individualized care.
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Further, the report also presents other vital aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More about Neuromonitoring Devices Market:
- Top 3 Intraoperative Neuromonitoring Devices Available in the Market Today
- Neuromonitoring Device: Advantages and Other Insights
- Global Neuromonitoring Devices Market Expected to See Prominent Growth due to the Increasing Demand for Neuromonitoring Devices for Rising Neurological Diseases by 2030
