Global nerve monitoring device market was valued at USD 1,001.4million in 2014. It is forecast to grow at 8.9% CAGR over the forecast period. The industry's most important driver is expected to be the rising prevalence of neurological disorders.
The World Health Organization (WHO) has released statistics that show epilepsy is the most common neurological disorder worldwide. It affects approximately 50 million people.
North America's market for nerve monitoring devices, by technology, 2012-2022 (USD million)
Population is rapidly aging. According to WHO statistics, the world's population will almost double between 2015 and 2050, from 12.0% to 22,0%. The main risk factor for neurological disorders is aging. Neurological disorders are responsible for approximately 20% of all adults over 60. Over 6.6% of geriatrics are disabled due to them. The market for nerve monitoring devices is expected to grow rapidly because of the rapid growth in the geriatric population.
This industry is expected to see significant growth with the introduction of technologically advanced products like wearable devices. Market growth will be driven by wearable devices' advantages, such as greater mobility and 24-hour monitoring.
Key technologies analyzed in this study include Electroencephalography (EEG), Electromyography (EMG), evoked potential, and Electrocorticography (ECoG). Evoked potential includes Transcranial Electrical Motor Evoked Potentials, Somatosensory Evoked Potentials and Brainstem Auditory Evoked Potentials.
Electroencephalography dominated the technology segment with approximately 65.0% share and it is anticipated to witness lucrative growth over the forecast period. Its wide-ranging clinical applications in neurological disorders can explain this. This modality also allows for brain activity to be displayed in real time in milliseconds. It offers higher accuracy.
However, electromyography will also see significant growth due to the rising incidence of neuromuscular conditions such as muscle rheumatism and muscular dystrophies. Electromyography is more accurate than magnetic imaging like Magnetic Resonance Imaging, (MRI). These factors will drive EMG's growth over the forecast period.
The market can be divided by product into electrodes, monitors, and ancillary. The market share for monitors was over 75.0% due to their high price and increased demand.
However, ancillary products like disposable sponge disks and disposable alcohol swabs, disposable filter and electrode creams will see lucrative growth in the forecast period. This is due to the increased use of nerve monitoring systems as well as repeat purchases of these accessories.
The market can be divided geographically into North America and Europe, Asia-Pacific (Latin America), Latin America, Middle East & Africa, Asia-Pacific (Europe) and Asia-Pacific (Asia-Pacific). This industry was dominated by North America in 2014 with a 45.0% share due to its superior healthcare system. Additionally, favorable reimbursement and rising disposable income are facilitating early diagnosis and prevention, which is driving up the demand for nerve monitoring equipment.
The fastest growing region in the forecast period is Asia Pacific. This industry is expected to grow due to the large untapped potential in emerging economies like India and China. The market for nerve monitoring devices will also benefit from improved healthcare infrastructure and supportive government initiatives.
Medtronic Plc., NuVasive, Inc., Nihon Kohden, Natus Medical Inc., Langer Medical GmbH, Neurosign Surgery, Neurowave Systems, Cadwell Laboratories, Compumedics Limited, Electrical Geodesics Inc. are some of the key players in this market. This market is witness to key trends such as new product launches, technological advances, and collaborations in order to gain competitive advantage.
Natus Medical Inc., for example, announced in January 2015 that it had acquired Global Neuro-Diagnostics (a provider of home-based EEG tests) and entered the neurodiagnostics market. The acquisition allowed the company to expand its portfolio of neuromonitoring services.
Natus Medical Inc. also acquired Grass Technologies Product Group, a product portfolio that included neurodiagnostics products and monitoring products, from Astro-Med in January 2013. This acquisition allowed the company to expand its EEG system portfolio.
This study covers key technologies and products. The attributes are presented in platforms that can provide insight to distributors, investment banksers, and new entrants. Forecasts and estimates are made using triangulation of data that has been analyzed or obtained through more than one approach or model.
In order to calculate base estimates, the commodity flow approach was used to estimate demand and track movement of products from the manufacturer to their end-use segments. To forecast growth, variable analyzes were performed based on QFD models. Over 100 primary respondents were contacted and their perspectives accounted for.
The market for nerve monitoring devices is dynamic and requires extensive R&D. This study covers a broad range of technology and product types. To ensure that the study is proportional, however, regional scope is limited. You can request customization for any portion of the study.
Up Market Research published a new report titled “Nerve Monitoring Devices Market research report which is segmented by Technology (EEG, ECoG, Evoked Potential, EMG), by Products (Monitors, Electrodes, Ancillary Products), By Players/Companies Compumedics Limited, Inc, Neurowave Systems, NuVasive, Medtronic Plc, Neurosign Surgical, Natus Medical Inc, Langer Medical GmbH, Nihon Kohden, Electrical Geodesics Inc The key trends witnessed in this new product launches, collaborations to gain competitive advantage, technological advancements, Cadwell Laboratories”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Nerve Monitoring Devices Market Research Report |
By Technology | EEG, ECoG, Evoked Potential, EMG |
By Products | Monitors, Electrodes, Ancillary Products |
By Companies | Compumedics Limited, Inc, Neurowave Systems, NuVasive, Medtronic Plc, Neurosign Surgical, Natus Medical Inc, Langer Medical GmbH, Nihon Kohden, Electrical Geodesics Inc The key trends witnessed in this new product launches, collaborations to gain competitive advantage, technological advancements, Cadwell Laboratories |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 250 |
Number of Tables & Figures | 175 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Technology (EEG, ECoG, Evoked Potential, EMG), by Products (Monitors, Electrodes, Ancillary Products).
Nerve Monitoring Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Nerve Monitoring Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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