New York, USA, Nov. 08, 2021 (GLOBE NEWSWIRE) -- A latest report on the global neuromonitoring device market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $8,824.56 million and rise with a CAGR of 7.2% from 2021 to 2028. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth
Rising occurrence of neurological conditions such as dementia and epilepsy in the elderly population is boosting the growth of the global neuromonitoring device market. Several companies are highly investing in advancement of neuromonitoring device for improving the efficiency of these devices in monitoring neurological surgeries. This factor is likely to unlock profitable opportunities for the market growth during the forecast period. However, as the cost of neuromonitoring devices is high, several healthcare centers and small hospitals especially in rural zones cannot afford these costly devices for medical treatments. This factor is expected to obstruct the market growth.
COVID-19 Impact on the Market Growth
The rise of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the neuromonitoring device market. This is because of the postponement of various complex surgical processes during the pandemic to avoid unnecessary complications and spread of COVID-19 virus. However, as and when the pandemic relaxes, the demand for neuromonitoring devices is expected to surge due to the growing need for Intraoperative Neuromonitoring (IONM) services in complex medical operations in the future years.
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The report segments the global neuromonitoring device market into product and region.
Doppler ultrasound Sub-Segment to Dominate the Market Growth
Among the product segment, the doppler ultrasound sub-segment is projected to grab highest market share and garner $2,921.89 million during the forecast period. The growth of this sub-segment is mainly because of the growing demand for doppler ultrasound neuromonitoring device for analysis and evaluation of neurological disorders mostly among old age people.
North American Region to Dominate the Market
The report analyzes the global neuromonitoring device market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North American region market is expected to lead the market and garner $3,519.23 million during the estimated period. The growth of this region market is mainly owing to the growing demand for efficient and advanced healthcare facilities and devices among patients and rising occurrence of neurological disorders in this region.
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The Report Lists Some of the Leading Players Functioning In the Global Neuromonitoring Device Industry Including -
- Koninklijke Philips N.V.
- Medtronic Plc.
- Natus Medical Incorporated
- RIMED Ltd.
- Nuvasive, Inc.
- Advanced Brain Monitoring, Inc.
- Intranerve Neuroscience Holdings, Llc
- GE Healthcare
- Specialtycare
- Nihon Kohden Corporation
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in February 2019, Alphatec Holdings, Inc., a medical technology company, announced that it has obtained 510(k) clearance from the U.S. Food & Drug Administration (FDA) for its automated SafeOp neuromonitoring system for use in real-time intraoperative nerve location and health analysis. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Porter’s Five Forces Analysis for the Neuromonitoring Device Market
- Bargaining Power of Suppliers: Since the number of suppliers are large in number, they have to optimize their product value to attract the customers.
Hence, the bargaining power of suppliers is moderate. - Bargaining Power of Buyers: Buyer have a variety of options available in the market. Thus, buyers can freely choose those neuromonitoring devices from the market that best fit their use and price.
Thus, the bargaining power of the buyers is high. - Threat of New Entrants: New companies entering the market have great opportunity to introduce new technologies in the minimum time frame.
Thus, the threat of the new entrants is high. - Threat of Substitutes: In case of neuromonitoring devices, the devices have a primary role of displaying the vitals of the patients’ brain activity. Therefore, no substitute can replace the devices.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.
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