Dublin, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The "Neurological Diagnostic and Monitoring Equipment - Global Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The global neurological diagnostic and monitoring equipment market is on track to reach $17.33 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 6.66% during the forecast period from 2023 to 2028.
This growth is fueled by the increasing prevalence of neurological disorders, a growing aging population, a rise in traumatic brain injuries, advancements in technology, and government initiatives to raise awareness about early diagnosis and proper management of neurological disorders.
Market Dynamics
Neurological disorders, such as epilepsy, stroke, Parkinson's disease, and brain tumors, are becoming more prevalent worldwide. For instance, epilepsy affects around 50 million people globally, with a majority of cases in low and middle-income countries. Proper diagnosis and treatment can help improve the lives of these patients.
The incidence of brain tumors and cancers is also increasing, with over 308,000 new cases reported in 2020. The demand for early diagnosis of these disorders is driving the need for neurological diagnostic and monitoring equipment.
Technological advancements, such as lightweight and portable devices, are making neurological diagnostics more accessible. For example, Nihon Kohden launched VitalEEGT, which provides remote access and Bluetooth communication, eliminating the need for additional cables.
Key Market Segments
The market is segmented by type, product type, indication, end-user, and geography:
Types:
- Invasive
- Non-Invasive
Product Types:
- Magneto-Encephalography Devices (MEG)
- Electroencephalography Devices (EEG)
- Transcranial Doppler Sonography Devices
- Cerebral Oximeters
- Intracranial Pressure Monitors
- Others
Indications:
- Traumatic Brain Injuries
- Epilepsy
- Stroke
- Others
End-Users:
- Hospitals
- Diagnostic & Imaging Centers
- Others
Regional Dominance
North America is expected to dominate the neurological diagnostic and monitoring equipment market, driven by a high incidence of traumatic brain injuries and a well-developed healthcare system. For example, the U.S. reports nearly 61,000 traumatic brain injury-related deaths each year.
Key market players, such as Masimo Corporation, Compumedics Limited, and Natus Medical Incorporated, are also located in the region. The presence of these companies contributes to market growth.
Key Players
Major players in the global neurological diagnostic and monitoring equipment market include Natus Medical, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., Compumedics Limited, Croton Healthcare, Ricoh, Elekta AB, Integra LifeSciences, RAUMEDIC AG, Masimo, Cadwell Industries Inc., Nonin, Neurosoft, Brain Scientific, Inc., Recorders & Medicare Systems Pvt Ltd (RMS), Rimed, Allengers, Medtronic, Edwards Lifesciences Corporation, Ybrain, INC, and others.
Recent Developments
Recent developments in the neurological diagnostic and monitoring equipment market include Brain Scientific's FDA clearance for its Next-Gen NeuroCapT EEG Headset, Raumedic's launch of the Raumed Home ICP device for intracranial pressure monitoring, and Masimo's FDA clearance for O3 Regional Oximetry.
Key Takeaways
Key takeaways from the market study include market size analysis, recent developments, key players dominating the market, and growth opportunities in the neurological diagnostic and monitoring equipment market.
Target Audience
The report is beneficial for neurological diagnostic and monitoring equipment providers, research organizations, government and corporate offices, start-up companies, distributors and traders, and various end-users interested in the latest technological developments in the market.
For more information about this report visit https://www.researchandmarkets.com/r/lhww05
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