New York, USA, May 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global neuromonitoring devices market is estimated to gather a revenue of $10,276.0 million by 2030 and grow at a CAGR of 7.24% over the forecast period from 2022-2030. The extensive report provides a concise layout of the neuromonitoring devices market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Increasing cases of neurological diseases like epilepsy, Alzheimer’s disease, Parkinson’s disease, etc. in the geriatric population and the growing rate of hospitalization are the prime factors anticipated to drive the growth of the global neuromonitoring devices market during the analysis timeframe. Moreover, the rising demand for non-invasive and nondestructive gadgets and the growing utilization of neuromonitoring devices in clinics are also same factors predicted to boost the market growth.
Opportunities: Rising technological advancements in the development of neuromonitoring devices and growing research and development activities by the manufacturing companies are some factors projected to create abundant growth opportunities for the global neuromonitoring devices market by 2030. Moreover, business expansion and new product launches by key market players is also estimated to offer great market growth opportunities.
Restraints: High cost of neuromonitoring devices is the major factor anticipated to hinder the market growth in the analysis timeframe.
Covid-19 Impact on the Neuromonitoring Devices Market
The outbreak of the covid-19 pandemic has had a negative impact on the global neuromonitoring devices market, just like most businesses and industries. The decreased demand for neuromonitoring devices in clinics and hospitals has reduced the global sales drastically. Moreover, the growing cases of infected patients and the severe symptoms of the coronavirus forced the healthcare workers to deny the admissions of patients affected with any other diseases and focused mostly on curbing the coronavirus’s spread. Additionally, strict lockdowns imposed by governments across the world and stringent travel bans also led to decreased work staff, therefore hampering the market growth amid the catastrophe chaos.
Segments of the Neuromonitoring Devices Market
The report has divided the market into a couple of segments based on product and regional analysis.
Product: Doppler Ultrasound Sub-segment to be Highly Lucrative
The doppler ultrasound sub-segment of the neuromonitoring devices market is predicted to hold a dominant market share and surpass $3,153.5 million during the forecast period due to its wide adoption in clinics and hospitals mainly for observing brain health and proper blood flow through veins and arteries. Moreover, it’s a handheld device that easily allows healthcare professionals to check blood flow in legs and arms and is highly accurate. These factors are anticipated to propel the sub-segment’s growth rate by 2030.
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Region: Market in the North America Region to be Highly Dominant
The neuromonitoring devices market in the North America region is projected to have a significant market share and generate a revenue of $3,534.9 million during the analysis period due to better healthcare facilities and infrastructure along with the active adoption of advanced technologies. Moreover, the prevalence of neurological disorders in the region and strategic alliances and product expansion or product launches by key market players is also expected to bolster the market’s growth in the North America region by 2030.
Key Market Players
Some key neuromonitoring devices market players include
- Natus Medical Incorporated.
- Koninklijke Philips N.V.
- GE Healthcare
- Nihon Kohden Corporation
- Specialtycare
- Nuvasive, Inc.
- Intranerve Neuroscience Holdings, Llc
- RIMED Ltd.
- Medtronic Plc
- Advanced Brain Monitoring, Inc..
These key players are undertaking various strategies, such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For example, in May 2021, WISE Srl, an emerging medical device manufacturing organization, launched its latest WISE Cortical Strip (WCS), a single-use device that’s connected to the brain surface for intraoperative neuropsychological monitoring (IONM).
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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