Neurophysiology Devices And Equipment Global Market Report 2023
Major players in the neurophysiology devices and equipment market are Medtronic Plc, Nihon Kohden Corporation, Dr. Langer Medical Gmbh, Natus Medical Incorporated, Inomed Medizintechnik, NuVasiveInc, Axon Healthcare Ltd.
New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neurophysiology Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06280844/?utm_source=GNW
, Bovie Medical Corporation, Neurosign, and Neurowave Systems.
The global neurophysiology devices and equipment market is expected to grow from $1.29 billion in 2021 to $1.39 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The neurophysiology devices and equipment market is expected to grow to $1.72 billion in 2026 at a CAGR of 5.5%.
The neurophysiology devices and equipment market consist of sales of devices and instruments for nerve conduction studies.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The neurophysiology devices and equipment deal with different functions of the nervous system such as spinal cord and peripheral nerve dysfunction brain alterations and nerve damage.
North America was the largest region in the neurophysiology devices and equipment market in 2022.Western Europe was the second largest region in the neurophysiology devices and equipment market.
The regions covered in the neurophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main technologies involved in neurophysiology devices are electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), and evoked potential (EP).Electromyography (EMG) is a diagnostic process to assess the health of muscles and the nerve cells that control them (motor neurons).
EMG results could reveal nerve dysfunction, muscle dysfunction, or problems with nerve-to-muscle signal transmission. The neurophysiology devices are either standalone or portable that are used by various end-users such as hospitals and ambulatory surgical centres.
The major factor responsible for the growth of the neurophysiology device and equipment market is the increasing prevalence of neurological disorders, worldwide.Neurological disorders are identified as one of the most prevalent disorders out of all the recurring ailments.
There are more than 600 neurological disorders like brain tumors, epilepsy, Parkinson’s disease, Alzheimer’s, etc.These disorders were ranked as the leading cause group of Disability Adjusted Life Years (DALYs), which is the number of years lost due to ill-health, disability, or early death.
The increasing number of cases of neurological diseases and the growing count of patients are leading to the increasing demand for the devices used in the treatment of such disorders.For example, as per the National Brain Tumor Society, around 83,570 people in the USA were suffering from Brain Tumors in 2021.
This would increase the demand for medical devices used in the treatment of neurological disorders, thus driving the Neurophysiology device and equipment market during the forecast period.
The market for neurophysiology devices and equipment is restricted by the high cost of neurodiagnostic procedures.The treatments available for neurophysiological disorders are very expensive due to the advanced technology used in this equipment.
The high cost of procedure leads to a decrease in demand for these treatments because of low affordability, especially in low-income countries, thus restraining the growth of the market.For example, a survey conducted by NCBI highlighted that the availability of EEG and EMG was significantly correlated with higher income group countries.
Out of the surveyed low-income countries, only the top 20% could afford neurodiagnostic tests and in lower-middle-income countries more than 40% of the population were unable to afford this treatment, thus limiting the growth of the market.
Companies in the neurophysiology devices and equipment market are investing in the advancement of technology to increase the efficiency of these devices.There have been plenty of innovations in brain monitoring devices, for instance, EEG monitoring, Brain Simulation therapies, and Intraoperative Neurophysiological Monitoring.
New technological innovations are enabling the development of devices that are integrating or adopting processes such as advanced neuroimaging techniques, stem cell therapies, molecular interventions, and microbiome technologies.There is also a trend of portable and wearable device technology assisting in home-based monitoring for ailments such as epilepsy and sleep apnea.
For example, in March 2022, Braintale, a Paris-based developer of brain medication, launched brainTale-care platform. The platform is dedicated tto white matter quantification and brainScore-comaoffering that predicts coma.
In the USA, the American Association of Neurological Surgeons (AANS) and the Congress of Neurological Surgeons (CNS) AANS/CNS regulate neurology devices including neurophysiology devices.There are two methods that manufacturers can use for premarket approval for neurophysiology devices.
The first method consists of conducting clinical studies and submitting a premarket approval (PMA) application that includes evidence providing reasonable assurance that the device is safe and effective. The other method involves submitting a 510(k)-notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA.
The countries covered in the neurophysiology devices and equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The neurophysiology devices and equipment market research report is one of a series of new reports that provides neurophysiology devices and equipment market statistics, including neurophysiology devices and equipment industry global market size, regional shares, competitors with a neurophysiology devices and equipment market share, detailed neurophysiology devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the neurophysiology devices and equipment industry. This neurophysiology devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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