Global nerve monitoring devices industry is expected to experience significant growth due to the introduction of technologically advanced products like wearable devices. North America region emerged as the largest market for the global nerve monitoring devices market, with a 35% share of the market revenue in 2021.
Newark, Dec. 08, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global nerve monitoring devices market is expected to grow from USD 1.5 billion in 2021 to USD 2.3 billion by 2030, at a CAGR of 5.1% during the forecast period 2022-2030.
According to WHO statistics, the global population is ageing quickly and is projected to nearly double from 12.0% to 22.0% between 2015 and 2050. One of the main risk factors for neurological conditions is ageing. Over 6.6% of the disability in the senior population is due to neurological problems, and 20% of persons 60 and older suffer from neurological conditions. The market for nerve monitoring devices is predicted to increase significantly due to the rapidly expanding geriatric population. This industry is expected to experience significant expansion due to the introduction of technologically enhanced items like wearable devices. Wearable gadget benefits, including enhanced mobility and round-the-clock monitoring, are anticipated to fuel market expansion. According to data provided by the World Health Organization (WHO), epilepsy is the most prevalent neurological.
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Competitive Strategy
To enhance their market position in the global nerve monitoring devices market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In May 2021, The FDA approved Neurosign’s V4 4-channel and 8-channel nerve monitoring systems. The V4 was created in conjunction with leading surgeons and is frequently used for treatments involving the skull base, cranial nerves, and spinal nerve roots.
Market Growth & Trends
Nerve monitoring devices assist surgeons in discovering and monitoring motor nerve function during general procedures to prevent nerve injury. It prevents nervous system damage during high-risk medical procedures such as spine, nerve, and brain surgery. By combining cutting-edge hardware electronics with simple software in nerve monitoring devices, surgeons can perform necessary surgeries while preserving nerve function and improving patient safety. According to WHO projections, the global population is rapidly ageing and will nearly double from 12.0% to 22.0% between 2015 and 2050. Ageing is a major risk factor for neurological diseases. Because of the rapidly growing senior population, the market for nerve monitoring devices is anticipated to expand significantly. As a result of the introduction of technologically advanced products like wearable devices, this industry is predicted to grow significantly. The benefits of wearable technology, such as greater mobility and 24/7 monitoring, are expected to drive market growth.
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Key Findings
- In 2021, the ancillary products segment dominated the market with the largest market share of 46% and market revenue of 0.69 billion.
The products segment is divided into monitors, electrodes, and ancillary products . In 2021, the ancillary products segment dominated the market, accounting for around 46% of global revenue and market revenue of 0.69 billion. This is due to the increased use of nerve monitoring devices.
- In 2021, the ECoG segment accounted for the largest share of the market, with 30% and a market revenue of 0.45 billion.
The technology segment is divided into EEG, Evoked Potential, EMG, and ECoG. Over the forecast period, the ECoG segment is expected to grow at the fastest CAGR of 30%and market revenue of 0.45 billion. ECoG technology is widely used by physicians as it provides the precise result.
Regional Segment Analysis of the Nerve Monitoring Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global nerve monitoring devices market, with a market share of around 35% and 0.52 billion of the market revenue in 2021. North America is the leading market for nerve monitoring device sales due to a large number of surgical procedures performed. The availability of developed healthcare infrastructure, the significant contribution of healthcare to the economy, and patient compliance all contribute to the high demand for nerve monitoring devices in North America.
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Key players operating in the global nerve monitoring devices market are:
- Medtronic Plc.
- NuVasive, Inc.
- Natus Medical Inc.
- Langer Medical GmbH
- Neurosign Surgical
- Cadwell Laboratories
- Compumedics Limited
- Electrical Geodesics Inc
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global nerve monitoring devices market based on the below-mentioned segments:
Global Nerve Monitoring Devices by Product:
- Monitors
- Electrodes
- Ancillary Products
Global Nerve Monitoring Devices by Technology:
- EEG
- Evoked Potential
- EMG
- ECoG
About the report:
The global nerve monitoring devices market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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