Global nerve monitoring devices market is expected to reach USD 1.9 billion by 2022 according to a new study by Grand View Research Inc. Rising prevalence of neurological diseases, such as epilepsy, is a vital driver propelling market growth. Increasing geriatric population is another important driver responsible for growth of neuromonitoring devices, as these demographics are more prone to age-related neurodegenerative disorders.
Technological advancements such as wearable devices, which have better mobility and ability of round-the-clock monitoring, are expected to bolster the demand for these devices over the forecast period. Furthermore, large patient pool of neurological disorders is undiagnosed; hence, government is taking initiatives to promote early diagnosis, thereby increasing the demand for nerve monitoring devices.
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Further key findings from the study suggest:
Electroencephalography was the largest technology segment in 2014, owing to its wide clinical utility and its ability to unfold brain activity within milliseconds providing higher accuracy On the contrary, electromyography is also expected to witness lucrative growth over the forecast period, attributed to rising prevalence of neuromuscular diseases such as muscular dystrophies and muscle rheumatism Monitors witnessed a rapid growth in demand, which resulted in the product accounting for the largest share in 2014. Ancillary products such as disposable sponge disks, abrasive gel, alcohol swabs, disposable filter, and electrode creams are expected to witness substantial growth over the next seven years. Increased usage and repeat purchases are likely to drive segment growth.
North America dominated the regional nerve monitoring devices market with over 45.0% share in 2014. Advanced healthcare infrastructure coupled with growing disposable income is anticipated to drive growth of the market.
Asia Pacific is expected to witness lucrative growth over the forecast period. Presence of high unmet needs and untapped opportunities in India and China are expected to open up new avenues for market players.
Key players operating in this market include Medtronic Plc., NuVasive, Inc., Nihon Kohden, Natus Medical Inc., Langer Medical GmbH, Neurosign Surgical, Neurowave Systems, Cadwell Laboratories, Compumedics Limited, and Electrical Geodesics Inc. Key trends witnessed in this market include collaborations to gain competitive advantage, technological advancements, and new product launches.
For instance, in January 2015, Natus Medical Inc. announced its entry in neurodiagnostics market through the acquisition of Global Neuro-Diagnostics, a provider of home-based EEG testing. This acquisition helped the company to widen the portfolio of nerve monitoring offerings.
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