Global Neurodiagnostic and Monitoring Devices Market 2019-2023

Global Neurodiagnostic and Monitoring Devices Market 2019-2023

Global Neurodiagnostic and Monitoring Devices Market: About this market

Neurodiagnostic and monitoring devices are medical devices that aid in the diagnosis and monitoring of neurological disorders. Technavio’s neurodiagnostic and monitoring devices market analysis considers sales from electroencephalogram (EEG) devices, intracranial pressure (ICP) devices, electromyography (EMG) devices, others. Our analysis also considers the sales of neurodiagnostic and monitoring devices in Asia, Europe, North America, and ROW. In 2018, the EEG devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing prevalence of neurological disorders, rising demand for EEG monitoring in home-care settings, growing awareness about technologically advanced EEG devices, and augmenting a number of EEG examinations will play a significant role in the EEG devices segment to maintain its market position. Also, our global neurodiagnostic and monitoring devices market report also looks at factors such as the increasing prevalence of neurological disorders, increasing initiatives and support from governments and healthcare organizations, and growing demand for EEG and EMG procedures. However, high cost of neurodiagnostic and monitoring devices and procedures, shortage of skilled professionals, and growing demand for refurbished neurodiagnostic and monitoring devices may hamper the growth of the neurodiagnostic and monitoring devices industry over the forecast period.

Global Neurodiagnostic and Monitoring Devices Market: Overview

Growing demand for EEG and EMG procedures

The demand for EEG and EMG procedures is increasing due to the rising prevalence of neurological disorders. Continuous, long-term EEG is considered as the gold standard for the diagnosis of neonatal seizures as it can help improve patient care for highly vulnerable patients through the prognostic identification of significant EEG patterns and accurate diagnosis of seizures and non-seizure paroxysmal events. EMG is considered the gold standard technique for the evaluation of muscle activity and contraction. EMG tests provide vital information about many important parameters such as amplitude and duration, engagement of motor units, and the functional characteristics associated with factors such as force production and fatigue. EEG and EMG devices are also being increasingly used for other applications such as cognitive health and well-being, sleep quality improvement, and stress reduction. The increasing demand for EEG and EMG procedures for the diagnosis of neurological disorders and neuromuscular disorders and other applications is driving the growth of the global neurodiagnostic and monitoring devices market at a CAGR of over 8% during the forecast period.

Growing applications of health informatics and monitoring solutions

Health informatics deals with the acquisition, transmission, processing, storage, retrieval, and use of health information. Health informatics solutions are increasingly being integrated with neurodiagnostic and monitoring devices. Health informatics and monitoring solutions give clinicians the ability to remotely view vital information from multiple devices, including EEG devices, cerebral or somatic oximeters, and pulse oximeters. They also allow clinicians to monitor patients vital signs, even when they are away for their patient or hospital. These technologies provide improved medical diagnosis and disease analysis for procedures such as EEG, EMG, and TCD. This development is expected to have a positive impact on the overall market growth.

For the detailed list of factors that will drive the global neurodiagnostic and monitoring devices market during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of several major players, the global neurodiagnostic and monitoring devices market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading neurodiagnostic and monitoring devices manufacturers, that include Compumedics Ltd., Koninklijke Philips NV, Medtronic Plc, Natus Medical Inc., and Nihon Kohden Corp.

Also, the neurodiagnostic and monitoring devices market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

Companies Mentioned

Compumedics Ltd., Koninklijke Philips NV, Medtronic Plc, Natus Medical Inc., and Nihon Kohden Corp.