Neurodiagnostic and Monitoring Devices Market in the US by Product - Forecast and Analysis 2020-2024
Neurodiagnostic and Monitoring Devices Market in the US: About this market
Technavio’s neurodiagnostic and monitoring devices market in the US analysis considers sales ICP monitoring devices, EEG devices, EMG devices, and other products. In 2019, the ICP monitoring devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing number of traumatic brain injury and brain tumor cases will play a significant role in the ICP monitoring devices segment to maintain its market position. Also, our neurodiagnostic and monitoring devices market in the US report looks at factors such as increasing incidences and prevalence of neurological conditions, new product launches, and the growing number of mergers and acquisitions. However, high costs associated with neurodiagnostic and monitoring devices, complications related to neurodiagnostic procedures and monitoring, and frequent product recalls may hamper the growth of the neurodiagnostic and monitoring devices market in the US over the forecast period.
Neurodiagnostic and Monitoring Devices Market in the US: Overview
Increasing incidences and prevalence of neurological conditions
Patients with a comprehensive range of neurological disorders, including epilepsy, stroke, Parkinson's disease, and brain tumors, have a substantial risk of developing a disability. These neurological disorders develop due to several factors such as bacterial and viral infections, genetic factors, and the lack of immune response. Healthcare professionals use neurodiagnostic and monitoring devices such as EEG, EMG, MEG, and ICP to diagnose neurological diseases for further interventions to save the life of the patients. The increasing number of cases of patients with brain tumors and stroke in the US is driving the need for brain hemorrhage treatment. Stroke can also lead to malignant cerebral edema, which increases the intracranial pressure and brain shift. Intracranial pressure can be monitored using ICP monitoring devices. Thus, the growing use of neurodiagnostic and monitoring devices due to the high prevalence of neurological conditions in the US will lead to the expansion of the neurodiagnostic and monitoring devices market in the US at a CAGR of over 7% during the forecast period.
Paradigm shift toward hybrid brain-computer interface
The demand for non-invasive, hybrid brain-computer interface (HBCI) technologies has increased for enhancing and improving the accuracy of neurodiagnostic procedures. EEG is the widely accepted and majorly performed procedure for diagnosis purposes. It is mostly used in combination with other modalities such as EMG and PSG to enhance the number of control commands, improve accuracy, and minimize the signal detection time. HBCI generally combines with one or more brain-computer interface (BCI) signals or human-machine interface (HMI) biosignals, which helps in improving customer satisfaction and boosting system performance. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the neurodiagnostic and monitoring devices market in the US during the forecast period 2020-2024, click here.
With the presence of a few major players, the neurodiagnostic and monitoring devices market in the US is concentrated. 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 few leading manufacturers, that include Cadwell Industries Inc., Compumedics Ltd., Koninklijke Philips NV, Masimo Corp., Medtronic Plc, Natus Medical Inc., and Nihon Kohden Corp.
Also, the neurodiagnostic and monitoring devices market in the US 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.
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