Neurological Diagnostic and Monitoring Equipment Market is Anticipated to Grow at a CAGR of 6.70% and is Also Expected to Reach USD 16.39 Billion by 2026, Estimates DelveInsight

LAS VEGAS, Nov. 30, 2021 /PRNewswire/ -- DelveInsight's Neurological Diagnostic and Monitoring Equipment Market Insights and Forecast report provide the current and forecast Neurological Diagnostic and Monitoring Equipment market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Neurological Diagnostic and Monitoring Equipment market. 

Some of the salient features from the Neurological Diagnostic and Monitoring Equipment Market report: 

• As per an analysis by DelveInsight, North America is expected to dominate the overall Neurological Diagnostic and Monitoring Equipment market during the forecast period.
• Major pharma players working proactively in the Neurological Diagnostic and Monitoring Equipment market include Natus Medical, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., Compumedics Limited, Croton Healthcare, Ricoh, Elekta AB, Integra LifeSciences, RAUMEDIC AG, and others.
• DelveInsight estimates that Global Neurological Diagnostic and Monitoring Equipment Market is expected to grow at an escalated CAGR of 6.70% during the forecast period from 2021 to 2026 and is anticipated to reach USD 16.39 billion by 2026.
• In March 2021, Brain Scientific received FDA Clearance for Next-Gen NeuroCap™ EEG Headset, an advanced Electroencephalogram (EEG) electrode array used to obtain rapid EEGs in routine clinical and research settings where the recording of STAT EEGs is desired.
• In October 2020, MEGIN announced Japan Expansion by launching MEGIN KK in Tokyo.
• In December 2019, Raumedic, a medical technology manufacturer, launched a new home-use device, named Raumed Home ICP, for intracranial pressure (ICP) monitoring. The product was developed for patients suffering from hydrocephalus.

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Neurological Diagnostic and Monitoring Equipment Overview 

Diagnostic tests and procedures are important instruments that aid physicians in confirming or ruling out a neurological disorder or other medical condition. Neurological Diagnostic and Monitoring Equipment are the devices used for the diagnosis of neurological disorders such as stroke, migraine, epilepsy, Parkinson's disease, and ischemic stroke, among others. A neurological examination evaluates motor and sensory skills, hearing and speech, vision, coordination, and balance. It may also test mental status, mood, and behaviour. The tools used include a tuning fork, flashlight, reflex hammer, and a tool for examining the eye. The outcomes of the neurological examination and the patient's history are used to decide a list of possibilities, known as the differential diagnosis, that support in determining which additional diagnostic tests and procedures are needed. Brain scans consist of many types of imaging techniques used to diagnose tumors, blood vessel malformations, stroke, injuries, abnormal brain development, and haemorrhage in the brain. Types of brain scans include computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), and single-photon emission (SPECT) scans. The major common neurological disorders are headaches, epilepsy and seizures, stroke, amyotrophic lateral sclerosis, Alzheimer's disease and dementia, Parkinson's disease, and others.

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Neurological Diagnostic and Monitoring Equipment Market Insight 

Geographically, the global Neurological Diagnostic and Monitoring Equipment market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share North America currently leads the global market and is expected that it will remain constant during the forecast period. This domination is observed majorly due to the growing cases of neurologic disorders, rising healthcare expenditure due to a strong economy, and the presence of well-established healthcare infrastructure.

Product approval of technologically advanced neurodiagnostic devices is likely to upsurge the global Neurological Diagnostic and Monitoring Equipment Market. For instance, recently in January 2020, Compumedics Limited received US FDA approval for Orion LifeSpanTM MEG with patented double relaxation oscillator superconducting quantum interference device (DROS; SQUID) sensor system. Also in 2019, Nihon Kohden launched VitalEEG™ to rapidly assess brain health in unconscious patients. The system provides both remote access functionality, so clinicians can assess critical information from anywhere in the hospital, and Bluetooth communication, eliminating the need for additional cables. 

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Neurological Diagnostic and Monitoring Equipment Market Drivers and Barriers

The major factors driving the demand for Neurological Diagnostic and Monitoring Equipment are the growing prevalence of neurological disorders coupled with the rising geriatric population, increasing incidence of traumatic brain injuries, and the launch of technically advanced products in the market. The current advances in neurotechnologies and neuroimaging are adding to the fast increase in the usage of Neurological Diagnostic and Monitoring Equipment to treat an increasingly wide range of neurologic disorders. Also, aspects such as improving healthcare infrastructure, increasing per capita healthcare expenditure, rising disposable income, and high rate of head injuries, and the launch of new innovative devices are anticipated to boost the global Neurological Diagnostic and Monitoring Equipment market.

The demand for Neurological Diagnostic and Monitoring Equipment is primarily affected by the outbreak of the COVID-19 pandemic. The government imposed lockdowns to curb the spread of the virus leading to restrictions in movement and a decrease in regular check-ups. Owing to the COVID-19 pandemic situation, various forms of elective procedures were temporarily stopped in contrast to the COVID-19 affected patients that were given utmost priority. This lead to a decrease in the demand for Neurological Diagnostic and Monitoring Equipment. In addition to this, certain factors such as the dearth of skilled professionals and the high cost of surgery and devices for brain monitoring are major factors limiting the global demand for neurological diagnostic and monitoring equipment, especially in developed countries with low reimbursement policies.

To get a deeper understanding of the driving factors related to the Neurological Diagnostic and Monitoring Equipment market, get a snapshot of the Neurological Diagnostic and Monitoring Equipment Market Dynamics

Scope of the Neurological Diagnostic and Monitoring Equipment Market Report

Study Period: 2018-2026

Key Companies: Natus Medical, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., Compumedics Limited, Croton Healthcare, Ricoh, Elekta AB, Integra LifeSciences, RAUMEDIC AG

Neurological Diagnostic and Monitoring Equipment Market Segmentation

By Product Type

• Magneto-Encephalography Devices (MEG)
• Electroencephalography Devices (EEG)
• Transcranial Doppler Sonography Devices
• Cerebral Oximeters
• Intracranial Pressure Monitors
• Others

By Type

• Invasive
• Non-Invasive

By Indication

• Traumatic Brain Injuries
• Epilepsy
• Stroke
• Others

By End-User

• Hospitals
• Diagnostic & Imaging Centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Rest of World

Delveinsight Analysis: The Neurological Diagnostic and Monitoring Equipment market is expected to grow at a CAGR of 6.70% and will reach USD 16.39 billion by 2026.

Table of Contents 

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SOURCE DelveInsight Business Research LLP