Global Neuromonitoring Devices Market Expected to See Prominent Growth due to the Increasing Demand for Neuromonitoring Devices for Rising Neurological Diseases by 2030

Neuromonitoring devices are specific medical devices that are designed to record the spontaneous activity of the central nervous system including the brain, spinal cord, brainstem, peripheral nerves, and cranial nerves. These devices are mostly used by clinicians, surgeons, and anesthesiologists to avoid any kind of risk during the surgery or treatment line of the patients. Neuromonitoring devices can record crucial data of the nervous system, such as blood flow and oxygen level, electrical impulse rate, etc. Some of the commonly used neuromonitoring devices are magnetic resonance imaging (MRI), Doppler ultrasound, computed tomography (CT scan), and electromyography (EMG).

Forecast Analysis of Neuromonitoring Devices Market

With the rapidly increasing neurological diseases, such as epilepsy or dementia among the old age population, the neuromonitoring devices market is expected to witness exponential growth during the estimated timeframe. Besides, the outbreak of the Covid-19 pandemic has raised the demand for remote monitoring and patient management solutions for people to provide the best possible care at their homes due to the outbreak of the Covid-19 pandemic, which is expected to fortify the growth of the market over the analysis period. Moreover, the technological advancements in the development of neuromonitoring devices to better monitor the brain health of the patients are projected to propel the growth of the neuromonitoring devices market during the forecast period.

According to the report published by Research Dive, the global neuromonitoring devices market is anticipated to generate a revenue of $10,276.0 million, growing at a healthy CAGR of 7.24% throughout the forecast timeframe 2022-2030. The major players in the market include Koninklijke Philips N.V., Nuvasive, Inc., Natus Medical Incorporated, Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Intranerve Neuroscience Holdings, LLC, Specialtycare, Medtronic Plc, RIMED Ltd., GE Healthcare, and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global neuromonitoring devices market to grow significantly.

For instance, in April 2022, Imeka, a well-established neuroimaging company that combines diffusion imaging and AI to measure white matter integrity, announced its collaboration with GE Healthcare, an American multinational conglomerate that offers diagnostics, therapeutics, and monitoring through intelligent devices, such as data analytics, decision support tools, etc. With this collaboration, the companies aimed to expand the capabilities of MRI and advance precision medicine to improve the brain health of patients suffering from complex neurological disorders.

In July 2020, Magstim Co. Ltd., a leading manufacturer of medical and research devices, acquired Electrical Geodesics Inc., a medical device company that designs, develops, and commercializes a range of non-invasive neurodiagnostic products, from Royal Philips NV, a renowned Dutch health technology company. With this acquisition, the company Magstim planned to expand its product portfolio by adding high-density electroencephalography (EEG), which can evaluate brain’s electrical activity.

In May 2021, WISE Srl, a Berlin-based biomedical company developing a genuinely new generation of implantable leads for Neuromodulation and Neuromonitoring devices, launched its new product named “WISE Cortical Strip”, which was the first product to receive a CE mark within the company’s WISEneuro Monitoring product family. This particular product can be used to stimulate MEP and record the electrical activity of the human brain such as ECoR and SEP. The WISE Cortical Strip can also support intraoperative monitoring during resection of brain tumors or epileptogenic lesions. 

Most Profitable Region

The North America region of the neuromonitoring devices market is predicted to hold the largest share of the market and is expected to generate a revenue of $3,534.9 million during the forecast period. The rising demand for advanced healthcare facilities among patients is expected to foster the growth of the regional market over the analysis timeframe. Furthermore, the increasing prevalence of neurological disorders in this region is expected to drive the regional growth of the market during the analysis period.           

Covid-19 Impact on the Neuromonitoring Devices Market

With the rise of the Covid-19 pandemic, the healthcare industry has experienced growth; however, the neuromonitoring devices market has had a negative impact due to the decrease in the demand for neuromonitoring devices in hospitals and clinics. The hospital authorities have restricted the admission of patients with other diseases and focused on providing treatment facilities for the patients infected by the deadly virus. This led to the postponement of many neurosurgeries during the pandemic period. However, the increasing demand for remote monitoring and patient management solutions has created some growth opportunities for the market during the period of crisis.