2024 Neurophysiology Devices And Equipment Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Neurophysiology Devices And Equipment Market from 2024 to 2033?
Recent years have witnessed robust growth in the size of the neurophysiology devices and equipment market. The market is projected to expand from a value of $1.5 billion in 2023 to $1.61 billion in 2024, representing a compound annual growth rate (CAGR) of 7.5%. The augmentation in market size in the past was due to factors such as increasing cases of neurological disorders, the need for early diagnosis, an aging demographic, and the increasing occurrence of chronic diseases.
In the coming years, the market size of neurophysiology devices and equipment is projected to see a significant surge. The market will ascend to $2.07 billion by 2028, growing at a compound annual growth rate (CAGR) of 6.5%. Incremental growth during the forecast period can be credited to factors such as personalized medicine, advancements in neurological research, neurorehabilitation, increased investments in neurophysiology infrastructure, and a swelling demand for cloud-based neurophysiology solutions. Key trends foreseen during this period consist of developments in neurophysiology technology, non-invasive brain stimulation techniques, miniaturization, and portability of devices, functional neuroimaging, wireless and wearable devices, neural interface technology, and clinical research and drug development.
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What Are the Primary Growth Drivers for the neurophysiology devices and equipment Market?
The rising instances of neurological disorders globally contribute majorly to the growth of the neurophysiology device and equipment market. Among the regularly occurring conditions, neurological disorders are recognized as among the most prevalent. Over 600 neurological disorders exist, including brain tumors, epilepsy, Parkinson’s disease, Alzheimer’s, and more. These conditions are considered the leading cause group for Disability Adjusted Life Years (DALYs), representing the years lost because of illness, disability, or premature death. The escalating cases of neurological illnesses and the increasing populace of patients lead to a growing need for the devices utilized in the treatment of these disorders. The National Brain Tumor Society reported that about 83,570 people in the USA had Brain Tumors in 2021. This statistic indicates a rising demand for medical equipment used in treating neurological disorders, thereby boosting the Neurophysiology device and equipment market in the anticipated period.
What Are the Defining Segments of the Neurophysiology Devices And Equipment Market?
1) By Technology: Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECoG), Evoked potential (EP)
2) By Modality: Standalone, Portable
3) By End Users: Hospitals, Ambulatory Surgical Centers
What Trends Are Revolutionizing Standards in the Neurophysiology Devices And Equipment Market?
The businesses operating in the neurophysiology devices and equipment market are concentrating on technology advancement to boost the efficacy of their products. There’s a rise in cutting edge developments in brain monitoring equipment, such as EEG monitoring, Brain Simulation therapies, and Intraoperative Neurophysiological Monitoring. These breakthroughs are leading to the creation of devices employing or adopting procedures like advanced neuroimaging techniques, stem cell therapies, molecular interventions, and microbiome technologies. Additionally, there’s an emergent trend of creating portable and wearable technology designed for home monitoring of conditions like sleep apnea and epilepsy. For instance, in March 2022, Braintale, a company based in Paris that develops brain medicines, introduced their brainTale-care platform. This platform focuses on quantifying white matter and offering brainScore-coma, a service that can predict comas.
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What Regions Are Propelling Growth in the Neurophysiology Devices And Equipment Industry?
North America was the largest region in the neurophysiology devices and equipment market in 2023. Western Europe was the second-largest region in the global neurophysiology devices and equipment market share. The regions covered in the neurophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Neurophysiology Devices And Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the neurophysiology devices and equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Neurophysiology Devices And Equipment Market Include
1. Neurophysiology Devices And Equipment Market Executive Summary
2. Neurophysiology Devices And Equipment Market Segments
3. Neurophysiology Devices And Equipment Market Size And Template Market Growth Rate
4. Key Neurophysiology Devices And Equipment Market Trends
5. Major Neurophysiology Devices And Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Neurophysiology Devices And Equipment Market
26. Top Neurophysiology Devices And Equipment Companies
27. Neurophysiology Devices And Equipment Market Opportunities And Strategies
28. Neurophysiology Devices And Equipment Market, Conclusions And Recommendations
29. Appendix
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