According to FutureWise analysis the market for neuromonitoring devices in 2023 is US$ 6.47 billion, and is expected to reach US$ 11.5 billion by 2031 at a CAGR of 7.5%.
In Neuromonitoring, peripheral and central nervous system neurophysiological functions are monitored during surgical procedures. As a result, the Neuromonitoring Devices market share is expected to grow. Technology has made significant advancements in medicine, with newer and more complex technologies being developed to assist physicians. Over the past few decades, many of these devices have become less invasive or noninvasive. A similar situation exists in the neuromonitoring device market, where multimodality noninvasive monitoring can now be used to gain therapeutic and predictive information. By recording data such as electrical impulse rate, blood flow, and oxygen level and displaying the results instantly, neuromonitoring devices can display the vital signs of a patient's brain. In hospitals, clinics, and other similar environments, these devices are commonly used. In the market, there are several types of neuromonitoring devices, such as doppler ultrasound, computed tomography, and magnetic resonance imaging. Neuromonitoring products and service providers are seeing an increase in medical tourism, which includes spine surgery, one of the fastest-growing specialties. Neuromonitoring would improve surgery results worldwide if used as part of medical tourism. As well as consumers, patients who travel for medical treatment are also often decision-makers. More neuromonitoring devices may be required in hospitals due to an increase in medical tourism patients. In addition, medical tourism would raise awareness about neuromonitoring and how to use it during surgery. Neuromonitoring devices are medical equipment that measure and record a person's brain activity. Various neurological disorders can be detected, monitored, diagnosed, or treated with these devices, including epilepsy, sleep disorders (including narcolepsy), movement disorders, and diseases of the central nervous system (CNS). During the forecast period, the neuromonitoring device market will grow due to the increasing prevalence of neurological diseases, the emergence of neurodegenerative diseases, the increase in traumatic brain injuries, and recent expansion of brain tracking in clinical studies. High costs of neuromonitoring devices and shortage of skilled technicians and personnel are expected to hinder market growth. In addition, a lack of qualified professionals for device performance and high due process costs associated with the deployment of neuromonitoring devices are expected to hinder the market expansion of neuromonitoring devices over the analysis period.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Neuromonitoring Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Neuromonitoring Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.