Enjoy complimentary customisation on priority with our Enterprise License!
The US neurodiagnostic and monitoring devices market size is estimated to grow by USD 827.88 million at a CAGR of 6.19% between 2023 and 2028. The market experiences growth driven by rising incidences and prevalence of neurological conditions, alongside a surge in demand for EEG procedures. Government and healthcare organizations' initiatives further propel market expansion. However, challenges arise from the high costs linked to neurodiagnostic and monitoring devices, coupled with complications inherent in such procedures. Additionally, there's a notable scarcity of skilled neurologists and neurodiagnostic technicians, hindering seamless healthcare delivery. Despite these obstacles, ongoing advancements in technology and concerted efforts from stakeholders aim to mitigate challenges, fostering innovation and accessibility in neurodiagnostic and monitoring services.
Due to the increased prevalence of brain disorders, there is an increase in demand for EEG procedures. In order to diagnose a large number of neurological disorders, an EEG test is essential. Moreover, EEG devices are also being increasingly used for other applications such as cognitive health and well-being, sleep quality improvement, and stress reduction. The increasing demand for EEG devices for the diagnosis of neurological disorders drives the adoption of EEG devices in the country. Hence, the rising demand for EEG procedures will propel the growth of the market during the forecast period.
To learn more about this report, Request Free Sample
Technavio has segmented the market into Product, End-user, and Application
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 to 2022, besides analyzing the current market scenario.
The market share growth by the ICP monitoring devices segment will be significant during the forecast period. The introduction of ICP devices in the market is stimulated by factors like an increased incidence of traumatic brain injury, cases of BTI and brain tumors, a rise in product launches as well a strong market player presence. Moreover, market players are developing various business strategies that will boost the adoption of ICP devices. The number of pure-play players is increasing in the market due to the growing number of product launches.
Get a glance at the market contribution of various segments View a PDF Sample
The ICP monitoring devices segment was valued at USD 713.58 million in 2018. The demand for both invasive and non-invasive techniques for ICP monitoring is growing. Transcranial Doppler (TCD) is used to estimate ICP non-invasively. TCD helps to detect the changes in cerebrovascular dynamics. Owing to the growing demand for TCD, players are concentrating on launching new products in the market. Thus, the increased benefit of ICP monitoring devices will drive the growth of the market during the forecast period.
Hospitals have cutting-edge medical equipment to detect/analyze the most critical cases and conduct surgeries. They have state-of-the-art infrastructure, which caters to the growing demand of physicians and patients. In addition, many reimbursement authorities and government organizations tie up with hospitals to provide treatment to patients. Furthermore, due to the increase in the target population requiring surgeries for treating a broad range of acute and chronic diseases, there will be a steady increase in the demand, which in turn will drive the growth of the market in the US in the hospitals segment during the forecast period.
Privately run clinic-based reference labs and diagnostic centers are laboratories that provide diagnostics and testing services to clinics. These types of reference diagnostic centers usually get references from small clinics, healthcare professional's offices, and nursing homes. Furthermore, market players are developing portable and compact neurodiagnostic and monitoring devices. The availability of these devices will increase the revenue of this segment by 2025. Advancements in technology, leading to the development of innovative products that deliver fast and timely treatment solutions, will also increase the growth rate of the market in the clinics segment during the forecast period.
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Advanced Brain Monitoring Inc.: The company offers neurodiagnostics and monitoring devices such as Stat X series mobile EEG systems and B Alert systems.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market in the US is witnessing significant advancements in technology and treatment options for various neurological disorders such as stroke, migraine, epilepsy, and neurodegenerative diseases. Cutting-edge imaging modalities including CT scanner, MRI scanner, Position emission tomography magnetic resonance imaging, computed tomography scanners and PET scanner play a crucial role in diagnosing conditions like ischemic stroke and monitoring brain health. Additionally, electroencephalogram systems (EEG) aid in detecting abnormal brain activity, while ultrasound imaging systems offer non-invasive monitoring solutions in ICUs. As the market continues to evolve, there's a growing emphasis on leveraging wearable technology for continuous monitoring and improving sleep monitoring techniques. With the increasing demand for precise diagnostics and effective treatments, the industry is focusing on enhancing its core competencies and exploring new micromarkets to address specific neurological needs. Industry stakeholders rely on directories and industry journals for insights into market trends and emerging procedures, driving innovation and growth in the field. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Increasing incidences and prevalence of neurological conditions is the key factor driving market growth. Patients with a comprehensive range of neurological disorders, including epilepsy, stroke, Parkinsons disease, and brain tumors, have a high risk of developing a disability. These neurological disorders develop due to various factors such as bacterial and viral infections, genetic factors, and the lack of immune response. Healthcare professionals use devices such as EEG, EMG, MEG, and ICP to diagnose neurological diseases for further interventions to save the lives of the patients.
Furthermore, a stroke can lead to malignant cerebral edema, which leads to inadequate blood flow. This increases intracranial pressure and brain shift, causing herniation syndrome leading to brain death. In such cases, ICP monitoring devices are used to measure intracranial pressure. Therefore, the increasing number of stroke cases in the US will boost the growth of the market during the forecast period.
The paradigm shift toward a hybrid brain-computer interface is the primary trend shaping market growth. The demand for non-invasive, hybrid brain-computer interface (HBCI) technologies has grown for enhancing the accuracy of neurodiagnostic procedures. EEG is a broadly accepted and mainly 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, enhance accuracy, and undervalue the signal detection time. The prominent market players are focusing on using HBCI technologies in the development of technologically advanced products for the diagnosis of various neurological diseases.
Moreover, the hybridization of MEG with MRI is under development. For example, the European Union is focusing on the development of a hybrid imaging scanner that combines MEG and MRI technology and allows structural MRI and functional MEG imaging of the human brain. Hence, the paradigm shift towards a hybrid brain-computer interface will propel the growth of the market in the US during the forecast period.
Complications related to neurodiagnostic procedures and monitoring is a challenge that affects market growth. EEG devices are mainly used to count the electrical activity of the brain. EEG is an adequate technique with no side effects and is performed by qualified healthcare specialists. In specific cases, patients with epilepsy undergoing the procedure may experience a seizure, which can lead to various medical complications. Seizures triggered by various factors during the EEG procedure, including flashing lights, can lead to false results.
Furthermore, the risks and complications associated with standard devices can enhance the adoption of alternatives. Therefore, the presence of alternative treatment options is expected to impede the growth of the US market to a certain extent during the forecast period.
Buy Now Full Report and Discover More
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The market in the US witnesses significant advancements driven by a rising incidence of neurological disorders and increased healthcare awareness. Key components like CT scanners, MRI systems, and PET scanners play pivotal roles in diagnostics, along with EEGs and sleep monitoring devices. However, challenges such as cost and the need for skilled workers persist. Leading players like Blackrock NeuroMed, Cadwell Laboratories, and Electrical Geodesic contribute to innovation, leveraging AI-driven platforms and wearable technology for enhanced patient care. As the population ages, demand for neuroimaging and neuromodulation devices rises, driving market expansion. Collaboration between private organizations, public entities, and institutions fosters growth, supported by insights from industry journals, databases, and expert analysis.
Moreover, the market encompasses a wide array of cutting-edge technologies and tools crucial for diagnosing and monitoring neurological conditions. Advanced imaging modalities such as CT scanners, MRI scanners, and PET scanners offer detailed insights into brain health, while devices like electroencephalograms (EEGs) and cerebral oximeters aid in real-time monitoring of brain activity and blood flow. Innovations like magnetoencephalography and transcranial cerebral oximeters further enhance diagnostic capabilities. With the rise in neurodegenerative diseases and an aging population, there's a growing demand for neurovative diagnostics and high-resolution imaging solutions. Integration of artificial intelligence-based tools and wearable smart clothing is revolutionizing the field, providing personalized care and real-time data analysis. As healthcare expenditure increases, so does the emphasis on clinical diagnostics and advanced brain imaging technologies, driving growth in this dynamic market.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.19% |
Market Growth 2024-2028 |
USD 827.88 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.24 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Brain Monitoring Inc., Ambu AS, Bio Signal Group Corp., Cadwell Industries Inc., Compumedics Ltd., Delsys Inc., ELMIKO BIOSIGNALS sp. z o.o., General Electric Co., Jordan NeuroScience, Koninklijke Philips N.V., Lifelines Neuro Company LLC, Masimo Corp., Medtronic Plc, Motion Lab Systems Inc, Natus Medical Inc., neurocare group AG, Nihon Kohden Corp., NovaSignal Corp., RAUMEDIC AG, and Viasonix Ltd |
Market dynamics |
Parent market analysis, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.