Neurodiagnostic and Monitoring Devices Market is Expected to Grow at a CAGR of 8.0% by 2019
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Electroencephalography is the technique of recording spontaneous electrical activity of the brain over short periods of time. The device is capable of mapping the electrical activity for neurology diagnostics, particularly for diseases such epilepsy, brain disorders such as dementia, encephalopathy, sleep disorders, tumors and stroke. All devices map electrical activity, yet software applications determine the number of functions that can be utilized which decide the cost of the device. An EEG test cost varies greatly from US$ 100 to US$ 500 in United States, approximately GBP 10 to GBP 25 in United Kingdom and approximately US$ 30 in India. The cost of the EEG device ranges from US$ 3,500 to US$ 10,000 over the world. There is a rising trend of EEG?s that have been developed to transmit data wirelessly to a computer. Companies such as Emotiv, Advanced Brain Monitoring and g.tec medical engineering are popular for their wireless EEG platforms. The MEG is more accurate than an EEG due to reduced effect of skin and tissue interference in magnetic fields, a characteristic that is encouraging the growth of the market. That being said, the device is several times more expensive than an EEG system and hence has a severe drawback for growth of sales.
Increasing trend in application of child MEG tests is also believed to help grow the market along with the advent of fetal MEG since pediatric understanding of brain patterns can give excellent insight to the neural status of children. Studies on children are beginning to show interesting functional pathology in autism spectrum disorder, cerebral palsy, epilepsy and other types of neurological and other psychiatric disorders (Down syndrome, traumatic brain injury, Tourette syndrome, lack of hearing, childhood migraine).
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The global geographical analysis of the neurophysiological monitoring devices market is segregated into six regions of North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa. The market for electrophysiology devices such as electroencephalography has great demand from countries in North America and Europe. The demand is attributed to the greater awareness and skill required to interpret these devices, greater connectivity in terms of wireless healthcare networking solutions. The North America market for neurodiagnostics and neurophysiological monitoring devices was valued at US$ 459.9 million in 2014 and accounts for 44.0% of the global market.
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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