The nerve monitoring devices market had value of $ more than 1001 million in 2014 and is estimated a growth of over 8.5% CAGR in the coming period. Growing occurrence of neurological ailments is expected to boost the market growth rapidly. The commonest neurological disorder is epilepsy as around 50 million world population is suffering from this globally as per WHO.
WHO statistics says that geriatric population is expected to almost be twice from 12% to 22% by 2050. Around 20% people of 60 and above have neurological disorders out of which 6.6% are geriatric people. This is expected to drive nerve monitoring device market over the forecast period. The initiation of advanced technological products like wearable apparatus is going to show considerable raise in the market.
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The market is trifurcated into technology, products, and regions. The major technologies included are evoked potential,Electroencephalography, Electromyography, and Electrocorticography. Somatosensory, Transcranial Electrical Motor, Brainstem Auditory, and Visual Evoked potential are the contents of Evoked potential.
Electroencephalography led the sector with almost 65% share and is anticipated a profitable raise in future. Alternatively, electromyography as well is going to lead the market due to increasing occurrence of neuromuscular disorder like muscle rheumatism and dystrophies.
Monitor, ancillary, and electrode are the product segments. The market was dominated by monitor segment with share more than 75% due to high demand along with more cost. On the other hand, ancillaries like sponge disks, disposable filter, abrasive gel, electrode creams, and alcohol swabs are anticipated a profitable growth in the future. It is possibly due to repeated buying of these accessories and augmented practice of system monitoring nerves.
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Region wise the industry is divided into North America, Asia Pacific, Europe, Middle East, Latin America, and Africa. North America led with share more than 45% in 2014. This was because it had the system of advanced healthcare, increasing disposable earnings, preventive diagnosis, and approving reimbursement.
The major operating industries are Medtronic Plc., Neurosign Surgical, NuVasive, Inc., Neurowave Systems, Nihon Kohden, Cadwell Laboratories, Natus Medical Inc., Compumedics Limited, and Langer Medical GmbH. The main trend of the market was collaboration, new launches of product, and advancements of technology.
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