A prominent rise in mental stress due to hectic work schedules and an increase in chronic disorders as well as contagious diseases has enhanced the demand for neuromonitoring equipment. Furthermore, the growing trend of using non-invasive and minimally invasive intraoperative medical equipment for identifying neurological disorders in patients will boost the global market trends. Massive government investments in research activities for developing minimally invasive medical equipment have increased the penetration of new neuromonitoring devices in the healthcare sector. As per the report published by Allied Market Research, the global neuromonitoring devices market is set to garner revenue worth about $10.3 billion by 2030.
Post COVID-19 Impact Scenario
According to NCBI, massive neurological complications were witnessed in the cured COVID-19 patients post COVID-19 pandemic. Reportedly, healthcare service providers made use of continuous electroencephalography, a non-invasive method measuring cortical electrical activity, for cured COVID-19 patients who were considered to be prone to neurological disorders. Furthermore, the rise in the occurrence of neurological complications and symptoms such as acute encephatology, neuromuscular ailments, and seizures witnessed in COVID-19 patients has generated huge demand for non-invasive multimodal neuromonitoring devices.
Key participants in the global neuromonitoring devices market are executing strategies such as the introduction of new neuromonitoring equipment for assisting healthcare professionals in diagnosing neurological complications in patients. In addition, the new product offerings will help in increasing the expanding customer base of the market players. Moreover, acquisitions have helped industry players in increasing the global reach of their products, adding to product extensions, entering new product lines, and fulfilling product demand. This, in turn, will open new growth opportunities for the neuromonitoring devices market across the globe.
This key strategy has also helped the industry players in generating value for their products, improving brand equity of products, and strengthening product positioning in the global market. Furthermore, acquisitions are anticipated to help the industry players in increasing their geographical presence along with creating new revenue streams for their business. Let us discuss some of the key trends that are expected to leverage the growth of the global neuromonitoring devices market across the globe.
V4 Nerve Monitoring Equipment To Augment Neuromonitoring Devices Product Line
New product launches have strongly leveraged the growth of the medical equipment industry and this also includes the global neuromonitoring devices industry. NuVasive, Inc., a leading player in the spine technology sector, launched the Cohere®TLIF-O implant. Reportedly, the firm is set to launch Cohere TLIF-A implant in the near future. Moreover, the firm is also planning to launch a new kind of neuromonitoring equipment in the coming years.
Furthermore, Neurosign, a pioneer offering reliable and cost-efficient nerve monitors, introduced the V4 system for monitoring spinal nerve roots and cranial nerves at the time of surgeries. For the record, the U.S. Food and Drug Administration (FDA) cleared the use of V4 8- channel and V4 4-channel nerve monitoring devices. The strategic move of the firm is aimed at expansion across its neuromonitoring devices portfolio across the globe.
Continuing with the trend of new product launches, Rauemedic, a medical technology manufacturer, introduced Raumed Home ICP, medical equipment for monitoring intracranial pressure at home. Reportedly, the device was created for patients affected due to hydrocephalus, a diseased condition in which there is an excessive proportion of cerebrospinal fluid gathered in the brain. Moreover, the medical equipment received CE marking. The initiative is aimed at expanding its consumer base in the healthcare portfolio across the globe.
SpecialtyCare, Inc. Acquisition To Boost Morgan Stanley Infrastructure Partners’ Business Expansion
Acquisitions are projected to play a long-term impact on the growth of the global neuromonitoring devices market. Assure Holdings Corporation, an intraoperative neuromonitoring services provider, acquired Sentry Neuromonitoring LLC, a key provider of intraoperative neuromonitoring services. The strategic move will help Assure Holdings reinforce its position in the global neuromonitoring devices market along with improving economies of scale.
The initiative will help Sentry’s cash flows and augment its future revenues. Moreover, Morgan Stanley Infrastructure Partners acquired SpecialtyCare, Inc. from Kohlberg & Company, LLC. Reportedly, SpecialtyCare, Inc. is a key provider of extracorporeal membrane oxygenation, cardiovascular perfusion, intraoperative neuromonitoring, and autologous perfusion services. The move is aimed at augmenting the portfolio expansion of Morgan through entering a new neuromonitoring services business.
Continuing with the growing trends of acquisitions, Alphatec Holdings, Inc., a medical equipment manufacturing firm, acquired SafeOp Surgical, Inc., a medical equipment firm developing surgical devices for treating spine disorders. Both the firms jointly developed SafeOp™, a SafeOp Neural Informatix System which is approved by the U.S. FDA. Moreover, the system offers surgeons real-time information for determining and monitoring the health of nerves at risk during lumbar interbody fusion surgeries.
The strategic move of both firms is aimed at improving the positioning of their products in neuromonitoring devices industry. Market players are coining new and innovative business strategies for expanding their product portfolio along with contributing substantially towards the expansion of the medical device industry. Furthermore, implementation of these strategies is likely to help the industry players in product innovations, contribute notably towards patient care, and adding sizably to their return on investments.
Authored by: Mr. Dhananjay Punekar
Author Biography: Dhananjay Punekar is writer, avid reader & book lover, and interested in watching sports. He holds post graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research.
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