The Global Electro-Diagnostic Devices Market, by Product Type (Electromyogram (EMG), Nerve Conduction (NCS), Electrocardiography (ECG), Electroencephalography (EEG), Electroretinography (ERG), Electrogastrography (EGG), and Others), by End User (Hospitals & clinics, Ambulatory care research centers, Rehabilitation centers, Diagnostic centers and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 970.66 million in 2017, and is projected to exhibit a CAGR of 7.5% over the forecast period (2018 - 2026).
Electro-diagnostic devices are used to diagnose diseases by passively recording the electrical activity of body parts. Rising prevalence of neuromuscular diseases has boosted growth of the electro-diagnostic devices market. According to Centers of Disease Control and Prevention (CDC), Amyotrophic Lateral Sclerosis (ALS), a fatal neuromuscular disease had prevalence of 5.2 per 100,000 population and a total of 16,583 cases were registered in the U.S. in 2015. Rising awareness regarding early diagnosis of the neuromuscular diseases has increased the demand for EEG and EMG procedures into the market. Since recent past, electro-diagnostic devices have gained popularity in hospitals and ambulatory surgical centers due to high accuracy over magnetic imaging technologies to diagnose various disease conditions, which in turn has fuelled growth of the market. Growing geriatric population across the world is increasing the risk of neuromuscular disorders, owing to loss of muscle mass and strength, and declining neurophysiological functions in elderly population. According to report published by United Nations in 2017, the number of older people within age group 60 years or over is expected to reach from 962 million globally in 2017, to 2.1 billion in 2050. Moreover, growing demand for portable devices with accuracy and safety at point of care settings is expected to drive growth of the electro-diagnostic devices market during the forecast period.
Browse 27 Market Data Tables and 14 Figures spread through 145 Pages and in-depth TOC on "Electro-Diagnostic Devices Market, by Product Type (Electromyogram (EMG), Nerve Conduction (NCS), Electrocardiography (ECG), Electroencephalography (EEG), Electroretinography (ERG), Electrogastrography (EGG) and Others), by End User (Hospitals & clinics, Ambulatory care research centers, Rehabilitation centers, Diagnostic centers and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"
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Manufacturers in electro-diagnostic devices market are focused on expanding their business in emerging economies such as China, which offers untapped growth opportunities due to its increasing ageing population. Rising healthcare spending and low cost of medical treatment in the Asian countries has contributed to the transformation of medical sector in emerging economies. New entrants in this market are offering innovative and advanced designs for electro-diagnostic devices challenging existing players with their technologically advanced products. Thereby, major players in this market are launching new products and acquiring smaller companies, to extend their product portfolio and simultaneously develop their own products by advantage of the core competencies, thereby expanding their share in the market.
Key Takeaways of the Electro-Diagnostic Devices Market:
- The global electro-diagnostic devices market is expected to expand at a CAGR of 7.5% during the forecast period (2018–2026), owing to rising prevalence of degenerative neurological disorders. According to The ALS Association 2016, over 5,000 people in the U.S. are diagnosed with ALS annually. Moreover, it is estimated that more than 20,000 Americans have ALS at any given point of time.
- Among product type, Electroencephalography (EEG) segment is expected to hold the major revenue share in 2018, owing to increasing usage of EEG devices with the hybrid Brain Computer Interface (BCI) techniques, as they are extensively used with other brain/non-brain signal acquisition modalities
- Among end user, the hospitals & clinics segment is expected to hold the major revenue share in 2018, owing to high accuracy of these devices in the early diagnosis of the disease
- Major players operating in the global Electro-Diagnostic Devices market include Medtronic, Abbott, Boston Scientific Corporation, Siemens Medical Solutions, Philips Medical Systems, GE Healthcare, Noraxen, Viasys Healthcare, Natus Medical, Cadwell Laboratories Inc, Compumedics Limited, and Nihon Kohden
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