Global Neuromicroscopy Market: Snapshot
Companies are integrating latest technologies to provide devices at affordable cost. Moreover, increase in the number of neurosurgeries, the rise in the customized microscopy solutions and the increase in funds by government in various countries for healthcare sector are also contributing towards the growth of the global market for neuromicroscopy. Manufacturers are also designing new neurosurgical microscopes with video technology, thereby providing an option to view and record procedures. High-resolution images along with the high-speed autofocus are also being provided by manufacturers. Meanwhile, integration of Virtual Reality (VR) technology in microscope imaging system is also gaining traction in the global market for neuromicroscopy. Also, the rise in geriatric population is fueling the demand for better treatment.
However, increased cost of advanced microscopes and heavy custom and excise duty imposed by government in various countries are negatively impacting the growth of the market.
As per the latest study by Transparency Market Research (TMR), the global market for neuromicroscopy is anticipated to experience steady growth. The market is estimated to increase to 5.5% CAGR during 2017-2026, reaching US$ 99.7 million revenue towards 2026 end.
Devices- Top-Selling Product
Devices are likely to be one of the top-selling products in the global market for neuromicroscopy. By 2026 end, devices are estimated to reach nearly US$ 80 million revenue. Meanwhile, softwares are also anticipated to witness strong growth during 2017-2026. With the rise in the various neurological disorders, manufacturers are producing advanced devices that can help in diagnoses as well as assist in surgical procedures.
Hospitals to Emerge as the Largest End Users in the Global Market for Neuromicroscopy
Compared to the various end users, hospitals are likely to gain more than half of the revenue share towards 2017 end. Hospitals are estimated to reach nearly US$ 60 million revenue towards 2026 end. Meanwhile, specialty clinics are also likely to witness growth between 2017 and 2026.
Standalone Devices to Gain Maximum Revenue Share
Standalone devices are likely to account for more than half of the revenue share by 2017 end. Standalone devices are also estimated to exceed US$ 70 million revenue by 2026 end.
Europe to Remain Dominant in the Global Neuromicroscopy Market during 2017-2026
Europe is anticipated to emerge as the most attractive region in the global market for neuromicroscopy. The region is also likely to witness robust growth between 2017 and 2026. Medical tourism initiatives are being taken up, especially to treat critical diseases such as cancer. Moreover, various universities and institutions in the region are also conducting research in the field of neuroscience to come up with the devices that can help in the treatment of various neurological disorders.
On the other hand, North America is also anticipated to witness growth in the neuromicroscopy market between 2017 and 2026. Government is taking an initiative to support on-going research in the field of neuroscience and also the presence of major market players are some of the factors driving the growth of neuromicroscopy market. Asia Pacific Excluding Japan (APEJ) also presents an opportunity for market players, owing to the increase in healthcare expenditure in countries such as India and China.
Major participants in the global market for neuromicroscopy market include Hitachi Ltd, GE Healthcare Inc., Siemens AG, Carl Zeiss Meditec AG, Koninklijke Philips N.V., Danaher Corporation, Pridex Medicare Pvt. Ltd., Synaptive Medical Inc., and Haag-Streit AG. Major market players are trying to gain competitive advantage by focusing on innovative technologies.
Global Neuromicroscopy Market: Overview
Increasing prevalence of disorders including Alzheimer’s and Parkinsonism disease together with other disorders are leading towards the new developments in neuroscience industry. Neuroscience is an important field that relies heavily on developments in microscopy for brain imaging and to understand neurological mechanisms. Manufacturers are introducing new technologies for mapping brain in order to understand brain function in a better way. There has also been an increase in demand for various microscopy and imaging tools to visualize intra-neural connections and nervous functionalities. Moreover, increasing geriatric population is expected to drive the demand for better treatment and medication.
Companies in the market are emphasizing on the research and development and also new developments using advanced technologies. Also, with the rise of microsurgery, development of advanced surgical microscopes enabling surgeons to perform delicate surgery is gaining popularity.
Global Neuromicroscopy Market: Research Methodology
Macro-economic indicators such as gross domestic product, market outlook, and others have been considered to determine market numbers. The bottom-up and top-down approach has been used to derive at market numbers and counter-validate the reached numbers for the global neuromicroscopy market. Major factors attributing to the market growth have also been included in the report. The report also talks about the technologies that will influence the market growth. The report also provides actionable insights and strategic recommendations in the global neuromicroscopy market.
The report has also analyzed historical trend to track the data. The global neuromicroscopy market report also includes market dynamics such as drivers, trends, opportunities, and restraints. In-depth analysis of the on-going developments in the market has also been included in the report. The report comprises of the market attractiveness analysis, SWOT analysis, and Porter’s five force analysis. The analysts have also performed primary and secondary research to analyze data and draw conclusions. The questionnaire has been used to collect required information with the help of primary research interviews. To understand the report easily, the data has been presented using various types of charts and info-graphics. The report also segments the market to provide an in-depth understanding of various product types, end users, and modality.
Global Neuromicroscopy Market: Market Segmentation
The global neuromicroscopy market represents various segments such as product type, end user, and modality. Based on the product type, the segment includes devices, softwares, and services. Based on the end user, the market is segmented into hospitals, ambulatory surgical centers, and specialty clinics. Based on modality, the market segment includes standalone devices and portable devices.
Geographically, the global neuromicroscopy market is segmented into North America, Asia Pacific Excluding Japan (APEJ), Europe, Latin America, Japan, and the Middle East and Africa (MEA). All the segments in the report have been examined carefully by providing information on revenue, market size, sales, to understand the scope of the market and potential growth.
Global Neuromicroscopy Market: Competitive Landscape
The report has also offered a detailed profile of various leading market players in the global neuromicroscopy market such as Carl Zeiss Meditec AG, Danaher Corporation, GE Healthcare Inc., Siemens AG, Koninklijke Philips N.V., Hitachi Ltd, Haag-Streit AG, Synaptive Medical Inc., and Pridex Medicare Pvt. Ltd. The report also provides information on various activities by market players such as partnerships, mergers and acquisitions, launching of new products, etc. which may influence the market growth during 2017-2026. The report also offers information on the key players, based on various parameters including financial overview, strategies, product portfolio, company overview, and latest developments.