Hyderabad, Telengana -- (SBWire) -- 02/13/2023 --Overview:
Electro-diagnostics is a type of examination that determines the rate or amount of electrical activity in the body. Electro-diagnostics equipment checks the electrical conduction or activity of muscle and nerve impulses. These gadgets assist practitioners or physicians in recommending diagnoses such as myopathy, neuropathy, neuromuscular junction dysfunction, and plexopathy for patients. Nerve conduction studies (NCS), somatosensory evoked potential studies (SSEPs), and electromyography are the most common electro-diagnostic tests (EMG).
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Market Size and Future Apprehension:
According to the most recent DataM Intelligence analysis, the worldwide "Electro-Diagnostic Devices Market" is expected to grow at a high CAGR over the forecast period 2023-2030.
Market Dynamics:
Drivers:
The growing prevalence of neurological and musculoskeletal disorders is one of the main drivers of growth in the electro-diagnostic devices market. As the world's population continues to age, the number of people affected by these conditions is expected to increase. Additionally, advances in medical technology have led to the development of more advanced electro-diagnostic devices that can provide more accurate and detailed information about the body.
Another driver of growth in the electro-diagnostic devices market is the increasing demand for home-based monitoring of chronic conditions. With the rise of telemedicine and connected health devices, patients are able to receive medical care from the comfort of their own homes. This has led to a growing demand for portable and easy-to-use electro-diagnostic devices that can be used at home to monitor and manage conditions such as epilepsy and sleep disorders.
Restraints:
However, one of the greatest obstacles impeding market growth is the high cost of electro-diagnostic instrument setup and maintenance.
Market Challenges:
Despite these drivers, the electro-diagnostic devices market faces several challenges as well. One of the biggest challenges is the high cost of these devices, which can be prohibitively expensive for many patients. Additionally, there is a shortage of trained healthcare professionals who are able to use these devices effectively, which can limit their widespread adoption.
Segmentation Analysis:
The global Electro-Diagnostic Devices Market can be segmented by Product Type, Product Mobility, End-User, and Region
By Product Type:
- Electrocardiography (ECG)
- Electromyogram (EMG)
- Electroencephalography (EEG)
- Nerve Conduction (NCS)
- Electroretinography (ERG)
- Electrogastrography (EGG))
By Product Mobility:
- Stationary
- Portable
By End-User:
- Hospitals and Clinics
- Ambulatory Surgical Centers (ASCs)
- Homecare, Diagnostic Centers
Competitive Landscape:
The worldwide electro-diagnostic devices market is very concentrated, with a few significant manufacturers controlling the majority of the market share. Among the prominent players with a sizable market share are:
- Stryker Corporation,
- Becton,
- Dickinson and Company,
- Boston Scientific,
- Medtronic,
- Abbot,
- Bionet America, Inc.,
- Philips Healthcare,
- Cardinal Health,
- GE Healthcare, and B. Braun Melsungen AG
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Regional Analysis:
Because of the rising number of modern and well-staffed hospitals and higher healthcare spending in this region, North America is expected to occupy the majority of the worldwide electro-diagnostic devices market during the predicted period (2022-2029). According to the American Hospital Association, over 6,093 hospitals now have more than 920,531 staff bed capacity, with over 33,356,853 admissions in 2022 producing $ 1,213,881,001,000 in expenditure. Furthermore, the region's expanding elderly population and chronic illness cases contribute to the region's dominance in the worldwide electro-diagnostic device market.
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Electro-Diagnostic Devices Market Potential and Niche Segments, Geographical Regions and Trends to 2023-2030
Electro-Diagnostic Devices Market is segmented By Product Type (Electrocardiography (ECG), Electromyogram (EMG), Electroencephalography (EEG, By Product Mobility (Stationary, Portable), By End-User (Hospitals and Clinics, Ambulatory Surgical Centers (ASCs), Homecare, Diagnostic Centers)