The neurology monitoring market encompasses a wide range of medical devices that are used for diagnosing and monitoring neurological conditions such as epilepsy, multiple sclerosis, Alzheimer’s disease, Parkinson’s disease and sleep disorders. Monitoring devices such as electroencephalography (EEG), intracranial pressure monitors, electromyography (EMG) and oximeters are widely utilized for detecting abnormal brain activities and functions. An increasing number of people suffering from neurological disorders is one of the key factors augmenting demand for neurology monitoring devices. It is estimated that over 150 million people globally suffer from a neurological condition each year. Neurological disorders not only diminish quality of life but also impose huge economic burden on healthcare systems. Continuous monitoring allows for timely diagnosis and prevents complications, which is driving adoption of such devices.
The global Neurology Monitoring Market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the neurology monitoring market is the integration of wearable and remote patient monitoring technologies. Major players are focusing on developing wearable devices such as smartwatches and bands integrated with EEG and EMG sensors for home-based monitoring. This allows continuous recording of vital parameters without hospitalization and helps in early detection of seizures or abnormal activity. For instance, companies such as Empatica and NeuroSky have developed wearable EEG monitoring devices for patients with epilepsy, dementia and sleep disorders. Further, remote patient monitoring platforms enable transmission of recorded data to physicians, facilitating remote diagnosis and care. This trend is expected to drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The neurology monitoring market requires high R&D investments and regulatory approvals which makes the threat of new entrants moderate.
Bargaining power of buyers: Individual consumers have low bargaining power while large hospitals and diagnostic centers have moderate bargaining power due to the specialized equipment and services required.
Bargaining power of suppliers: A few large players dominate the production of neurology monitoring devices which gives them significant bargaining power over buyers.
Threat of new substitutes: There are limited substitutes for neurology monitoring devices due to the specialized nature of applications. The threat is low.
Competitive rivalry: The neurology monitoring market is consolidated with key global players competing. Players differentiate based on technology and service.
Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth over the forecast period. The adoption rate of neurology monitoring systems is increasing due to a rise in neurological disorders. The global Neurology Monitoring Market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Regional analysis- North America holds the largest share of the neurology monitoring market owing to favourable reimbursement policies as well as the increasing prevalence of neurological diseases in the region. Asia Pacific is expected to grow at the fastest pace over the forecast period due to growing healthcare spending, rising awareness regarding neurology monitoring, and expanding medical infrastructure in countries such as China and India.
Key players – Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. Players adopt strategies such as new product launches, mergers, partnerships and geographical expansion to gain market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it