The Neurology Monitoring Market is estimated to be valued at US$ 5,618.9 Mn in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurology monitoring involves the monitoring and diagnosis of various neurological disorders and conditions using advanced medical devices and technologies. These devices help in the assessment of the brain and nervous system, assisting in the diagnosis and treatment of neurological diseases such as epilepsy, stroke, and Parkinson’s disease. The market offers a wide range of products such as EEG systems, EMG systems, intracranial pressure monitors, and cerebral oximeters, which provide accurate and real-time monitoring of brain activities. These devices are extensively used in hospitals, clinics, and research centers to monitor patients with neurological conditions, thereby improving patient care and outcomes.
Market Dynamics:
The neurology monitoring market is driven by various factors, including the rising prevalence of neurological disorders, increasing geriatric population, technological advancements in monitoring devices, and growing awareness about neurological conditions. Additionally, the demand for non-invasive and portable monitoring devices is fueling market growth. Furthermore, favorable reimbursement policies and government initiatives to improve healthcare infrastructure are expected to propel market growth during the forecast period. However, the high cost of monitoring devices and the lack of skilled professionals may hinder market growth to some extent. Nonetheless, ongoing research and development activities aimed at enhancing device performance and accuracy are expected to create lucrative opportunities in the market.
Segment Analysis:
The neurology monitoring market can be segmented based on product type, end-user, and region. In terms of product type, the market is dominated by devices such as electroencephalography (EEG) machines, magnetoencephalography (MEG) machines, intracranial pressure (ICP) monitors, and cerebral oximeters. Among these, EEG machines hold the largest market share due to their widespread use in diagnosing and monitoring neurological disorders. These devices are commonly used in hospitals and clinics for detecting brain wave patterns and diagnosing conditions such as epilepsy, sleep disorders, and brain injuries.
PEST Analysis:
Political: The political environment plays a crucial role in the neurology monitoring market. Regulations and policies regarding medical device approvals, reimbursement, and patient data protection can have a significant impact on the market dynamics.
Economic: Economic factors such as healthcare expenditure, income levels, and healthcare infrastructure influence the demand for neurology monitoring devices. The market is expected to grow steadily as healthcare spending continues to rise, especially in emerging economies.
Social: The growing prevalence of neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, and epilepsy, is a major social factor driving the demand for neurology monitoring devices. Moreover, the increasing awareness about early diagnosis and treatment of neurological conditions is also contributing to market growth.
Technological: Technological advancements in neurology monitoring devices are revolutionizing the market. Innovations in EEG and MEG machines, the integration of artificial intelligence and machine learning algorithms, and the development of portable and wireless monitoring systems are enhancing the accuracy, efficiency, and convenience of neurology diagnostics.
Key Takeaways:
The global Neurology Monitoring Market Insights is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period of 2022-2028. This growth can be attributed to the increasing prevalence of neurological disorders, rising healthcare expenditure, and technological advancements in monitoring devices.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the neurology monitoring market. The region’s well-established healthcare infrastructure, favorable reimbursement policies, and high adoption of advanced medical technologies are contributing to its market dominance.
Key players operating in the neurology monitoring market include Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare). These key players are actively involved in product launches, partnerships, and mergers to strengthen their market position and expand their product offerings.
