by Neurological monitoring plays a key role in the diagnosis and treatment of various neurological disorders. Technological advancements have enabled continuous and remote monitoring of neurological parameters such as intracranial pressure, brain oxygen levels, electroencephalography, and electromyography. Devices used for neurological monitoring include electroencephalography machines, intracranial pressure monitors, cerebral oximeters, electromyography devices, and nerve conduction study devices. These devices are used for monitoring neurological parameters among patients suffering from head injuries, sleep disorders, epilepsy, Parkinson’s disease, and multiple sclerosis.
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 5.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of neurological disorders is expected to drive the growth of the Neurology Monitoring market during the forecast period. As per the World Health Organization (WHO), neurological disorders accounted for nearly 10% of the global disease burden and have significant impacts on disability and mortality. Moreover, according to the same source, neurological disorders contribute to around 6.8% of total deaths globally. Technological advancements that enable earlier detection, diagnosis, and treatment of neurological disorders are also expected to fuel market growth. For example, novel continuous neurological monitoring devices are designed to detect epileptic seizures quickly and help determine focal brain regions to guide surgical procedures. Further, miniaturization of neurological monitoring devices has enabled ambulatory and outpatient monitoring, thus driving market demand.
Segment Analysis
The neurology monitoring market can be segmented into products, application and end users. Based on products, the neurology monitoring market is dominated by magnetic resonance imaging (MRI) segment owing to higher adoption of MRI systems for neurology applications as they provide excellent soft tissue contrast without using ionizing radiation. MRI segment is followed by electroencephalography segment.
PEST Analysis
Political: Government initiatives to increase funding for neurological disorder research and development of newer diagnostic solutions will boost the market growth.
Economic: Rising healthcare expenditure, growing geriatric population susceptible to neurological disorders will positively impact the market.
Social: Increasing awareness about benefits of early disease diagnosis and availability of advanced treatment options are fueling the market growth.
Technological: Continuous technological advancements in neurodiagnostic devices such as development of high resolution imaging, portable monitoring devices are expanding application areas.
Key Takeaways
The Global Neurology Monitoring Market Demand is expected to witness high growth. 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 5.5% over the forecast period 2023 to 2030.
The North America neurology monitoring marketdominated the market and accounted for the largest share in 2023 owing to the presence of major players, rising prevalence of neurological disorders, availability of advanced healthcare infrastructure and reimbursement framework in the region.
Key players operating in the neurology monitoring market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Key players are mainly focused on product launches and approvals to expand their product portfolio and strengthen market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
