Neurology Monitoring Market Growth Accelerated by Advancements in Neurological Monitoring Devices

 

Neurological Monitoring Devices Market

Neurology monitoring involves the use of medical devices and technologies to monitor neurological conditions and activities in patients suffering from neurological disorders such as epilepsy, sleep disorders, Parkinson's disease, and headache disorders. Devices such as electroencephalogram (EEG) machines, electromyography (EMG) machines, intrathecal baclofen (ITB) pumps, and transcranial doppler (TCD) systems are commonly used for neurology monitoring in hospitals and neurodiagnostic centers. The global neurology monitoring market is estimated to be valued at US$ 6301.49 Mn or 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: Increasing incidence of neurological disorders owing to changing lifestyle and risk factors such as obesity, smoking, alcohol consumption, high stress levels is the primary driver boosting the growth of neurology monitoring market. It is estimated that around 50 million people in the United States suffer from epilepsy, stroke, Alzheimer's disease, Parkinson's disease, headaches and migraines, multiple sclerosis and other neurological disorders. Neurological conditions account for around 6.8% of the global disease burden according to WHO. Rising geriatric population is another driver fueling the market growth as elderly people are more prone to neurological problems. However, high costs associated with neurological devices and complex regulatory approval process hinders the market growth.

 

SWOT Analysis

 

Strength: Neurology monitoring devices offers real time and continuous monitoring of neurologic functions which helps medical professionals to closely monitor neurological conditions. These devices help reduce hospital stay and improve patient care. Advanced neurology monitoring devices are compact, portable and allows remote monitoring which increases its adoption rate.

Weakness: High cost of neurology monitoring devices limits its access in low resource setting. Technical issues and alert fatigue associated with continuous monitoring can decrease efficacy of these devices.

Opportunity: Growing geriatric population worldwide increases prevalence of neurological disorders driving the need for neurology monitoring. Adoption of remote and self monitoring neurology devices provide huge opportunities.

Threats: Strict regulatory approval process and replacement of these devices poses challenges. Delay in reimbursement policies impacts revenue generation.

 

Key Takeaways

The Global Neurology Monitoring Market Size is expected to witness high growth. Growing incidence of neurological disorders such as epilepsy, Parkinson's disease and headaches along with increasing adoption of neurology monitoring devices drives the market growth.

Regional analysis: Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to increasing healthcare expenditure, rising incidences of neurological disorders, growing medical tourism industry and presence of untapped opportunities in the region. China and India are expected to spearhead the market in the region supported by rising geriatric population, increasing investments by market players and improving healthcare infrastructure in these countries.

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. Players are pursuing inorganic growth strategies such as acquisitions and partnerships to gain higher market share.

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