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.


Get More Insights Here

https://www.newsstatix.com/neurology-monitoring-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

"Global Heparin Market: Current Trends and Future Prospects"

Image
  Heparin, a crucial anticoagulant, has been a mainstay in the pharmaceutical industry for many years. It plays a pivotal role in preventing and treating conditions such as deep vein thrombosis, pulmonary embolism, and various cardiovascular diseases. As we delve into the current state of the heparin market, we will explore the trends, challenges, and opportunities that shape this vital segment of the pharmaceutical industry. Market Overview: The global heparin market has experienced steady growth over the years, driven by an aging population, increasing cases of cardiovascular diseases, and a rising awareness of the importance of anticoagulants in healthcare. Heparin is available in various forms, including unfractionated heparin (UFH) and low molecular weight heparin (LMWH), each with its own set of applications and market dynamics. Trends: 1.      Rising Demand for LMWH : Low molecular weight heparin is gaining popularity due to its ease of administr...
Read more

"Advancements in Cystic Fibrosis Treatment: A Comprehensive Market Analysis"

Image
  The cystic fibrosis market has seen significant advancements and changes in recent years. Cystic fibrosis is a genetic disorder that affects the lungs and digestive system, leading to thick and sticky mucus production that can cause serious respiratory and digestive complications. The introduction of new therapies and treatments, such as CFTR modulators, has revolutionized the management of cystic fibrosis, offering hope and improved quality of life for patients. These drugs target the underlying genetic mutations responsible for the condition, helping to alleviate symptoms and slow disease progression. However, challenges remain in the cystic fibrosis market . Access to these ground-breaking therapies can be limited due to high costs, and ongoing research is needed to develop treatments for all genetic mutations associated with the disease. Additionally, the market continues to evolve as new therapies and innovations emerge. Collaborative efforts between pharmaceutical compani...
Read more

Botanical Packaging is Estimated to Witness High Growth Owing to Growing Environmental Concerns

Image
  Botanical Packaging Market Botanical packaging involves using various plant-based materials like corn starch, wheat starch, soy protein, bamboo, bagasse as raw materials for manufacturing boxes, cartons, bags and wrapping films for packaging applications. These biodegradable materials offer attractive sustainability advantages over traditional petroleum-based plastics. Botanical packaging finds widespread application in food, beverage, pharmaceutical, personal care and homecare industries for primary, secondary and tertiary packaging needs. The global botanical packaging Market is estimated to be valued at US$ 138.24 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031.   Market Dynamics: Growing environmental concerns about the menace of plastic pollution have been fuelling adoption of sustainable packaging alternatives globally. One of the key drivers for botanical packaging market is the stringent government policies and regulati...
Read more