Neurology Monitoring Market is Expected to be Flourished by Increasing Prevalence of Neurological Disorders

Neurology Monitoring Market


 Neurology monitoring involves various diagnostic and monitoring techniques to evaluate neurological conditions and function of the nervous system. It helps in detecting and monitoring various neurological disorders such as epilepsy, Parkinson's disease, Alzheimer's disease, and others. Neurophysiological tests such as electroencephalography (EEG), electromyography (EMG), and others are commonly used for neurology monitoring. EEG helps in monitoring neurological changes in the brain through electrodes placed on the scalp, while EMG records electrical activity produced by muscles and their motor neurons. These advanced monitoring techniques provide crucial information to physicians for diagnosis and treatment of various 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 5.9% 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 be a major driver for the neurology monitoring market during the forecast period. According to the Alzheimer's Association, an estimated 6.2 million Americans aged 65 and older are living with Alzheimer's dementia in 2021 and this number is expected to rise to around 12.7 million by 2050. Alzheimer's disease is the sixth leading cause of death in the United States. Similarly, the Parkinson's Foundation states that nearly 1 million Americans are living with Parkinson's disease and around 60,000 new cases are diagnosed each year in the United States. Technological advancements in neurophysiological monitoring devices along with growing adoption of remote monitoring systems are also fueling the market growth. Various players are focusing on development of compact, wireless, and cloud-based monitoring systems for home healthcare and remote patient monitoring, which is increasing the affordability and accessibility of neurology monitoring. Moreover, increasing healthcare expenditure and investments in R&D for diagnosis and monitoring of neurological disorders are some other prominent factors propelling the market growth.
Segment Analysis
The neurology monitoring market is segmented into product, application, end-user, and geography. The product segment is further divided into magnetoencephalography, electroencephalography, intracranial pressure monitors, and cerebral oximeters. Among these, the electroencephalography segment currently dominates the market due to rising cases of neurological disorders like Alzheimer's disease, epilepsy, and Parkinson's disease.

PEST Analysis
Political: Government initiatives and funding for research and development of neurology monitoring devices are expected to accelerate market growth.
Economic: Rising healthcare expenditure with increasing disposable income and growing awareness about neurological disorders is fueling market expansion.
Social: Increasing incidence of neurological disorders like Alzheimer's disease, dementia, epilepsy, and Parkinson's disease is driving demand for neurology monitoring devices.
Technological: Introduction of innovative devices with augmented capabilities for early diagnosis is positively impacting the market. Advancements in wireless technology is also facilitating remote monitoring.

Key Takeaways
The global Neurology Monitoring Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The rising prevalence of neurological disorders with surging geriatric population and growing demand for non-invasive diagnostic techniques are fueling market revenue.

Regional analysis: North America currently holds the largest market share owing to high awareness levels and healthcare expenditure. However, Asia Pacific is projected to witness the fastest growth due to improving economic conditions and growing medical tourism in countries like India and China.

Key players: Key players operating in the neurology monitoring market are 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). Masimo Corporation is a leading player with strong product portfolio in cerebral oximetry monitoring devices.

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