The neurology monitoring market comprises Neurodiagnostic devices such as electroencephalography (EEG) devices, intracranial pressure (ICP) monitors, electromyography (EMG) devices, and cerebrospinal fluid (CSF) management devices that are used for monitoring neurological conditions. Neurological disorders, which involve the brain, spinal cord, and nerves, affect a large population worldwide and their prevalence is increasing substantially. EEG devices help detect abnormal electrical activity in the brain which can indicate neurological conditions like epilepsy and sleep disorders, among others. ICP monitors provide crucial information about pressure inside the skull which is a significant parameter in traumatic brain injuries and other brain conditions. With the growing geriatric population worldwide along with the rising incidence of neurological illnesses, the demand for monitoring devices has increased considerably for diagnosis and treatment management of such 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 key trends:
The increasing adoption of wireless neurology monitoring devices is a key trend witnessed in the market. Manufacturers are focusing on developing wireless systems for better mobility and remote patient monitoring capabilities. For instance, Neurovigil is developing a novel wireless EEG system to enable long term outpatient monitoring for epileptic seizures and other neurological disorders. Its wearable and wireless nature enhances comfort and allows continuous monitoring of patients during their daily routine activities. Similarly, other players are integrating technologies like Bluetooth and cloud computing in neurology monitoring devices to facilitate seamless transfer of brain data to physicians remotely. This allows for early detection of neurological events and timely clinical intervention.
Porter's Analysis
Threat of new entrants: The neurology monitoring market requires high capital investments and strict regulatory norms, which pose major entry barriers for new players.

Bargaining power of buyers: The presence of many global and regional players provides buyers with sufficient bargaining power and bargaining power of buyers is high in this market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of many suppliers who offer neurology monitoring devices and equipment.

Threat of new substitutes: There is a low threat of new substitutes in this market as currently there are no cost-effective substitutes that provide the same features and benefits of neurology monitoring devices.

Competitive rivalry: The neurology monitoring market comprises large global players and rivalry among these players is high. Focus on product innovation, geographic expansion, and mergers & acquisitions further intensify competition in the market.

Key Takeaways

The global Neurology Monitoring Market Share is expected to witness high growth over the forecast period of 2023 to 2030. North America is expected to dominate the market during the forecast period due to presence of large patient population and advanced healthcare infrastructure. The Asia Pacific region is anticipated to grow at the fastest CAGR over the forecast period owing to growing healthcare expenditure, rising disposable income, and increasing geriatric population in countries such as China and India.

Regional analysis: North America is projected to account for the largest share of the neurology monitoring market during the forecast period. This large share can be attributed to rising prevalence of neurological disorders, increasing healthcare expenditure, and presence of key players in the region. Asia Pacific is anticipated to register the highest CAGR during 2023-2030. This growth is driven by increasing healthcare awareness, expanding healthcare infrastructure, and growing aging population.

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).

Get more insights on this topic: https://www.insightprobing.com/neurology-monitoring-market-demand-share-analysis/