Neurology monitoring devices help in monitoring brain activity and detect neurological disorders like epilepsy, Alzheimer's disease, Parkinson's disease and other neurological conditions. Since these disorders are on rise globally, the demand for such monitoring devices is increasing substantially. Devices like electroencephalography, electromyography, intrathecal baclofen pumps, ventricular peritoneal shunts and cranial pressure monitors are playing vital roles in diagnosis and management of neurological conditions.
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 key trends:
The increased demand for neurology monitoring devices is one of the major trends fueling the growth of neurology monitoring market. The rising prevalence of neurological disorders and trauma injuries has boosted the adoption of neurology monitoring devices across hospitals and clinics. Furthermore, technological advancements in neurology monitoring devices has enhanced their efficacy and ease of use. New devices with advanced features like wireless monitoring and cloud-based data management are gaining popularity. This is expected to propel the neurology monitoring market during the forecast period.
Segment Analysis
The global neurology monitoring market is segmented by product into electroencephalography (EEG) devices, intracranial pressure (ICP) monitors, electrocorticography (ECoG) devices, and magnetoencephalography (MEG) devices. The EEG devices sub-segment dominates the segment currently as these devices are used to diagnose various neurological issues including epilepsy, dementia and sleep disorders. EEG devices enable non-invasive detection of electrical activity along the scalp, making them widely used for detection of neurological abnormalities.
Key Takeaways
The Global Neurology Monitoring Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America will continue dominating the market during the forecast period owing to the high prevalence of neurological disorders, technological advancements in neurology monitoring devices and well-established healthcare infrastructure in the region. The Asia Pacific region is expected to be the fastest growing regional market due to rising geriatric population, growing awareness and improving healthcare infrastructure.
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. Medica Group Plc. is one of the leading players in the market with a strong global presence and wide product portfolio including EEG devices, EMG devices and other neurological monitoring solutions. Global Diagnostic Imaging offers PET/CT and MRI services and also distributes medical imaging and monitoring equipment across North America and Australia.
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