by Neurology monitoring products help in measuring brain activity and diagnose neurological disorders. Electroencephalogram (EEG) machines, magnetoencephalography (MEG) systems, intracranial pressure monitors, and sleep monitoring devices assist doctors in monitoring the brain and nerves.
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 prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and headaches has accelerated the growth of the neurology monitoring market. Neurological disorders pose a significant economic and social burden worldwide. For instance, according to the World Health Organization, around 50 million people suffer from epilepsy globally. Thus, rising cases of neurological conditions are driving the demand for neurology monitoring devices for effective diagnosis and treatment of such disorders. This in turn is propelling the growth of the neurology monitoring market during the forecast period.
Segment Analysis
The global neurology monitoring market is dominated by the EEG monitoring sub segment. EEG monitoring accounts for over 30% of the total market share owing to high adoption of EEG monitoring for diagnosis and treatment of neurological disorders such as epilepsy, brain injury, stroke and sleep disorders. EEG monitoring provides quantitative data about the electrical activity of the brain and is widely used for diagnosis and monitoring of epilepsy and sleep disorders.
Key Takeaways
The global Neurology Monitoring Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Factors such as rising geriatric population, increasing prevalence of neurological disorders and technological advancements are expected to drive the market growth.
Regional analysis
North America accounts for the largest share of over 35% of the global neurology monitoring market owing to high healthcare expenditure and presence of major players in the region. Asia Pacific region is expected to witness the highest CAGR over the forecast period owing to large patient population, rising awareness about neurological disorders and increasing healthcare spending in the region.
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 dominates the global neurology monitoring devices market with over 15% market share owing to its diverse product portfolio and strong geographic presence across the globe.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
