July 16, 2024

The Global Neurology Monitoring Market Is Driven By Rising Cases Of Neurological Disorders

Neurology monitoring devices such as electroencephalography (EEG) machines, electromyography (EMG) devices, intracranial pressure (ICP) monitors, and other equipment are used to evaluate neurological functions and monitor various brain activities. EEG machines help detect abnormal brain wave patterns that can help in diagnosing epilepsy, sleep disorders, coma, encephalopathies and brain death. EMG devices are used to diagnose neurological conditions that affect the peripheral nervous system, muscles, and nerve cells. ICP monitors are used to monitor pressure inside the skull and brain in conditions related to traumatic brain injuries and aneurysms. The growing elderly population which is more susceptible to neurological disorders and rising cases of neurological conditions such as epilepsy, Parkinson’s disease, Alzheimer’s disease, and brain aneurysms are generating significant demand for neurology monitoring solutions for accurate diagnosis and effective treatment management.

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 5.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

one of the key trends in the neurology monitoring market is the increasing adoption of wearable and minimally invasive monitoring devices. Companies are developing novel minimally invasive and non-invasive monitoring solutions that can continuously collect neurological parameters outside of hospitals and clinical settings. For instance, in 2019, Neuroelectrics received FDA clearance for Embrace, a wireless EEG headset that can record brainwave activities over extended periods for diagnosing conditions like epilepsy. Such wearable neurology monitoring solutions offer significant advantages like ease of use, improved patient comfort and mobility and facilitate remote monitoring capabilities. Their increasing usage is expected to drive the growth of the global neurology monitoring market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat is moderate as the neurology monitoring market requires extensive R&D and funding to develop new technologies. However, opportunities exist for new companies offering niche and customized solutions.

Bargaining power of buyers: The bargaining power is moderate to high as monitoring devices are not frequently purchased and buyers can leverage competition among existing players to negotiate on price and demand value-added services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given the diversified supplier base and differentiated components/technologies available. However, suppliers of specialized components may wield some influence.

Threat of new substitutes: The threat is low as neurology monitoring systems provide unique real-time insights into brain health. However, alternatives like CT/MRI provide competition in specific applications.

Competitive rivalry: The rivalry is high among major players investing in innovation and new product launches. Companies compete based on technology, brand, and service quality.

Key Takeaways

The Global Neurology Monitoring Market Demand is expected to witness high growth driven by the rising aging population, increasing incidence of neurological disorders, growing healthcare expenditure, and technological advancements. 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 5.2% over the forecast period 2023 to 2030.

Regional analysis:

 

North America dominates the market currently owing to supportive reimbursement policies, strong healthcare infrastructure, and high patient awareness. Asia Pacific is expected to grow at the fastest pace during the forecast period led by countries like China and India expanding their healthcare capacity and coverage.

Key players:

 

Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. These companies compete based on product innovation, brand recognition, and geographic expansion strategies to strengthen their foothold.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it