February 22, 2024

The Neurology Monitoring Market Is Driven By Rising Prevalence Of Neurological Disorders

Neurology monitoring involves the recording and observation of neurological signs and symptoms to assist the diagnosis and management of neurological disorders. Some key products in this market include electroencephalography (EEG), electromyography (EMG), nerve conduction testing, sleep studies and intrathecal baclofen test. These aid in detecting issues in the brain, spinal cord and nerves. Neurological disorders impose a huge economic and social burden worldwide. Rising prevalence of conditions like Alzheimer’s disease, brain aneurysm, Parkinson’s disease, epilepsy and stroke is augmenting the need for advanced neurological assessment tools.

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:

One of the key trends in the neurology monitoring market is the rise of portable and ambulatory monitoring devices. Wearable home-based monitoring solutions allow for remote patient monitoring and reduce healthcare costs by limiting hospital visits. Ambulatory EEG devices especially have gained ground owing to their ability to capture episodic neurological events outside of the clinical setting. Likewise, innovative EMG wearables help in home-based diagnosis of neuromuscular disorders. Another notable trend is the integration of AI and machine learning capabilities in neurophysiological monitoring systems. AI assistance enhances accuracy in data interpretation and automated report generation. This aids clinical decision making. AI also enables predictive analytics for disorders based on real-world large datasets. Such emerging technologies are expected to transform the neurology monitoring landscape in the coming years.

Porter’s Analysis

Threat of new entrants: Low. The neurology monitoring market requires high capital investment and stringent regulatory policies. This creates barriers for new players.

Bargaining power of buyers: Moderate. Buyers have several neurology monitoring device manufacturers to choose from. However, switching costs are low.

Bargaining power of suppliers: Low. The market has several component and device suppliers globally.

Threat of new substitutes: Low. There are limited substitutes available for neurology monitoring devices.

Competitive rivalry: High. The market is highly fragmented with presence of global and regional players. Players differentiate through technology and service offerings.

Key Takeaways

The Global Neurology Monitoring Market Demand is expected to witness high growth. 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.

 

Regional analysis:

 

North America dominates the neurology monitoring market due to favorable reimbursement policies and increasing incidence of neurological disorders. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing healthcare spending and improving healthcare infrastructure in countries such as China and India.

Key players:

 

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. specializes in diagnostic imaging, MRI, CT and ultrasound facilities. Dignity Health operates diagnostic imaging centers with advanced modalities like MRI, CT, PET/CT, X-ray, and bone density across the US.

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