The global Neurology Monitoring Market is estimated to be valued at US$ 5,618.9 Mn in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurology monitoring involves the diagnosis and monitoring of various neurological disorders such as epilepsy, Alzheimer's disease, and stroke. It includes the use of devices such as electroencephalography (EEG), electromyography (EMG), and cerebral oximetry. These devices enable medical professionals to assess brain function, detect abnormalities, and monitor the progress of treatment. The advantages of neurology monitoring include non-invasive and real-time monitoring, accurate diagnosis, and effective management of neurological disorders. The growing prevalence of neurological disorders and the increasing demand for non-invasive monitoring are driving the market growth. Furthermore, advancements in technology and increasing healthcare expenditure are also contributing to market expansion.
Market Key Trends:
One key trend in the neurology monitoring market is the increasing adoption of remote monitoring devices. With the implementation of telehealth and remote patient monitoring systems, healthcare providers can monitor patients' neurological conditions from a distance. This trend has gained significant traction during the COVID-19 pandemic, as it allows for continuous monitoring of patients without the need for in-person visits. Remote monitoring devices provide convenience to patients, reduce healthcare costs, and improve access to specialized care. Moreover, these devices enable early detection of neurological abnormalities, which leads to timely intervention and better patient outcomes. The integration of advanced technologies, such as artificial intelligence and the internet of things (IoT), in remote monitoring devices further enhances their capabilities and functionality. In conclusion, the neurology monitoring market is witnessing high growth due to increasing demand for non-invasive monitoring. The market is driven by the advantages
PEST Analysis:
Political: The political factors affecting the neurology monitoring market include government regulations and healthcare policies. For example, changes in healthcare policies can impact reimbursement rates for neurology monitoring devices, thereby affecting market growth.
Economic: The economic factors influencing the market include the overall economic growth of the countries, healthcare expenditure, and disposable income of individuals. The increasing prevalence of neurological disorders and the growing healthcare sector contribute to market growth.
Social: The social factors influencing the market include the aging population, increasing awareness about neurological disorders, and the rising demand for advanced healthcare solutions. The growing adoption of telemedicine and remote patient monitoring further contributes to the market expansion.
Technological: The technological factors affecting the market include advancements in monitoring devices, such as the development of wireless and portable neurology monitoring systems. Technological innovations improve accuracy, ease of use, and patient comfort, thereby driving market growth.
Key Takeaways:
The global Neurology Monitoring Market Trend is expected to witness significant growth, exhibiting a CAGR of 5.9% over the forecast period (2022-2028). This growth can be attributed to several factors, including the increasing prevalence of neurological disorders, advancements in monitoring technologies, and growing awareness about the importance of early diagnosis and treatment.
Regionally, North America is expected to be the fastest-growing and dominating region in the neurology monitoring market. The presence of well-established healthcare infrastructure, high healthcare expenditure, and increased R&D activities contribute to the region's growth. Moreover, the rising geriatric population and the growing demand for remote patient monitoring solutions further fuel market expansion in this region.
Key players operating in the neurology monitoring market include 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). These players focus on product innovations, mergers and acquisitions, and strategic collaborations to gain a competitive edge in the market.
In conclusion, the neurology monitoring market is projected to experience substantial growth in the coming years due to factors such as increasing prevalence of neurological disorders, technological advancements, and the growing demand for remote patient monitoring solutions. North America is expected to be the fastest-growing region, and key players in the market are continuously striving to enhance their product offerings and expand their market presence.
