Neurology monitoring involves the continuous measurement and recording of neurological activity in the brain and nervous system for diagnosis and treatment of neurological disorders. Neurological monitors help diagnose conditions such as epilepsy, headaches, and sleep disorders. They are also used to monitor brain activities during surgeries. The growing elderly population suffering from neurological disorders is increasing demand for these monitors.
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:
The rising elderly population, who are more prone to neurological disorders, is the major driver boosting the neurology monitoring market growth. According to the World Health Organization (WHO), the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Neurological disorders are highly prevalent among the aged population, driving demand for neurology monitoring devices. Furthermore, technological advancements enabling ambulatory and home-based monitoring are increasing adoption of neurology monitors. Companies are focused on developing portable, non-invasive, and wireless devices for ambulatory EEG monitoring and long-term monitoring of neurological conditions at home, thereby supporting market expansion over the forecast period.
Segment Analysis
The global neurology monitoring market can be segmented based on product type, and application. Based on product type, the EEG systems segment is expected to dominate the market during the forecast period. EEG systems provide non-invasive brain monitoring by recording electrical activity in the brain using electrodes placed over the scalp. EEG systems are commonly used for diagnosing epilepsy, sleep disorders, brain death, encephalopathies, and other neurological disorders.
Key Takeaways
The Global Neurology Monitoring Market Demand is expected to witness high growth during the forecast period of 2023-2030. 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 5.2% over the forecast period 2023 to 2030.
Regional analysis :
North America is currently the largest and fastest growing regional market for neurology monitoring due to increasing prevalence of neurological disorders, growing geriatric population, rising awareness about neurology monitoring devices, and presence of sophisticated healthcare infrastructure. According to studies, around 1 person in 6 in the US develops a neurological disorder during their lifetime. The increasing incidence of neurological conditions is propelling the demand for neurology monitoring devices in the region for timely diagnosis and treatment.
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.
Key players operating in the neurology monitoring market are focusing on developing advanced and innovative products to expand their product portfolios and market share. For instance, in 2020, Medtronic plc launched the Stealth Autoguide system indicated for deep brain stimulation procedures. The system provides expanded steering capabilities and claims to be 30% smaller than previous DBS systems, enabling surgeries with higher accuracy and minimal invasiveness.
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