Neurology monitoring involves the continuous and remote monitoring of brain and nervous system activities using devices such as electroencephalogram (EEG), electromyography (EMG), and magnetoencephalography (MEG). These monitoring devices help detect neurological disorders such as epilepsy, Parkinson’s disease, sleep disorders, chronic pain, dementia, and migraine. The growing geriatric population is more prone to neurological disorders due to old age, thereby driving the demand for neurology monitoring devices. 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 Dynamics:
The growing geriatric population globally as well as rising awareness regarding neurological disorders are some of the major drivers of the neurology monitoring market over the forecast period. As per the United Nations, the proportion of global population aged over 60 years is expected to nearly double from 12% to 22% between 2015 and 2050. Neurological disorders are more prevalent in the aged population. For instance, dementia affects 50 million people globally, and Alzheimer’s disease is the most common cause of dementia, especially in elderly people above 65 years of age. The continuous innovations in neurology monitoring devices are also fueling the market growth. Various market players are focusing on developing advanced brain monitoring solutions for real-time diagnosis and continuous monitoring of neurological disorders. However, high costs associated with neurology monitoring devices and lack of skilled healthcare professionals in some regions may hamper market growth over the forecast period.
Segment Analysis:
The neurology monitoring market is dominated by the device monitoring segment due to the rising cases of neurological disorders and the increasing adoption of neurology monitoring devices for diagnosis and treatment. Device monitoring involves monitoring and recording electrical activity in the nervous system with devices like electroencephalography (EEG), electromyography (EMG), and others.
PEST Analysis:
Political: Governments across regions are focusing on increasing healthcare spending to strengthen neurological healthcare infrastructure which is driving the neurology monitoring market growth.
Economic: Rising disposable income levels globally have improved access to advanced neurology monitoring technologies among patients. In addition, favorable reimbursement policies are supporting the market expansion.
Social: Growing awareness about various neurological diseases and the availability of effective monitoring solutions are together fueling the demand for neurology monitoring products.
Technological: Introduction of user-friendly and portable neurology monitoring devices incorporated with new technologies like IoT and AI are helping clinicians to remotely monitor patients, thereby supporting market growth.
Key Takeaways:
The Global Neurology Monitoring Market Size was valued at US$ 6301.49 Mn in 2023 and is anticipated to reach over US$ 10000 Mn by 2030, expanding at a CAGR of around 5.5% during the forecast period.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over 2030 owing to developing neurology monitoring infrastructure and presence of major players in the region. Asia Pacific is projected to witness the fastest growth during the forecast period supported by growing healthcare expenditure, rising awareness, and developing economy.
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. Key players are focusing on new product launches and partnerships to consolidate their market presence.