NEUROLOGY MONITORING MARKET ANALYSIS

The global neurology monitoring market was valued at US$ 5,618.9 Mn in 2021 and is forecast to reach a value of US$ 8,415.3 Mn by 2028 at a CAGR of 5.9% between 2022 and 2028. The global neurology monitoring market is experiencing strong growth due to the increase in incidence or prevalence of neurological disorders and increase in demand for neurology patient monitoring devices. Moreover, growing incidence of traumatic brain injuries and growing geriatric population across the globe is expected to boost the growth of the market. However, factors such as high cost of neurology monitoring devices and shortage of trained professionals are major factors expected to hamper growth of the neurology monitoring market.

Global Neurology Monitoring Market: Regional Insights

Based on geography, the global neurology monitoring market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rise in burden of neurological disorders and increase in demand for neurology monitoring devices/products in the region. For instance, according to the Alzheimer's Association, the number of Americans living with Alzheimer's is growing and growing fast. More than 6 million Americans of all ages have Alzheimer's. Alzheimer's disease is a progressive neurologic disorder that causes the brain to shrink (atrophy) and brain cells to die. This in turn has increased demand for neurology monitoring devices/products in the region.

Asia Pacific is also expected to witness robust growth in the global neurology monitoring market due to the increasing incidence of traumatic brain injuries, rise in demand for neurology monitors, and growing geriatric population in the region. For instance, according to the National Center for Biotechnology Information, traumatic brain injuries are the leading cause of morbidity, mortality, disability, and socioeconomic losses in India and other developing countries. Over 1.5 to 2 million people are injured and one million succumb to death every year in India. This in turn is increasing the demand for neurology monitors in the region.

Figure 1. Global Neurology Monitoring Market Share (%), by Region, 2022

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Global Neurology Monitoring Market Drivers:

Rise in burden of neurological disorders to boost market growth

One of the key factors expected to augment the growth of the global neurology monitoring market during the forecast period is the increase in incidence/prevalence of neurological disorders around the world. For instance, with the rise in burden of neurological disorders, the demand for neurology monitoring devices is also increasing rapidly. According to Parkinson’s News Today, published in 2021, an estimated 7 to 10 million people across the globe have Parkinson’s disease. More than 60,000 people in the U.S. have been diagnosed with Parkinson's disease, which in turn has led to a growing demand for neurology monitors in the U.S.

High demand for neurology monitors to underpin market growth

Another factor which is driving the growth of the global neurology monitoring market is the high demand for neurology patient monitoring devices around the world. For instance, the demand for neurology patient monitoring is increasing due to increase in burden of neurological disorders. In March 2022, Braintale announced the launch of brainTale-care, a digital platform dedicated to the monitoring and prediction of neurological disorders. Braintale's aims to provide resuscitators and neurologists with innovative, non-invasive, clinically validated solutions to improve the diagnosis, monitoring, and prediction of neurological disorders.

Global Neurology Monitoring Market Opportunities:

Growing incidence of traumatic brain injuries is expected to offer significant growth opportunities for players in the global neurology monitoring market. For instance, traumatic brain injuries (TBIs) are a leading cause of death and disability. The primary goal of monitoring the patient with TBI is to prevent secondary insults to the brain, primarily cerebral ischemia. According to the StatPearls data published in January 2022, more than 1.7 million individuals in the United States suffer from traumatic brain injury (TBI); adolescents between ages 15 and 19 years and adults aged 65 years and older are among the most likely to sustain a traumatic brain injury.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the neurology monitoring market. For instance, ageing is the primary risk factor for most neurodegenerative diseases, such as Alzheimer disease and Parkinson disease, as aged brains become highly prone to neurodegenerative diseases. According to the Alzheimer's Association, an estimated 6.5 million people in the United States age 65 and older were living with Alzheimer's in 2022. Seventy-three percent are age 75 or older. This in turn is increasing demand for neurology monitors in the region, driving the growth of the market.

Global Neurology Monitoring Market Trends:

Increasing number of product approvals is a recent trend

There has been a significant increase in the number of product approvals over the years due to rise in burden of neurological diseases and rise in demand for neurology monitors worldwide. The U.S. Food and Drug Administration (FDA) has approved number of neurology monitoring devices over the years. Which has a positive impact on the growth of the global neurology monitoring market. This trend is expected to continue over the forecast period.

Increase in burden of sleep disorders is another trend

Insomnia, sleep apnea, narcolepsy, and restless legs syndrome are some of the most common sleep disorders. Of which, insomnia affects a large population worldwide. Insomnia is a common sleep disorder that can make it hard to fall asleep, hard to stay asleep, can cause to wake up too early, and make it difficult to get back to sleep. With the increase in burden of sleep disorders, the demand for neurology monitoring is also increasing. This trend is expected to continue during the forecast period, driving the growth of the market.

Global Neurology Monitoring Market Restraints:

High cost of monitoring devices to hamper market growth

One of the key factors expected to hamper the growth of the global neurology monitoring market is the high cost of neurology monitoring devices. For instance, the type of neurology monitoring can vary significantly due to several factors which increase the cost of many neurology monitoring devices. The average cost of a standard EEG is ~US$ 200 to 700; this procedure can cost as high as US$ 3,000 for extended monitoring. The cost of an MRI also varies based on the place where the test was done, the body part being imaged, and several other factors.

Dearth of skilled professionals to hinder market growth

Another factor which is hampering the growth of the neurology monitoring market is the shortage of trained professionals. Since the neurology monitoring equipment is sophisticated, it is likely to be handled by skilled/trained personals during operations. Age is a hindering factor for neurology monitoring technicians since the job requires more physical work as the employee needs to carry and push heavy equipment, which might be an issue for aged professionals. This in turn is expected to restrain the growth of the neurology monitoring market.

Figure 2. Global Neurology Monitoring Market Share (%), by Product Type, 2022

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Global Neurology Monitoring Market Segmentation:

The global neurology monitoring market report is segmented into Product Type, Disease Type, and Geography.

Based on Product Type, the neurology monitoring market is segmented into Magnetic Resonance Imaging (MRI) Devices, Electroencephalography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, and Other Product Types. Out of which, Magnetic Resonance Imaging (MRI) Devices Segment is expected to dominate the neurology monitoring market during the forecast period and this is attributed to the increase burden of neurological diseases. MRI is one of the most commonly used diagnostic and monitoring devices for neurological diseases.

Electroencephalography Devices Segment is also expected to witness significant growth in the near future and this is owing to the increase in demand for electroencephalography (EEG) devices. EEG results show changes in brain activity and are used to diagnose brain conditions.

Based on Disease Type, the market is segmented into Traumatic Brain Injury (TBI), Stroke, Sleep Disorders, Parkinson's disease, Epilepsy, and Other Diseases. Of which, Traumatic Brain Injury (TBI) Segment is expected to dominate the market over the forecast period and this is attributed to the growing incidence of traumatic brain injuries.

Parkinson's disease Segment is also expected to witness significant growth in the near future and this is owing to the increasing incidence of Parkinson’s disease.

Global Neurology Monitoring Market: Key Developments

In July 2022, Royal Philips received the U.S. Food and Drug Administration (USFDA) approval for its SmartSpeed artificial intelligence (AI) powered MR acceleration software. This AI-powered MR software increases resolution by up to 65% and achieves up to 3 times faster scanning times compared to conventional MR scans.

In March 2022, Cerebriu and Siemens Healthineers entered the partnership to integrate Cerebriu's patented Smart Protocol for Brain MRI-workflow automation software with the MRI machines of Siemens Healthineers.

In January 2022, Compumedics Ltd. reached a significant milestone in the ongoing development of its global MEG business with the confirmation of its first MEG contract in Asia to the Tianjin Normal University (TJNU) in Tianjin, China.

In June 2021, Nihon Kohden launched NK Network Care service program to maximize network systems supporting its patient monitoring and neurology equipment. The new program bundles 3 platforms to maximize hospital and health system networks, including the Network Management System, Security Information and Event Management, and Network Threat Analysis.

Global Neurology Monitoring Market: Key Companies Insights

The global neurology monitoring market is highly competitive. This is attributed to the increase in demand for neurology monitoring devices/products, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global neurology monitoring market are:

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).

*Definition: Neurology monitoring devices (such as magnetic resonance imaging (MRI) devices, electroencephalography devices, cerebral oximeters, intracranial pressure monitors, and others, are used to monitor and diagnose neurological conditions. The state of a patient's brain activity is monitored through neurology monitoring devices