Neurology monitoring products such as neurological monitors, EEG devices, MEG devices, and others are widely used for the diagnosis and monitoring of neurological disorders. These devices help identify abnormalities in the brain’s electrical and magnetic activity. Neurology monitoring devices play a crucial role in managing neurological conditions including epilepsy, dementia, multiple sclerosis, migraines, and brain tumors among others. With the rapid increase in neurological disorders globally, the need for efficient diagnostic devices has increased significantly. According to WHO, neurological disorders account for over 10% of global disease burden. The rising cases of neurological conditions are expected to drive the demand for neurology monitoring devices over the coming years.
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:
The increasing adoption of portable and wearable neurology monitoring devices is one of the key trends witnessed in the market. With technological advancements, neurology monitoring devices have become compact, wireless, and easier to use. For instance, EEG caps and portable EEG devices allow for long term ambulatory monitoring outside hospitals. In addition, incorporation of AI and advanced analytics is helping improve accuracy of diagnosis and detection of disorders. Many players are focusing on developing devices integrated with AI capabilities for automatic interpretation of brain scans and monitoring data. This is anticipated to boost early diagnosis and better management of neurological conditions.
Threat of new entrants: The neurology monitoring market requires huge investments in technology and infrastructure which poses high entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and price sensitivity of consumers.
Bargaining power of suppliers: Large number of device and equipment manufacturers operate in this market, which reduces their bargaining power.
Threat of new substitutes: Emerging non-invasive neurodiagnostic devices pose threat of substitution.
Competitive rivalry: The market is fragmented with presence of key global and regional players introducing innovative products.
The Global Neurology Monitoring Market Size is expected to witness high growth.
Regional analysis: Europe and Asia Pacific are also lucrative markets for neurology monitoring. APAC is forecast to grow at fastest pace during the forecast period driven by increasing healthcare spending and demand for better treatment options.
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 provision of radiology and neurophysiology services in the UK.