Neurology monitoring involves the usage of equipment and devices for monitoring neurological functions and activities of the brain as well as central nervous system. Some key devices used in neurology monitoring include Electroencephalogram (EEG) machines, Electromyography (EMG) machines, Magnetoencephalography (MEG) machines, and Intracranial Pressure (ICP) monitors. The global neurology monitoring market is witnessing significant growth owing to the increasing prevalence of neurological disorders such as epilepsy, Alzheimer's disease, Parkinson's disease, headache disorders, and stroke.

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:

One of the key drivers for the growth of the neurology monitoring market is the increasing prevalence of neurological disorders. Neurological disorders are highly prevalent worldwide and impose a significant disease burden. As per the World Health Organization (WHO), neurological disorders account for nearly 10% of the global disease burden. The increasing cases of neurological conditions such as epilepsy, Alzheimer's disease, migraine, stroke, and Parkinson's disease are resulting in high demand for neurology monitoring devices globally. Moreover, technological advancements in neurology monitoring devices leading to availability of new and innovative devices would also contribute to the market growth over the forecast period.

SWOT Analysis

Strength: The neurology monitoring market has seen steady growth over the past few years due to increasing prevalence of neurological disorders. Growing awareness regarding real-time monitoring of neurological conditions is further expected to drive the market. Increasing healthcare expenditure in developing economies has encouraged adoption of new technologies.

Weakness: High costs associated with neurology monitoring devices limit adoption, especially in low-income regions. Lack of skilled professionals needed to operate complex monitoring equipment can be challenging. Reimbursement policies remain unfavorable in some parts of the world.

Opportunity: Rising geriatric population globally has augmented the risk of neurological diseases leading to opportunities. Untapped markets in Asia Pacific and Latin America promise lucrative opportunities. Technological advancements enabling home healthcare and remote patient monitoring open new avenues.

Threats: Intense competition among existing players hampers pricing flexibility. Alternative treatment options pose threats to neurology monitoring devices. Stringent regulatory framework for new product approvals also acts as a barrier. Data privacy and cybersecurity threaten adoption of connected devices.

Key Takeaways

The Global Neurology Monitoring Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 6301.49 Mn registering a CAGR of 5.5% between 2023-2030.

Regional analysis:

The Asia Pacific region is expected to be the fastest growing market for neurology monitoring driven by rising healthcare spending, large patient pools and increasing penetration of advanced technologies. Countries like China and India dominate the Asia Pacific market owing to huge population bases and developing healthcare infrastructure. North America currently dominates the global market owing to rapid adoption of new monitoring devices and presence of major players in the region.

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. These players are focused on expanding into high growth regions through strategic partnerships and new product launches. more insights on this topic :


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