by Neurology monitoring involves the continuous or intermittent monitoring of brain activity using electroencephalography (EEG) equipment. Neurology monitors help in detecting seizures and neurological disorders such as sleep disorders, Alzheimer’s disease, migraines, and strokes. With technological advancements, wearable neurology monitoring devices have been developed that can detect and monitor neurological conditions remotely. Such devices are small, lightweight, and convenient to use at home. The increasing demand for remote patient monitoring and adoption of wearable technology are expected to drive the growth of the neurology monitoring market.
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 Dynamics:
Rising demand for wearable technology: Wearable neurology monitoring devices are gaining traction as they offer convenience and allow for continuous remote monitoring. Such devices can help in early detection of neurological anomalies and timely treatment. Factors such as increasing health awareness, rising disposable income, and growing acceptance of remote patient monitoring are fueling the adoption of wearable neurology monitors globally.
Increasing incidence of neurological disorders: Neurological disorders such as Alzheimer’s disease, epilepsy, Parkinson’s disease, migraine, and sleep disorders are highly prevalent worldwide. Rising cases of neurological conditions are elevating the demand for effective diagnostic and monitoring solutions. Neurology monitoring devices aid in early diagnosis, tracking disease progression, and evaluation of treatment effectiveness, thereby propelling the market growth.
Segment Analysis
The global Neurology Monitoring market is dominated by the EEG devices sub segment. EEG devices account for around 35% of the total market share due to increasing applications of EEG monitoring in diagnosis of epilepsy, brain death, encephalopathies and sleep disorders. EEG monitoring provides non-invasive and continuous neural activity monitoring which makes it ideal for long term monitoring in hospitals as well as homecare settings.
PEST Analysis
Political: Regulations around patient data safety and medical device approvals are becoming more stringent. This increases compliance requirements for players operating in the market.
Economic: Rising healthcare spending globally is driving growth of the neurology monitoring market. Developed markets continue to dominate spending on expensive neurology monitoring equipment and services.
Social: Growing incidence of neurological disorders like Alzheimer’s, Parkinson’s, Epilepsy is raising awareness about importance of neurology care and long term monitoring. This augments demand for neurology monitoring devices.
Technological: Advancements in wireless and remote patient monitoring technologies enables continuous monitoring of high-risk neurological patients from home leading to better management of chronic conditions. Miniaturization of devices allows for portable ambulatory monitoring.
Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030.
North America dominates currently due to high healthcare spending and rapid technological adoption. The Asia Pacific region is expected to grow at the fastest pace due to growing medical tourism, patient pool and healthcare infrastructural developments.
Key players operating in the Neurology Monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., and Cronos Group. Key players focus on product portfolio expansion through mergers and acquisitions to consolidate their presence. For instance, in 2022 Aurora Cannabis acquired Allied Cannabis.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
