by Neurology monitoring devices are medical equipment used to monitor various neurological conditions and disorders like Alzheimer’s disease, Parkinson’s disease, seizures, sleep disorders, and various others. These devices help in managing and treatment of neurological disorders. The growing prevalence of neurological disorders and increasing investments in neurological research are driving the need for neurological monitoring devices. Neurology monitoring devices offer advantages like accurate diagnosis, remote patient monitoring, and help improve patient outcomes.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to monitor neurological disorders is fueling the neurology monitoring market growth. Neurological disorders like Alzheimer’s disease, dementia, epilepsy are on the rise. Monitoring devices help in early diagnosis and effective management of such disorders. With advancements in technologies, monitoring devices now offer features like remote and wireless monitoring which allows continuous monitoring of patients even outside healthcare facilities. This factor is increasing adoption of neurology monitoring devices for conditions requiring long term monitoring. Neurology monitoring devices play a crucial role in reducing healthcare costs associated with neurological disorders by enabling early detection and effective treatment management of conditions. The growing neurological disease burden and increasing investment in neurological research and advancement of neurology monitoring technologies will continue to present lucrative growth opportunities for players in the neurology monitoring market during the forecast period.
Porter’s Analysis
Threat of new entrants: The neurology monitoring market requires significant capital investments for R&D, manufacturing infrastructure, and the establishment of distribution channels. These barriers make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established manufacturers that offer a variety of neurology monitoring devices. However, the specialized nature of these devices gives manufacturers some pricing power.
Bargaining power of suppliers: Given the specialized components and materials required to manufacture neurology monitoring devices, suppliers have moderate bargaining power. However, established manufacturers try to maintain multiple supplier networks to avoid dependence on any single supplier.
Threat of new substitutes: While some adjacent monitoring markets offer substitutes, there are limited direct substitutes for specialized neurology monitoring devices. Manufacturers continually work to enhance functionality and introduce new technologies to minimize threats from substitutes.
Competitive rivalry: The neurology monitoring market exists in a state of high competition due to the presence of many global and regional players. Manufacturers compete based on product design, features, pricing, and service.
SWOT Analysis
Strengths: Neurology monitoring devices offer non-invasive and continuous monitoring capabilities. Advancements in sensor miniaturization and data analysis have improved accuracy and ease-of-use.
Weaknesses: High costs of acquisition, maintenance and storage of patient data can limit widespread adoption. Some devices may require complex setup or specialized technical skills.
Opportunities: Growing aging population and rising incidence of neurological disorders are driving demand. Remote and home-based monitoring models present new growth avenues.
Threats: stringent regulatory processes and medical reimbursement policies pose challenges. Economic slowdowns can delay capital expenditures on new neurology monitoring solutions.
Key Takeaways
The global Neurology Monitoring Market Share is expected to witness high growth over the forecast period of 2023 to 2030 driven by factors such as the growing geriatric population, rising prevalence of neurological disorders, and ongoing technological advancements.
Regionally, North America dominates the neurology monitoring market and is expected to continue its dominance during the forecast period. This can be attributed to factors such as the high adoption of advanced healthcare technologies, presence of leading market players, and supportive reimbursement structures in the region.
Asia Pacific is projected to witness the highest growth during the forecast period. This growth can be attributed to rapidly increasing healthcare spending, growing awareness regarding neurology disorders, and improving access to advanced healthcare technologies in emerging countries of the region.
Key players operating in the 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).
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile i
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
