The neurology monitoring market is experiencing robust growth due to the increasing prevalence of neurological disorders such as epilepsy, Parkinson’s disease, Alzheimer’s disease, and other forms of dementia. Neurology monitoring devices help in effective diagnosis and treatment of such conditions through continuous monitoring of vital signs. Devices ranging from electroencephalography (EEG) machines, electromyography (EMG) devices, intracranial pressure monitors (ICP), cerebrospinal fluid (CSF) management devices, and others are used in various diagnostic and therapeutic applications.

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:

Increased adoption of home healthcare monitoring systems is one of the major drivers of the neurology monitoring market. Home healthcare offers numerous benefits such as reduced medical costs, greater patient comfort, and convenience. With technological advancements, neurology monitoring devices have become compact and portable, enabling long term patient monitoring at home. This is helping in early detection of symptoms and efficient management of neurological conditions without hospitalization. Another key driver is the increasing geriatric population worldwide who are more prone to age-related neurological disorders. As per WHO, the number of people aged 65 years and above is expected to reach 1.5 billion by 2050. This will significantly drive the demand for neurology monitors during the forecast period.

Segment Analysis

The global neurology monitoring market is dominated by the devices segment accounting for over 60% of the market share in 2023. Within devices, electromyography (EMG) devices segment holds the highest share owing to increasing applications of EMG in studying and detecting neurological disorders like amyotrophic lateral sclerosis, spinal muscular atrophy, myasthenia gravis among others. EEG devices segment follows EMG owing to high usage of EEG for epilepsy and sleep disorder monitoring.

PEST Analysis

Political: Countries are increasingly focusing on policies supporting healthcare infrastructure development and adoption of advanced monitoring technologies to improve neurological care. However, regulatory barriers still persist for new devices/drugs approval in some regions.

Economic: Rising healthcare spending globally alongside growing cases of neurological disorders is fueling the market growth. However, high costs of advanced neurology monitoring devices remains a challenges especially in low-income countries.

Social: Increasing public health awareness about neurological disorders and available treatment options has boosted the demand for neurology monitoring solutions. Moreover, growing social support through patient associations are enabling improved diagnosis and management of neurological conditions.

Technological: The market is witnessing technological advancements like cloud-based data management, wireless connectivity of devices, AI and ML incorporation which are improving diagnostic capabilities and patient care quality. Miniaturization of devices is also enhancing portability.

Key Takeaways

The Global Neurology Monitoring Market Demand is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030. 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.

North America accounted for the largest market share in 2023 owing to presence of advanced healthcare infrastructure and high neurological disorder prevalence in the region. Asia Pacific region is expected to be the fastest growing regional market during the forecast period led by countries like China and India. Factors such as growing healthcare expenditure, rising geriatric population susceptible to neurological disorders and increasing focus of market players on regional markets are fueling the neurology monitoring market growth in Asia Pacific.

Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc. Key players are focusing on new product launches, strategic partnerships and collaborations to consolidate their market presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it