Neurological monitoring devices play a crucial role in diagnosing brain related disorders like Alzheimer's disease, Parkinson's disease, multiple sclerosis, and epilepsy among others. These devices provide critical data about brain functioning to neurologists for effective treatment and management of neurological conditions. Advancements in neurological monitoring devices such as development of integrated systems for EEG, EMG, and evoked potential monitoring with wireless data transmission capabilities have accelerated their adoption across healthcare facilities. 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 demand for remote patient monitoring is amongst the major trends that is governing the neurology monitoring market growth. Advancements in wireless data transmission technologies have enabled continuous remote monitoring of brain activity, thereby eliminating the need for hospitalization. This has significantly enhanced patient comfort and experience while reducing healthcare costs. Neurology device manufacturers are actively focusing on incorporating wireless data transmission capabilities in their existing product portfolio as well as launching new integrated neurological monitoring systems with remote data access features. This is expected to boost the adoption of neurological monitoring devices during the forecast period.
Segment Analysis
The global Neurology Monitoring Market is dominated by sub-segment electroencephalography (EEG). EEG dominates as it is a non-invasive procedure to record electrical activity of the brain and is widely used to diagnose epilepsy and other brain disorders and diseases. It helps neurologists to localize and identify abnormal or unusual brain waves that may indicate epilepsy, sleep disorders, brain tumors and other neurological conditions.
Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is expected to reach a value of US$ 6301.49 Mn by 2023.
Regional analysis- North America is the largest regional market for neurology monitoring. Presence of developed healthcare infrastructure, availability of advanced technology, and high awareness among people for early diagnosis of neurological disorders is fueling the market growth in the region. Asia Pacific region is expected to witness highest growth rate during the forecast period owing to increasing investments to modernize healthcare facilities, rising healthcare expenditure, growing geriatric population and increasing prevalence of neurological disorders.
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. is one of the leading players in the market offering advanced neurology monitoring solutions such as electroencephalography, intracranial pressure monitoring and magnetoencephalography. Dignity Health is a prominent hospital chain known for its top-notch neurology care and wide service reach across the US.
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https://www.newswirestats.com/neurology-monitoring-market-size-share-growth-outlook-2023/
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