Market Challenges And Opportunities

Global Neurology Monitoring Market Drivers:

Rise in burden of neurological disorders to boost market growth

One of the key factors expected to augment the growth of the global neurology monitoring market during the forecast period is the increase in incidence/prevalence of neurological disorders around the world. For instance, with the rise in burden of neurological disorders, the demand for neurology monitoring devices is also increasing rapidly. According to Parkinson’s News Today, published in 2021, an estimated 7 to 10 million people across the globe have Parkinson’s disease. More than 60,000 people in the U.S. have been diagnosed with Parkinson's disease, which in turn has led to a growing demand for neurology monitors in the U.S.

High demand for neurology monitors to underpin market growth

Another factor which is driving the growth of the global neurology monitoring market is the high demand for neurology patient monitoring devices around the world. For instance, the demand for neurology patient monitoring is increasing due to increase in burden of neurological disorders. In March 2022, Braintale announced the launch of brainTale-care, a digital platform dedicated to the monitoring and prediction of neurological disorders. Braintale's aims to provide resuscitators and neurologists with innovative, non-invasive, clinically validated solutions to improve the diagnosis, monitoring, and prediction of neurological disorders.

Restraints & Challenges:

High cost of neurology monitoring devices
Shortage of trained professionals

Global Neurology Monitoring Market Opportunities:

Growing incidence of traumatic brain injuries is expected to offer significant growth opportunities for players in the global neurology monitoring market. For instance, traumatic brain injuries (TBIs) are a leading cause of death and disability. The primary goal of monitoring the patient with TBI is to prevent secondary insults to the brain, primarily cerebral ischemia. According to the StatPearls data published in January 2022, more than 1.7 million individuals in the United States suffer from traumatic brain injury (TBI); adolescents between ages 15 and 19 years and adults aged 65 years and older are among the most likely to sustain a traumatic brain injury.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the neurology monitoring market. For instance, ageing is the primary risk factor for most neurodegenerative diseases, such as Alzheimer disease and Parkinson disease, as aged brains become highly prone to neurodegenerative diseases. According to the Alzheimer's Association, an estimated 6.5 million people in the United States age 65 and older were living with Alzheimer's in 2022. Seventy-three percent are age 75 or older. This in turn is increasing demand for neurology monitors in the region, driving the growth of the market.

Global Neurology Monitoring Market: Restraints:

High cost of monitoring devices to hamper market growth

One of the key factors expected to hamper the growth of the global neurology monitoring market is the high cost of neurology monitoring devices. For instance, the type of neurology monitoring can vary significantly due to several factors which increase the cost of many neurology monitoring devices. The average cost of a standard EEG is ~US$ 200 to 700; this procedure can cost as high as US$ 3,000 for extended monitoring. The cost of an MRI also varies based on the place where the test was done, the body part being imaged, and several other factors.

Dearth of skilled professionals to hinder market growth

Another factor which is hampering the growth of the neurology monitoring market is the shortage of trained professionals. Since the neurology monitoring equipment is sophisticated, it is likely to be handled by skilled/trained personals during operations. Age is a hindering factor for neurology monitoring technicians since the job requires more physical work as the employee needs to carry and push heavy equipment, which might be an issue for aged professionals. This in turn is expected to restrain the growth of the neurology monitoring market.