Neurology monitoring devices are used to monitor and diagnose neurological conditions. The state of the patient's brain activity is monitored through neurology monitoring devices, such as magnetic resonance imaging (MRI), electroencephalography (EEG) devices, cerebral oximeters, intracranial pressure monitors, and other devices. These devices help monitor both neural and electrical activity in the brain. Different neurology monitoring techniques assess the function of the brain, brainstem, cranial nerves, spinal cord, and peripheral nerves during a procedure. These devices are immensely valuable in the detection and prevention of neurological insult.
Market Statistics:
The global Neurology Monitoring Market is estimated to account for US$ 5,949.3 Mn in terms of value by the end of 2022.
Drivers:
Rise in incidence/prevalence of neurological disorders and increase in awareness among people is expected to augment growth of the global neurology monitoring market over the forecast period. For instance, according to the World Health Organization (WHO), each year, more than 15 million people suffer from the stroke, out of which 5 million die, and 5 million are disabled permanently. Moreover, awareness campaigns such as, in 2021 on World Stroke Day, WHO launched Precious Time Campaign which focused on awareness regarding stroke, its signs and symptoms, and access to available medical assistance. This in turn is also driving the market growth.
Opportunities:
Increase in demand for neurology monitoring devices worldwide is expected to provide significant growth opportunities for players active in the global neurology monitoring market. For instance, neurology monitoring devices are used to monitor and diagnose neurological conditions, and thus, demand for neurology monitoring devices is on the rise. In January 2022, iMediSync showcased its comprehensive electroencephalogram (EEG) solution (hardware + software + remote telehealth solution), to perform brain screening and predictive analysis of potential mental conditions in just 10 minutes, at the Consumer Electronics Show (2022).
Restraints:
High cost of monitoring devices and dearth of skilled professionals are major factors expected to hamper growth of the global neurology monitoring market over the forecast period. For instance, the average cost of a standard EEG is ~US$ 200 to US$ 700; this procedure can cost as high as US$ 3,000 for extended monitoring. The cost of a magnetic resonance imaging (MRI) also varies based on the place where the test was done, the body part being imaged, and several other factors. Furthermore, since the neurology monitoring equipment is sophisticated, it is likely to be handled by trained personals during operations. This in turn is expected to restrain growth of the market.
Global Neurology Monitoring Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak COVID-19 has had a severe impact on the neurology monitoring market. Due to the pandemic-related restrictions, neurology diagnostics and treatment procedures were affected and research activities came to a halt. The pandemic has also led to a shortage of medical devices such as neurology monitoring devices owing to disruption in supply chain due to lockdown at the global level. However, the market is gaining its pre-pandemic demand for neurology monitoring devices, and it is expected to witness robust growth during forecast period. This in turn is expected to drive growth of the global neurology monitoring market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neurology-monitoring-market-5501
Key Takeaways:
The global neurology monitoring market was valued at US$ 5,618.9 Mn in 2021 and is forecast to reach a value of US$ 8,415.3 Mn by 2028 at a CAGR of 5.9% between 2022 and 2028.
Among product type Magnetic Resonance Imaging (MRI) Devices segment held dominant position in the global neurology monitoring market in 2021, accounting for 37.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to propel the growth of the global neurology monitoring market is the increase in number of product approvals. For instance, there has been a significant increase in the number of product approvals over the years due to increase in burden of neurological diseases and rise in demand for neurology monitors worldwide. The U.S. Food and Drug Administration (FDA) has approved number of neurology monitoring devices over the years. Which has a positive impact on the growth of the global neurology monitoring market. This trend is expected to continue over the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global neurology monitoring market include
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).
Recent Developments:
In September 2022, GE Healthcare received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its breakthrough AIR Recon DL for 3D and PROPELLER imaging sequences.
In July 2022, Siemens Healthineers accelerates and improves Magnetic Resonance Imaging (MRI) with artificial intelligence. Deep Resolve functionalities can accelerate scan time for brain MRI by up to 70%.
In April 2020, Nihon Kohden launched the Premium Disposable Gold Cup EEG Electrode to the healthcare community. The disposable EEG electrodes help healthcare workers prevent the cross-contamination between patients while maintaining high-quality EEG signals.
In February 2020, Compumedics Limited received 510(K) clearance from the U.S. Food and Drug Administration (FDA) for its Orion LifeSpan Magnetoencephalography single Dewar system.
