Neurology monitoring involves the continuous tracking and assessment of neurological functions and vitals in patients suffering from neurological conditions. It helps in diagnosing neurological disorders and monitoring high-risk patients. Neurology monitoring devices include electroencephalography (EEG) machines, electromyography (EMG) devices, intracranial pressure (ICP) monitors, and cerebrospinal fluid (CSF) management devices. These devices provide valuable insights into brain activities and aid in diagnosing issues related to seizures, headaches, and more.
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:
Rise in prevalence of neurological disorders due to growing geriatric population and changing lifestyles is a key driver of neurology monitoring market growth. According to WHO, neurological disorders affect over 1 billion people worldwide each year. Neurological conditions like epilepsy, Alzheimer's disease, migraine, and stroke are on the rise. Increasing cases of head injuries from road accidents are also fueling demand for neurology monitoring devices. Moreover, technological advancements in neurology monitoring systems allowing real-time data analysis through cloud connectivity are expected to further aid market expansion over the forecast period.
SWOT Analysis
Strength: The neurology monitoring market offers non-invasive monitoring solutions that reduces risks associated with invasive procedures. Technologies like EEG and EMG provides efficient monitoring of neurological conditions in real-time. Advancements in wireless monitoring devices allows for continuous monitoring of patients outside hospitals.
Weakness: High costs associated with neurology monitoring devices restricts its adoption in developing regions. Lack of skilled professionals limits widespread use of complex monitoring solutions. Reimbursement policies varies globally challenging market growth.
Opportunity: Rising incidence of neurological disorders fuels the need for efficient monitoring solutions. Growing geriatric population prone to conditions like Parkinson's and Alzheimer's expands the patient pool. Technological advancements enables miniaturization and remote monitoring offering new opportunities.
Threats: Presence of alternative treatment options poses competition to monitoring devices. Stringent regulations for new product approvals extends time-to-market. Data privacy and security concerns limits patient acceptance of wireless monitoring devices.
Key Takeaways
The Global Neurology Monitoring Market Demand is expected to witness high growth. 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 currently dominates the market due to presence of major players, rising neurological disease burden and availability of reimbursements. Europe and Asia Pacific regions are fastest growing markets owing to growing healthcare expenditure, healthcare infrastructure development and supportive government initiatives.
Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., and Organigram Holdings Inc.. Large players focus on new product launches and acquisitions to strengthen their market presence. Small players engage in partnerships for commercialization of innovative solutions. Collaborations between device manufacturers and healthcare providers facilitates efficient patient monitoring services.
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