Neurological Monitoring Devices Market

Global Neurological Monitoring Devices Market Size (2022 to 2027)

The global neurological monitoring devices market size is estimated to be growing at a CAGR of 7.1% from 2022 to 2027. The market size is predicted to be USD 9.09 billion in 2022 and USD 12.81 billion by 2027.

The increasing prevalence of neurological diseases is expected to be the industry's most significant impact rendering driver. According to WHO statistics, the population is aging rapidly, and, according to WHO statistics, the proportion of the world's population is expected to almost double, from 14% to 21% between 2015 and 2050. Aging is considered one of the main risk factors problem neurological. About 23% of adults over 65 suffer from neurological diseases, and over 6.6% of disabilities in the geriatric population are attributed to neurological disorders. The rapidly growing geriatric population is expected to be the primary driver for the growth of the neurological monitoring devices market.

The arrival of technologically advanced products, such as wearable devices, is expected to show substantial growth in this industry. The benefits of wearable devices, such as increased mobility and 24-hour surveillance, are expected to drive market growth further. According to the World Health Organization (WHO) statistics, approximately 55 million people worldwide have epilepsy, making it the most common neurological disorder globally.

Furthermore, the other significant factors driving the global brain monitoring market are the high rates of neurological disorders due to various factors such as lifestyle changes, changes in the social environment, and increased stress levels. Neurological monitoring devices are used to study conditions such as brain tumors in Alzheimer's disease, multiple sclerosis, epilepsy, and other diseases. In recent years, the number of people suffering from these conditions has increased dramatically. Hence, it becomes one of the significant factors in the world market.

Additionally, the other significant factors contributing to the growth of the global market are compromising the number of increasing postoperative risks of cerebrovascular. These developments have increased the demand for automated neurological monitoring devices in hospitals, thus creating numerous opportunities for the market to understand the effects of palliative care and anesthesia.

The shortage of professionals trained to operate neurological monitoring devices, the high costs associated with complex neurological monitoring equipment, and concerns about the accuracy of diagnostic equipment pose the biggest challenges in the market.

Impact Of COVID-19 on the global neurological monitoring devices market

The current market scenario of the Neurological Monitoring Devices market is primarily based on and represented by the ongoing market forces such as the protracted pandemic crisis of the COVID-19 epidemic, which has hit the market negatively, pushing it regressively throughout the months. Thus, these current situations have propelled several leading economies to undergo a state of metamorphosis and massive innate transformation after witnessing a persistent strong impact on the growth forecast of the neurological monitoring devices market.

As the coronavirus crisis spreads, suppliers are rapidly changing their purchasing practices and priorities to meet the demands of a pandemic. Two changes in the coming months seem inevitable: the first is that medical staff and equipment will be modified to deal with the virus and its complications. Doctors, nurses, hospital departments, diagnostic labs, and capital goods will shift from traditional uses to detecting and treating patients with coronavirus. The second is that necessary procedures will continue to be performed, albeit with minor delays for less urgent treatments.

REPORT COVERAGE

This research report on the Global Neurological Monitoring Devices Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2027.

Neurological Monitoring Devices Market – By Type:

• Monitors of Intracranial Pressure & Blood Flow Dynamics  
• Intracranial Pressure Monitor
• Jugular Venous Oximetry
• Transcranial Doppler (TCD) Ultrasonography
• Near-Infrared Spectroscopy
• Brain Tissue Oxygen Tension Monitor
• Monitors of Brain Electrical Activity             
• Electroencephalography
• Evoked Potentials

Based on type, monitors of intracranial pressure & blood flow dynamics segment is leading with the highest shares of the market. In addition, increasing concern towards health and growing demand for effective diagnosis and treatment procedures is boosting up the growth of the market.

The electroencephalography segment is expected to experience lucrative growth during the forecast period. It can be attributed to its broad clinical applications in neurological diseases. Besides, this modality makes it possible to display neurological activity in real-time in milliseconds, thus offering greater precision. On the other hand, electromyography is also expected to experience substantial growth over the next seven years due to the increasing prevalence of neuromuscular diseases such as muscular dystrophies and muscular rheumatism. Moreover, electromyography is more precise than magnetic images, such as magnetic resonance imaging (MRI). These factors are anticipated to drive EMG growth over the forecast period.

Neurological Monitoring Devices Market – By Procedure:

• Non-Invasive        
• Invasive   

Based on procedure, Non-invasive procedure has the highest growth rate from the past decade and is also projected to have a steady pace during the review period. However, increasing minimally non-invasive surgical procedures worldwide with the growing prevalence of less painful processes comparatively outshines the demand of the neurological monitoring devices market. 

Neurological Monitoring Devices Market – By Therapeutic Application:

• Traumatic Brain Injuries     
• Stroke       
• Dementia
• Headache Disorders            
• Sleep Disorders     
• Epilepsy    
• Parkinson’s Disease           
• Huntington’s Disease

Based on therapeutic application, Traumatic brain injuries application is holding dominant shares of the market. Rising incidences of road accidents and several patients with brain injuries are accelerating the growth of the market.     

Neurological Monitoring Devices Market – By End User:              

• Hospitals  
• Neurological Centers and Institutions         
• Clinics & Ambulatory Surgical Centers         
• Diagnostic Centers              
• Ambulances       

Based on End-User, the Hospitals sector is leading with the largest shares of the market. The growing constructional activities of hospitals, with increasing support from the government, escalate the market demand. In addition, the rise in the concern towards quality treatment is leveraging the growth of the market.   

Neurological Monitoring Devices Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America is witnessed in holding the highest shares of the market by increasing revenue in most countries. Also, adopting the latest technologies and the launch of innovative devices in favor of the end-user is prompting the market demand in this region.

Europe is positioned next to North America in leading dominant shares of the market. Rising funds from public and private organizations in the medical sector boost the growth of the market. Besides, increasing demand for the treatment of several diseases such as nerve repair and regeneration magnifies the development of the market in this region.

Asia Pacific is growing tremendously from the past decade and hit the highest CAGR in foreseen years. Rising incidences of several neurodegenerative disorders are leveraging the growth rate of the market. The Middle East and Africa are deemed to have slight variations in the growth graph shortly.

NOTABLE COMPANIES IN THE MARKET

Some of the major companies operating in the Global Neurological Monitoring Devices Market profiled in this report are CAS Medical Systems Inc., Compumedics Ltd., Natus Medical Inc., Philips Healthcare, GE Healthcare, AMD Telemedicine, Intel Corporation, Johnson & Johnson, InTouch Health, InTechnology, MEG International Services Ltd., Rimed Inc., Siemens Healthcare, Medtronic Inc., Electrical Geodesics Incorporated, Nihon Kohden Corporation, and Advanced Brain Monitoring.