The global neurological monitoring devices market size is estimated to be growing at a CAGR of 7.1% from 2023 to 2028. The market size is predicted to be USD 9.73 billion in 2023 and USD 13.71 billion by 2028.
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. Recently, the number of people suffering from these conditions has increased dramatically. Hence, it has become 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 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.
Market Size Available
2022 to 2028
2023 to 2028
By Type, Procedure, Therapeutic Application, End-User, Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This research report on the global neurological monitoring devices market has been segmented and sub-segmented into the following categories.
Neurological Monitoring Devices Market – By Type:
Based on type, the monitors of intracranial pressure & blood flow dynamics segment held the largest share of the global market in 2022 owing to the increasing concern towards health and growing demand for effective diagnosis and treatment procedures.
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:
Based on the procedure, the non-invasive procedure segment is projected to have a steady pace during the forecast 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:
Based on therapeutic application, the traumatic brain injuries segment accounted for the leading share of the worldwide market in 2022 and is estimated to grow at a notable CAGR during the forecast period owing to the growing incidence of road accidents and several patients with brain injuries.
Neurological Monitoring Devices Market – By End User:
Based on the end-user, the hospital segment led the market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the growing constructional activities of hospitals, with increasing support from the governments. In addition, the rise in the concern towards quality treatment is leveraging the growth of the market.
Neurological Monitoring Devices Market – By Region:
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 launching innovative devices in favor of the end-user is prompting 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 in 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.
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 are some of the notable companies in the neurological monitoring devices market.
The growing use of wearable technology for neurological monitoring, the adoption of telemedicine and remote monitoring, and the development of personalized medicine approaches for neurological disorders majorly drive the growth of the neurological monitoring devices market.
The global market size of the neurological monitoring devices market is expected to reach USD 9.73 billion in 2023.
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