PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629253
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629253
Neurology Patient Monitoring Market size was valued at USD 5,910.2 Million in 2023, expanding at a CAGR of 6.2% from 2024 to 2032.
Neurology patient monitoring uses specific devices and systems to monitor and analyze a range of neurological functions and vital signs in patients. These systems are essential in diagnosing, managing, and treating neurological disorders, such as stroke, epilepsy, and neurodegenerative diseases. With techniques like electroencephalograms (EEG), intracranial pressure monitoring, and advanced imaging, real-time data is observed, which helps inform clinical decisions. With the development of cutting-edge technologies in artificial intelligence (AI) and the Internet of Things (IoT), neurology patient monitoring has advanced to include remote surveillance and continuous data collection, among other personalized treatment approaches. This increases patient safety and allows for early intervention before the condition worsens; hence, better healthcare outcomes are achieved. The continuous monitoring need of patients necessitates advanced monitoring systems to become increasingly critical in acute and chronic care settings.
Neurology Patient Monitoring Market- Market Dynamics
The neurology patient monitoring market is driven by the propelling prevalence of neurological disorders, such as Alzheimer's, Parkinson's, and epilepsy. Alzheimer's disease affects about 55 million worldwide in 2023. According to the World Health Organization (WHO), this number will surge to 78 million by 2030. Parkinson's disease affects an estimated 7 to 10 million worldwide in 2023. According to projections, more than 12 million will be affected by 2040. Technological advancements that have made neurology monitoring much easier and made it much easier to track the condition of patients remotely include wearable devices, implantable sensors, and telehealth platforms. Additionally, the market grows because of the augmented aging population and more emphasis on proactive healthcare. The WHO estimated that the number of older persons aged 60 and older worldwide was about 1 billion, making up around 13% of the total global population. By 2030, there will be 1.4 billion older adults worldwide. Increasing AI and machine learning adoption for predictive analysis and real-time data monitoring also increases the demand for more advanced, efficient solutions for managing patients across healthcare systems.
With AI-driven analytics and machine learning, one can predict more accurate personal care and early diagnosis, ensuring better patient outcomes. Advances in remote monitoring technologies can improve patient access to patients in underserved or rural areas, reducing visits to the hospital and healthcare expenses. This would also bring innovation through collaboration among tech companies and healthcare providers, leading to innovative solutions like mobile applications and smart wearables, with features of continuous monitoring and engagement for patients. Expanding telemedicine services will also increase the demand for remote neurology care services, increasing accessibility and efficiency. However, high costs in advanced monitoring solutions can contribute to limited uptake, especially by low-resource institutions, hindering remote monitoring technologies market growth.
Neurology Patient Monitoring Market- Key Insights
The electroencephalogram segment dominates the market, driven by its well-established history of use for diagnosing epilepsy and sleep disorders, where high precision with the non-invasive capacity formed inherent value in clinical use.
The hospital segment is the largest in the market, attributed to their ease of access to expensive specialized equipment, professionally well-equipped physicians, and demands for comprehensive patient care for various neurological disorders, including diagnoses, treatment, emergency care, and more.
The North American region acquired the largest share of the market due to its robust healthcare infrastructure, investment in advanced medical technology, and high rate of monitoring system adoption.
The Asia-Pacific region is the fastest growing due to improving healthcare infrastructure, rising chronic disease rates, and increased demand for advanced medical monitoring solutions, especially in populous countries like China & India.
The Global Neurology Patient Monitoring Market is segmented based on device, application, monitoring, end user, and region.
The neurology patient monitoring market is segmented into four categories based on device type: electroencephalogram, electromyography, magnetoencephalography, and transcranial Doppler. The electroencephalogram is the largest segment in the global neurology patient monitoring market due to its well-established usage in diagnosing and monitoring neurological disorders like epilepsy, sleep disorders, and brain injuries. This dominance is also attributed to its ability to accurately detect electrical activity in the brain, which helps diagnose and monitor conditions that affect neurological health. Magnetoencephalography is expected to be the fastest-growing segment in the market. Interest in MEG is gaining pace as it is a non-invasive monitoring technique to monitor brain activity at high temporal and spatial resolutions. MEG is critical for advanced research and pre-surgical planning, providing deep insights into the brain's functioning, which supports segment growth in medical and research applications. The technology is also gaining popularity for its potential in understanding neurodegenerative diseases.
The global neurology patient monitoring market is divided into two segments based on monitoring type: invasive monitoring and non-invasive monitoring. Non-invasive monitoring holds the maximum share in the market as it is extensively used in diagnostic and monitoring applications. The use of non-invasive methods such as EEG, MEG, and transcranial doppler is favored due to safety and patient comfort. These systems are indispensable in the early diagnosis and continuous monitoring of neurological diseases. Reducing patients' time in hospitals and providing better care is crucial to non-invasive techniques. The non-invasive monitoring is also the fastest-growing segment in the market. The increasing use of non-invasive techniques is supported by the increasing patient comfort and safety measures coupled with the advancement in wearable and portable monitoring technologies. This is also attributed to the growing number of non-invasive solutions that integrate with IoT and mobile applications, thus facilitating remote monitoring and real-time data collection.
Neurology Patient Monitoring Market- Geographical Insights
Geographically, this market is segmented into the North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The North America region acquired the largest share in the neurology patient monitoring market due to advanced healthcare infrastructure, high investments in medical technology, and a robust focus on patient care. Among the countries in this region, the U.S. leads the market, attributed to advancements in neurology monitoring and support from government initiatives. This market is growing the fastest within the Asia-Pacific region, as in developing countries such as China & India, as well as within the Southeast Asian region, where needs for healthcare are rising. China is focusing on investing in modern medical technology & upgrading its health infrastructure with a propelling burden of neurological disorders. The country has taken steps forward with government initiatives focusing on enhancing accessibility to better medical care & integrating the latest neurology monitoring devices. India is following in its footsteps, focusing on increasing healthcare facilities and making diagnostic equipment more readily available. Furthermore, Southeast Asian countries are also concentrating on bettering health systems and creating public-private partnerships for neurology patient monitoring in response to growing demand. This region's fast adoption of technology combined with strategic healthcare policies places it at the forefront of future market growth, which will see improved patient care and management in various healthcare settings.
The neurology patient monitoring market is highly competitive, with major global and regional players constantly innovating to gain market share. Major companies that lead the market include Natus Medical, Siemens Healthineers, GE Healthcare, Cleveland Medical Devices, Neurolife, NeuroWave, BioSerenity, Medtronic, Cerebrosis, Zynex, Philips, CompuMed, BrainScope, Cadwell, and NeuroSky. These companies capitalize on R&D capabilities to develop cutting-edge solutions such as advanced wearable devices, EEG systems, and AI-enhanced monitoring tools. Medtronic have expanded their portfolios by creating strategic partnerships and acquiring others. The global market is anticipated to grow, driven by the need for more advanced patient monitoring solutions. The competitive landscape is toughened by smaller specialized firms dealing in niche products, such as portable EEGs or home-based monitoring solutions.
February 2024: G.E. Healthcare acquires Mindray Medical International Limited, the worldwide medical device solutions provider leader. This strategic acquisition aims to strengthen G.E. Health Care's position in neurology monitoring by adding scope to its product portfolio with global reach.
March 2024: Nihon Kohden Corporation and Koninklijke Philips N.V. have entered a strategic partnership to develop advanced neurology monitoring solutions. This collaboration will combine the strengths and expertise of both companies to deliver innovative products that will meet healthcare providers' emerging needs.
July 2024: Integra LifeSciences Corporation acquired AxoGen, Inc., a leading regenerative medicine company focused on peripheral nerve repair. This acquisition will enhance Integra's position in the neurology monitoring market by increasing its product offerings for peripheral nerve injuries.