How Has the Neurology Monitoring Market Evolved Historically and What is its Current Size?
The neurology monitoring market has seen considerable growth due to a variety of factors.
• The size of the neurology monitoring market has seen robust growth in recent years. It is projected to rise from $6.53 billion in 2024 to $7.01 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%.
The expansion during the historical period is due to factors such as the growing incidence of neurological ailments, an increase in the elderly population, heightened awareness and diagnosis rates, the need for non-invasive monitoring, and the incorporation of remote patient monitoring.
What is the Forecasted Market Size and CAGR for the Neurology Monitoring Market?
The neurology monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• Projections for the neurology monitoring market predict robust expansion in the upcoming years, with an expected valuation of $8.78 billion in 2029, representing a compound annual growth rate (CAGR) of 5.8%.
This anticipated growth over the forecast period can be traced back to an emphasis on early identification and intervention, the proliferation of telemedicine and remote monitoring, personalized medicine methods, and governmental initiatives aimed at neurological healthcare. Key trends for this time period encompass the utilization of wearable devices for neurological monitoring, the integration of virtual reality (VR) and augmented reality (AR) into neurology monitoring, the use of wireless connectivity in neurological monitoring equipment, and the creation of home-based neurology monitoring solutions, in addition to a focus on multi-modal neurophysiological monitoring systems.
What Key Factors and Trends Are Driving The Growth Neurology Monitoring Market?
The neurology monitoring market is expected to benefit from the escalating occurrences of traumatic brain injuries (TBI). A TBI is a kind of injury which happens due to an external force or trauma leading to damage in the brain. Neurological monitoring is a crucial tool in managing TBIs, as it allows for the assessment of brain function, surveillance of intracranial pressure, and detection of neurological status changes. This vital information can guide healthcare providers in developing appropriate treatment strategies and interventions, ensuring timely and personalized care for patients. For instance, the Colorado Department of Human Services (CDHS) report from March 2023 indicates that every year, an estimated 2.8 million Americans suffer from a TBI, resulting in approximately 2.5 million emergency department visits, 225,000 hospital affiliations, and 65,000 annual deaths. Consequently, the increasing occurrence of TBIs is a significant factor driving the neurology monitoring market.
Neurology Monitoring Market Driver: Escalating Cases of Neurodegenerative Disorders Boost Neurology Monitoring Market
What Are The Market Segments In The Neurology Monitoring Market?
The neurology monitoring market covered in this report is segmented –
1) By Product Type: Magnetic Resonance Imaging (MRI) Devices, Electroencephalography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, Other Product Types
2) By Disease Type: Traumatic Brain Injury (TBI), Stroke, Sleep Disorders, Parkinson's Disease, Epilepsy, Other Disease Types
3) By End User: Hospitals, Neurology Centers, Diagnostic Centers, Advancing Surgical Care And Clinics, Other End Users
Subsegments:
1) By Magnetic Resonance Imaging (MRI) Devices: Functional MRI (fMRI), Closed MRI Systems, Open MRI Systems, Portable MRI Systems
2) By Electroencephalography (EEG) Devices: Portable EEG Devices, Wireless EEG Devices, Ambulatory EEG Devices, Clinical EEG Devices
3) By Cerebral Oximeters: Non-Invasive Cerebral Oximeters, Handheld Cerebral Oximeters
4) By Intracranial Pressure Monitors: Invasive Intracranial Pressure Monitors, Non-Invasive Intracranial Pressure Monitors
5) By Other Product Types: Electromyography (EMG) Devices, Transcranial Doppler (TCD) Devices, Evoked Potential Systems, Near-Infrared Spectroscopy (NIRS) Devices
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What Emerging Trends Are Influencing The Growth Of The Neurology Monitoring Market?
Prominent firms in the neurology monitoring industry are putting their efforts into inventing unique electroencephalogram (EEG) monitoring equipment such as cloud-connected portable EEG devices in order to offer dependable services to their patrons. A cloud-connected portable EEG device grants the possibility of real-time brain activity surveillance by transferring data wirelessly to the cloud for distant analysis and storage. For example, in November 2023, BioSerenity, a healthcare entity based in France, achieved FDA approval for Neuronaute Plus, a comprehensive yet simplified EEG device that BioSerenity itself created. This compact medical gadget accumulates EEG data that can be transferred to the cloud, which then allows specialists based in Europe, Canada, and the U.S. to assess the recordings effortlessly. Moreover, it is crafted for easy usage, needing little training, and it is complemented with the Icecap, a cutting-edge EEG electrode net that streamlines the recording procedure.
Who Are the Key Players In The Neurology Monitoring Market?
Major companies operating in the neurology monitoring market report are:
• Medtronic PLC
• Siemens Healthcare GmbH
• GE Healthcare
• Philips Healthcare
• Drägerwerk AG & Co. KgaA
• Masimo Corporation
• Nihon Kohden Corporation
• Integra LifeSciences Corporation
• Natus Medical Incorporated
• Raumedic AG
• Neurosoft LLC
• Cadwell Laboratories Inc.
• Compumedics Limited
• Sophysa SA
• Electrical Geodesics Inc.
• BrainScope Company Inc.
• G.Tec Medical Engineering GmbH
• Persyst Development Corporation
• Advanced Brain Monitoring Inc.
• NeuroWave Systems Inc.
• Spiegelberg GmbH & Co. KG
• BrainMaster Technologies Inc.
• DEYMED Diagnostic s.r.o.
• Inomed Medizintechnik GmbH
• Novela Neurotechnologies Inc
What Are The Regional Insights Into The Neurology Monitoring Market?
North America was the largest region in the neurology monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neurology monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
