Neurology Patient Monitoring Market size is anticipated to reach USD 7.4 billion by 2030

 Neurology Patient Monitoring Industry Overview

The global neurology patient monitoring market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2030. The demand for neurology patient monitoring is increasing owing to the rising incidence of neurological disorders, increasing road accidents that result in traumatic brain injuries, as well as launch the of technologically advanced products in the market. The outbreak of COVID-19 in 2020 had an adverse impact on the market. It led to a shortage of medical devices including neurology monitoring devices owing to disruption in supply chain operations due to lockdown at the global level.

Furthermore, medical device manufacturing companies are more focused to meet the surge in demand for ventilators along with other respiratory devices instead of neurology monitoring devices. Thus, the pandemic had an adverse effect on neurology monitoring devices. However, as lockdown restrictions are lifted in most of the countries, supply chains and manufacturing hubs of most healthcare companies, including neurology patient monitoring, are expected to work efficiently and smoothly over the forecast period. Increasing incidences of stroke, owning to the lifestyle changes is one of the leading factors contributing to the growth of the market for neurology patient monitoring.

 

Gather more insights about the market drivers, restrains and growth of the Global Neurology Patient Monitoring Market

 

For instance, according to the Society of Vascular and Interventional Radiology, stroke impacts roughly 16 million people worldwide each year, killing an estimated 5.7 million individuals, with an annual healthcare cost of USD 104 billion in the U.S. Stroke is a time-sensitive condition that necessitates prompt treatment. The majority of stroke patients may suffer lasting impairment or death if they are not diagnosed and treated properly. Despite recent breakthroughs in life-saving surgical procedures, due to the unavailability of a portable diagnostic instrument for early diagnosis, less than 10% of eligible patients suffering from stroke are treated surgically. However, continuous technological advancements are expected to enhance the demand for neurology patient monitoring over the forecast period.

For instance, in November 2017, Neural Analytics, Inc.-a medical device company that develops and commercializes technology to track, diagnose, and measure brain health-announced the results of its first phase of EXPEDITE (a next-generation portable diagnostic platform for large vessel stroke) program under IRB approval, which demonstrates the company's advanced transcranial Doppler technology. These factors are anticipated to propel the market for neurology patient monitoring during the forecast period. Moreover, the increasing prevalence of traumatic brain injury across the globe is expected to help the market to grow over the forecast period.

TBI is caused by sudden bumps, hit, or blow to the head or body which cause sudden back and forth movement of the brain. An increase in TBI is a result of unintentional falls, assault, motor vehicle accidents, intentional self-harm, sports injury, and an aging population. According to CDC, in 2016, 47.72% of people had concussions due to unintentional falls, while motor vehicle accidents comprised 25.0%. The use of neurology patient monitoring devices such as MRI scan, EEG, or a CT-scan can diagnose concussion and help the market propel during the forecast period. Thus, the rising incidence of TBIs globally has resulted in high demand for healthcare, necessitating extensive use of brain monitoring equipment, making it the primary factor responsible for market growth.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Neurology Patient Monitoring Market Segmentation

Grand View Research has segmented the global neurology patient monitoring market on the basis of application and region:

Neurology Patient Monitoring Application Outlook (Revenue, USD Million, 2017 - 2030)

 

  • Trauma
  • CSF Management
  • Migraine
  • Stroke
  • Hydrocephalus
  • EEG
  • Others

Neurology Patient Monitoring Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • April 2021: Neural Analytics launched its NovaGuide 2 and NovoSignal, which shortened the time required for diagnosis and treatment of any concussion.
  • March 2021: Brain Scientific, Inc. released the next-generation NeuroCap device. This is an improved EEG electrode array used in clinical and research settings to provide rapid EEGs in instances where STAT EEG recordings are required.

 

Key Companies Profile

Some of the prominent players in the neurology patient monitoring market include:

  • Medtronic
  • Integra LifeSciences
  • Raumedic AG
  • Sophysa
  • Spiegelberg GmbH
  • Natus Medical
  • Gaeltec Devices
  • Neural Analytics

Order a free sample PDF of Neurology Patient Monitoring Market Intelligence Study, published by Grand View Research.

 

 

 

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