How is the Neurology Diagnostic And Monitoring Devices Market Poised for Growth: Trends and Opportunities Through 2034
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What fueled the previous growth in the neurology diagnostic and monitoring devices market?
In recent years, the market size of neurology diagnostic and monitoring devices has seen a robust expansion. The market is predicted to increase from a value of $8.52 billion in 2024 to $9.32 billion in 2025, marking a compound annual growth rate (CAGR) of 9.4%. This substantial growth during the historical period is largely attributable to factors such as escalating healthcare spending and investment, a rise in EEG procedures, growing healthcare budgets, greater investment in research and development, and enhancements in diagnostic precision.
What will be the neurology diagnostic and monitoring devices market size in the future?
The market size for diagnostic and monitoring devices in neurology is predicted to experience significant expansion in the coming years, reaching $13.21 billion by 2029 with a compound annual growth rate (CAGR) of 9.1%. The predicted surge within the forecast period can be linked to several factors including governmental and healthcare programs, the rise of individualized medicine, the development of telemedicine, an increased healthcare infrastructure, and the achievement of regulatory permissions and criteria. Within this forecast period, notable trends are expected to include the growth of telehealth, the advancement of neurostimulation apparatus, the discovery and consolidation of biomarkers, data and neuroinformatic combination, and the advancements in nanotechnology.
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What main drivers are fueling expansion in the neurology diagnostic and monitoring devices market?
The surge in the occurrence of neurodegenerative diseases is projected to fuel the expansion of the neurology diagnostic and monitoring devices market in the near future. Such diseases pertain to a spectrum of disorders marked by the gradual decay or demise of brain and spinal cord nerve cells (neurons). The escalation in neurodegenerative diseases can be attributed to an aging society, longer life spans, and heightened exposure to environmental and genetic hazards. Neurology diagnostic and monitoring apparatus aid in these diseases by offering accurate and instantaneous analysis of brain function and disease advancement. This facilitates prompt diagnosis, personalized treatment protocols, and efficient surveillance of therapy outcomes. For instance, the National Records of Scotland, a governmental body based in Scotland, reported in September 2023 that Alzheimer’s disease and other forms of dementia were accountable for 6,277 fatalities in the year 2022. This signified a 4% increase from the preceding year, which experienced an escalation of 231 deaths. Consequently, the burgeoning occurrence of neurodegenerative diseases is propelling the growth of the neurology diagnostic and monitoring devices market.
What key areas define the segmentation of the global neurology diagnostic and monitoring devices market?
The neurology diagnostic and monitoring devices market covered in this report is segmented –
1) By Device Type: Electroencephalogram (EEG) Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Scanner, Position Emission Tomography (PET) System, Ultrasound Imaging Systems, Other Device Types
2) By Indication: Neurodegenerative Disease, Epilepsy, Stroke, Other Indications
3) By End-User: Hospitals And Surgery Centers, Neurology Centers, Ambulatory Care Centers, Diagnostic Laboratories And Imaging Centers, Research Laboratories And Academic Institutes
Subsegments:
1) By Electroencephalogram (EEG) Systems: Portable EEG Systems, Clinical EEG Systems, Wireless EEG Systems
2) By Magnetic Resonance Imaging (MRI) Systems: Closed MRI Systems, Open MRI Systems, Functional MRI (fMRI) Systems
3) By Computed Tomography (CT) Scanner: Standard CT Scanners, High-Definition CT Scanners, 3D CT Scanners
4) By Position Emission Tomography (PET) System: PET-CT Scanners, PET-MRI Scanners
5) By Ultrasound Imaging Systems: Diagnostic Ultrasound Systems, 3D and 4D Ultrasound Systems, Portable Ultrasound Systems
6) By Other Device Types: Nerve Conduction Study (NCS) Devices, Evoked Potential (EP) Systems, Brain Implants and Neurostimulators
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Who are the dominant players expanding their reach in the neurology diagnostic and monitoring devices market?
Major companies operating in the neurology diagnostic and monitoring devices market are Siemens Healthineers, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Shimadzu Corporation, Masimo Corporation, Nihon Kohden Corporation, Elekta AB, Natus Medical Incorporated, Esaote S.p.A., Zynex Medical Inc., Canon Medical Systems Corporation, Neurosoft S.A., Cadwell Industries Inc., Cogito Brains Inc., Blackrock Neurotech Inc., Compumedics Limited, Ceribell Inc., Nexstim Plc, NeuroMetrix Inc., Lumos Labs Inc., Soterix Medical Inc., Advanced Brain Monitoring Inc., Sense Neuro Diagnostics Inc.
How are evolving market trends shaping neurology diagnostic and monitoring devices Strategies?
Leading entities in the neurology diagnostic and monitoring devices market are prioritizing the development of innovative solutions, such as the image-guided therapy system, to improve accuracy in neurovascular operations. The image-guided therapy system is a form of medical technology that aids the planning, navigation, and application of several therapeutic procedures, often happening in real-time. For example, in February 2024, Koninklijke Philips N.V., a health technology firm based in the Netherlands, introduced the new Azurion neuro biplane system to expedite and augment the minimally invasive diagnosis and treatment of neurovascular patients. The system brings unique features including enhanced C-arm rotation and angulation for superior imaging versatility, quick switching between 2D and 3D imaging for maximizing workflow, complete table-side control to ensure a sterile environment, automatic beam rotation for precise image alignment, a novel head immobilizer to assist in stroke patient management, and the use of AI and machine learning to keep track of performance and foresee service issues.
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Which regions are emerging as leaders in the neurology diagnostic and monitoring devices market?
North America was the largest region in the neurology diagnostic and monitoring devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neurology diagnostic and monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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