Strong CAGR to Propel in the Neurology Diagnostic And Monitoring Devices Market and Beyond upto $13.21 Billion by 2029
Discover trends, market shifts, and competitive outlooks for the neurology diagnostic and monitoring devices industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
How Has the Neurology Diagnostic And Monitoring Devices Market Growth Performance Trended Historically, And What Lies Ahead?
There has been a robust growth in the size of the neurology diagnostic and monitoring devices market in the past few years. The market, which stands at $8.52 billion in 2024, is expected to rise to $9.32 billion in 2025, showing a compound annual growth rate (CAGR) of 9.4%. The historical growth of the market can be credited to several factors, including escalated healthcare expenditure, a surge in EEG procedures, increased expenditure on healthcare, more investment funnelled into research and development, as well as advancements in diagnostic precision.
In the upcoming years, the market for neurology diagnostic and monitoring devices is predicted to witness robust growth. The market value is projected to reach $13.21 billion in 2029 with a compound annual growth rate (CAGR) of 9.1%. This anticipated growth in the market during the projected period can be ascribed to activities initiated by the government and healthcare sector, the advent of personalized medicine, the progression of telemedicine, upgrading healthcare infrastructure, and ratifications and standards set by regulatory bodies. The expansion of telehealth, progress in neurostimulation devices, breakthroughs in biomarker discovery and integration, advances in neuroinformatics and data integration, and developments in nanotechnology are some of the major trends expected during the forecast period.
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Which Primay Drivers Are Accelerating Growth in the Neurology Diagnostic And Monitoring Devices Market?
The neurology diagnostic and monitoring devices market is predicted to benefit from the rise in neurodegenerative diseases. These diseases, which involve progressive nerve cell deterioration or death in the brain and spinal cord, are becoming more common due to factors like an aging population, longer life spans, and increased exposure to environmental and genetic risks. Neurology diagnostic and monitoring devices offer accurate, real-time analysis of brain function and disease progression, making early diagnosis, personalized treatment plans, and effective therapeutic response monitoring possible. For example, National Records of Scotland reported in September 2023, that Alzheimer’s disease and other forms of dementia accounted for 6,277 deaths in Scotland in 2022, a 4% increase from the preceding year, with a rise of 231 deaths. Consequently, the escalating prevalence of neurodegenerative diseases is the driving force behind the growth of the neurology diagnostic and monitoring devices market.
Which Primary Segments of the Neurology Diagnostic And Monitoring Devices Market Are Driving Growth and Industry Transformations?
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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Which Regions Are Key Players in the Growth of 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.
Which Cutting-Edge Market Trends Are Expected to Drive the Neurology Diagnostic And Monitoring Devices Market’s Growth?
Leading firms in the neurology diagnostic and monitoring devices market are concentrating their efforts on creating innovative solutions like image-guided therapy systems to increase accuracy in neurovascular procedures. This type of medical technology is often used for assistance during the planning, performing and navigating of different therapeutic procedures, typically in real-time. For example, Koninklijke Philips N.V., a health technology company headquartered in The Netherlands, in February 2024, launched an innovative Azurion neuro biplane system designed to quicken and improve the non-invasive diagnostic process as well as treatment for neurovascular patients. This system includes distinctive features like improved C-arm rotation and angulation for superior imaging flexibility, swift shifts from 2D to 3D imaging for a streamlined workflow, extensive table-side control for a sterile working field, auto rotating beam for precise image positioning, a new head immobilizer to aid in stroke patient care, and integration of AI and machine learning for performance monitoring and service issue prediction.
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What Parameters Are Used to Define the Neurology Diagnostic And Monitoring Devices Market?
Neurology diagnostic and monitoring devices are medical tools used to diagnose and monitor disorders of the nervous system, including the brain, spinal cord, and peripheral nerves. These devices assess neurological functions and help detect conditions such as epilepsy, stroke, Alzheimer’s disease, and multiple sclerosis.
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