Neurology Diagnostic And Monitoring Devices Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How Will the Neurology Diagnostic And Monitoring Devices Market Grow Over the Forecast Period Based on Its Expected CAGR?
The market for neurology diagnostic and monitoring equipment has witnessed a robust expansion in the past few years. It is projected to surge from $8.52 billion in 2024 to $9.32 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%. The significant growth observed in the historical period can be tied to factors like heightened healthcare spending and investment, a surge in EEG procedures, increased outlay in healthcare, greater investments in R&D, and enhanced diagnostic precision.
The market for neurology diagnostic and monitoring devices is projected to experience significant growth in the upcoming years, reaching $13.21 billion in 2029 with a compound annual growth rate (CAGR) of 9.1%. This growth over the forecast period can be linked to several factors, including government and healthcare initiatives, the introduction of personalized medicine, the expansion of telemedicine, growth in healthcare infrastructure, and meeting regulatory approvals and standards. The key trends to watch in the forecast period involve expansion of telehealth, progression in neurostimulation devices, discovery and incorporation of biomarkers, integration of neuroinformatics and data, and advancements in nanotechnology.
Which Drivers Are Expected to Have the Greatest Impact on the Neurology Diagnostic And Monitoring Devices Market’s Growth?
The growth of the neurology diagnostic and monitoring devices market is anticipated to be buoyed by the escalating prevalence of neurodegenerative diseases. Such diseases are a collection of conditions featuring the gradual decay or death of nerve cells (neurons) in the brain and/or spinal cord. An aging population, extended life spans, and increased exposure to environmental and genetic risk factors contribute to the rise in neurodegenerative diseases. Neurology diagnostic and monitoring devices play a critical role in these diseases by giving accurate and real-time data on brain function and disease advancement, facilitating early detection, personalized treatment approaches, and effective monitoring of treatment responses. For example, the National Records of Scotland, a governmental organization based in Scotland, reported in September 2023 that Alzheimer’s disease and other types of dementia caused 6,277 deaths in 2022 in Scotland. This is a 4% increase from the prior year, which had 231 more deaths. As such, the climbing prevalence of neurodegenerative diseases is fuelling the expansion of the neurology diagnostic and monitoring devices market.
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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
What Are the Top Trends Shaping the Evolution of the Neurology Diagnostic And Monitoring Devices Market?
Top firms in the neurology diagnostic and monitoring devices market are prioritizing the formulation of more cutting-edge solutions like the image-guided therapy system, a tool designed to provide more precision in neurovascular procedures. This medical technology is applicable in the design, execution, and navigation of a diverse range of therapeutic procedures, often in real-time. Case in point, in February of 2024, Koninklijke Philips N.V., a health technology company from the Netherlands, introduced the new Azurion neuro biplane system. This system is meant to facilitate and augment the minimally invasive diagnosis and treatment procedures for neurovascular patients. Its unique attributes include improved C-arm rotation and angulation for better imaging flexibility, swift transition from 2D to 3D imaging for efficient workflow, table-side control for sterility, automatic beam rotation for precise image orientation, a new head immobilizer for better stroke patient care, and the inclusion of artificial intelligence and machine learning to keep track of performance and predict service problems.
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Which Market Segments Are Driving Strategic Growth and Trends in the 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
Which Regions Are Setting the Pace for Neurology Diagnostic And Monitoring Devices Market Growth?
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.
How Is the Neurology Diagnostic And Monitoring Devices Market Defined Across Different Regions?
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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