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How has the Neurology Monitoring market size evolved in recent years?

In the past few years, the neurology monitoring market has expanded significantly. It is projected that this market will escalate from $6.53 billion in 2024 to $7.01 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%. Factors such as the escalating incidence of neurological conditions, the surge in the elderly population, increased awareness and diagnosis rates, and the growing demand for non-invasive monitoring, coupled with the integration of remote patient care, have contributed to this growth in the previous period.

What are the predictions for the neurology monitoring market size in the coming years?

Anticipated to witness significant advancements in the coming years, the neurology monitoring market is set to rise to $8.78 billion in 2029, projecting a compound annual growth rate (CAGR) of 5.8%. The predicted upswing during this period involves factors such as prioritization on initial detection and treatment, increased propagation of telemedicine and remote monitoring, personalistic medical methods, and government-backed initiatives for neurological healthcare. Key trends for the forecasting period constitute the incorporation of wearable neurological monitors, the fusion of virtual reality (VR) and augmented reality (AR) into neurological monitoring, the employment of wireless connections in neurological devices, the creation of home-based neuro conveyance solutions, and a focus on multi-modal neurophysiological supervision systems.

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What key factors are fueling the growth of the neurology monitoring market?

The uptick in traumatic brain injuries (TBIs) is anticipated to influence the growth trajectory of the neurology monitoring market. TBIs – damage to the brain resulting from external forces or trauma – are managed using neurology monitoring, which aids medical professionals in assessing brain function, monitoring intracranial pressure, and recognizing any neurological status deviations. This results in well-informed decisions regarding treatment approaches and interventions, guaranteeing personalized and prompt patient care. For instance, the Colorado Department of Human Services reported in March 2023 that approximately 2.8 million Americans sustain a traumatic brain injury annually, resulting in nearly 2.5 million emergency department visits, 225,000 hospital admissions, and 65,000 deaths each year. Consequently, this rise in traumatic brain injuries is driving the neurology monitoring market’s growth. An increase in neurodegenerative disorders is also predicted to be a significant driver for the neurology monitoring market’s expansion. These disorders, categorized by the ongoing degeneration of the nervous system’s structure and function, are continuously monitored to track disease progression and refine treatment plans. For instance, the Australian Institute of Health and Welfare, in September 2023, reported that in 2022, around 401,300 Australians were diagnosed with dementia, amounting to 15 cases per 1,000 individuals. This number is projected to rise to 84 per 1,000 in the population aged 65 and above and is expected to increase to 849,300 individuals by 2028. Hence, the surge in neurodegenerative disorders prevalence is spearheading the growth of the neurology monitoring market.

How is the global neurology monitoring market divided into key segments?

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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Who are the key firms paving the way for growth 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

Which trends are expected to transform the neurology monitoring market?

Key players in the neurological monitoring market are emphasizing on pioneering the production of innovative Electroencephalogram (EEG) monitoring devices like portable EEG devices connected to the cloud, aiming to offer reliable services to their clientele. A portable EEG device with a cloud connection allows continuous cerebral activity tracking by wirelessly transferring data to the cloud for remote evaluation and storage. As an example, BioSerenity, a medical company based in France, obtained FDA approval for Neuronaute Plus, an advanced and simplified EEG device created by BioSerenity, in November 2023. This portable healthcare gadget collects EEG data for cloud uploading, making it easier for experts from Europe, Canada, and the U.S. to review the recordings. Designed with a focus on user experience, it requires minimal training and comes with the Icecap, a groundbreaking EEG electrode net that simplifies the recording procedure.

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What regions are contributing significantly to the growth of 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.

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