The global neurology patient monitoring market size was exhibited at USD 6.32 billion in 2022 and is projected to hit around USD 12.55 billion by 2032, growing at a CAGR of 7.1% during the forecast period 2023 to 2032.
Key Pointers:
- North America dominated the market and accounted for the largest revenue share of 38.19% in 2022
- In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period.
- The trauma segment held the largest revenue share of 25.9% in 2022.
- Whereas, the stroke segment is expected to witness the highest CAGR of 7.8% during the forecast period
Neurology Patient Monitoring Market Report Scope
Increasing incidences of neurological diseases coupled with a subsequent rise in the number of surgical procedures to treat associated conditions are positively driving the market. In addition, rising cases of road accidents that lead to traumatic brain injuries are also driving the demand for neurology patient monitoring.
COVID-19 outbreak in 2020, has led to strict implementation of stringent measures to restraint the spread which led to delay of many neurological procedures around the globe. A huge number of medical device manufacturers and providers have been adversely affected during this time. However, the market is expected to rebound and grow considerably over the forecast period, as most of the countries globally have begun easing lockdown measures and resumed some of the elective procedures.
The high incident rate of traumatic brain injuries due to road accidents and sports injuries is among the key factors driving the market for neurology patient monitoring. For instance, according to NCBI in the U.S. about 1.7 million people annually sustain TBI and approximately 1.3 million patients end up in an emergency room. Such incidents are expected to increase the demand for neurology patient monitoring devices, therefore, propelling the market growth during the forecast period.
Moreover, an increase in the prevalence of hemorrhagic stroke among the elderly population is further likely to drive market growth over the forecast period. For instance, according to the WHO, 16.0 million people annually suffer from a stroke, out of which 6.0 million die, and 5.0 million are disabled permanently. Additionally, increase in awareness campaigns such as, in 2022 on World Stroke Day, the WHO launched Precious Time Campaign which focused on awareness regarding stroke, its symptoms, and access to available medical assistance. This, in turn, is influencing the demand for proper diagnosis and treatment, thereby supporting market growth.
Application Insights
The trauma segment held the largest revenue share of 25.9% in 2022. The prevalence of traumatic brain injury and the increase in the geriatric population across the globe is the major factor driving the segment. For instance, according to NCBI, the geriatric population with concussion has a greater than 80.0% chance of death or long-term disability. Approximately 8.0% of people aged 65 and above visit ER due to fall-related concussion issues each year. Sports injury is another leading reason for TBI. There is a high potential of about 19.0% of people suffering from concussions due to contact sports. It is reported that about 62,000 concussions are sustained due to contact sports during any high school event. Since neurology patient monitoring devices such as MRI, CT-scan, EEG are used for diagnosing such trauma cases, these factors are expected to surge segment growth.
Whereas, the stroke segment is expected to witness the highest CAGR of 7.8% during the forecast period owing to an increase in the number of people suffering from a cerebral stroke. For instance, stroke is the leading cause of disability in the world, as well as the second leading cause of death. According to the National Stroke Association of the U.S., 25.0% of stroke victims have modest impairments, while 41.0% have moderate-to-severe disabilities that demand permanent special care. In July 2021, Philips developed SmartCT, a new 3D measuring, and visualization tool to improve the imaging capabilities of its image-guided therapy angiography suite, with the goal of getting patients into treatment quicker. As a result, the demand for neurology patient monitoring is expected to increase in the near future.
Regional Insights
North America dominated the market and accounted for the largest revenue share of 38.19% in 2022 and is expected to witness a considerable growth rate during the forecast period. This is attributed to the technological advancements and presence of major key players such as Medtronic, Neural Analysis, and Natus Medical, Inc. in the region. Moreover, increase in EEG procedures and intracranial pressure monitoring, the regional market is predicted to grow over the forecast period. Furthermore, increase in the number of cost-effective and speedier diagnosis along with high-quality diagnostic equipment and favorable reimbursement policies, the market is expected to propel the market in the region.
In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period. Various government and organizational initiatives to increase awareness regarding disease such as stroke, trauma is expected to drive the market. For instance, the National Stroke Association of Sri Lanka organized a webinar to increase awareness about stroke, where they educated people regarding stroke and available medical assistance for the same. Moreover, an increase in healthcare spending, healthcare infrastructure, and increase in Foreign Direct Investment (FDI) are expected to propel market growth.
For instance, as per the data by Invest India, a National Investment Promotion and Facilitation Agency, in the period between 2014-2015, FDI inflows in India stood at USD 46.15 billion and have been gradually increasing since then. Moreover, FDI inflow increased from USD 266.21 in 2007-14 to USD 440.01 billion in 2014-21. Furthermore, the FDI equity inflow has increased from USD 185.03 billion during 2007-14 to USD 312.05 billion during 2014-21. Furthermore, in budget 2021-22 India announced the National Health Mission with a budget of USD 5.10 billion. Thus, a rise in awareness and healthcare spending is expected to drive the market in this region.
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
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Neurology Patient Monitoring market.
By Application
- Trauma
- CSF Management
- Migraine
- Stroke
- Hydrocephalus
- EEG
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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