Neurology Monitoring Global Market Report 2024

The neurology monitoring market size has grown strongly in recent years. It will grow from $6.08 billion in 2023 to $6.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to several factors, including the increasing prevalence of neurological disorders, a rise in the aging population, heightened awareness and diagnosis rates, a growing demand for non-invasive monitoring, and the integration of remote patient monitoring.

The neurology monitoring market size is expected to see strong growth in the next few years. It will grow to $8.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to a heightened focus on early detection and intervention, the expansion of telemedicine and remote monitoring, the adoption of personalized medicine approaches, and government initiatives for neurological healthcare. Major trends expected in the forecast period include the increased adoption of wearable neurological monitoring devices, the integration of virtual reality (VR) and augmented reality (AR) in neurology monitoring, the implementation of wireless connectivity in neurological monitoring devices, the development of home-based neurological monitoring solutions, and a focus on multi-modal neurophysiological monitoring systems.

The increasing incidence of traumatic brain injuries is expected to drive the growth of the neurology monitoring market in the future. Traumatic brain injury (TBI) refers to damage to the brain caused by an external force or trauma. Neurology monitoring is utilized in the management of traumatic brain injuries (TBIs) to assess the patient's brain function, monitor intracranial pressure, and detect any changes in neurological status. This aids medical professionals in making informed decisions about treatment plans and interventions, ensuring that patients receive timely and personalized care. For example, data from March 2023, as reported by the Colorado Department of Human Services (CDHS), estimates that every year, 2.8 million Americans experience a traumatic brain injury, leading to nearly 2.5 million emergency department visits, 225,000 hospitalizations, and 65,000 deaths annually. Therefore, the growing incidence of traumatic brain injuries is a key driver for the neurology monitoring market.

The high prevalence rate of neurogenerative disorders is also expected to contribute to the growth of the neurology monitoring market. Neurodegenerative disorders encompass a group of conditions characterized by the progressive degeneration of the structure and function of the nervous system. Neurology monitoring plays a crucial role in tracking the disease progression and optimizing treatment strategies for neurodegenerative diseases. For instance, data from September 2023, as reported by the Australian Institute of Health and Welfare, indicates that in 2022, approximately 401,300 Australians experienced dementia, translating to 15 cases per 1,000 individuals. Furthermore, the incidence is projected to rise to 84 per 1,000 in the population aged 65 and older, with an estimated increase to 849,300 individuals by 2028. Therefore, the high prevalence rate of neurogenerative disorders is a significant factor driving the growth of the neurology monitoring market.

Stringent government regulations on neurological devices serve as a significant restraint, impeding the growth of the neurological monitoring market. These strict regulations can create bureaucratic obstacles and prolonged approval processes, slowing down the innovation and development of new neurological monitoring technologies. The uncertainty and delays associated with regulatory compliance may discourage companies from investing in research and development efforts. For example, in May 2021, the Food and Drug Administration (FDA), a US-based government agency, imposed stringent regulations for neurological devices, including brain implants, and mandated manufacturers to adhere to rigorous guidelines for safety and effectiveness. Consequently, the stringent government regulations on neurological devices act as a hindrance to the growth of the neurological monitoring market.

Major companies in the neurology monitoring market are directing their efforts towards the development of innovative electroencephalogram (EEG) monitoring devices, such as the Ceribell Rapid Response EEG Device, to offer reliable services to their customers. The Rapid EEG is a groundbreaking cloud-linked device that provides real-time awareness of harmful brain patterns. For instance, in May 2021, Inspira Health, a US-based healthcare company, introduced the Ceribell Rapid Response EEG monitoring device. This device comprises a headband with built-in electrodes, a pocket-sized recorder with user-friendly software, and a web gateway for remote viewing. The Ceribell Rapid Response EEG features cloud-linked, portable electroencephalogram (EEG) equipment that facilitates EEG examinations within minutes, ensuring swift diagnosis and treatment of seizures.

In June 2022, Novela Neurotechnologies, a US-based digital health company, completed the acquisition of Brain Sentinel for an undisclosed amount. This acquisition resulted in the transfer of 58 patents and applications, including intellectual property for the FDA-approved SPEAC System for seizure monitoring and the SeizureLink wearable. Brain Sentinel, a US-based medical device company, manufactures various neurology monitoring systems, including the SPEAC System.

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.

North America was the largest region in the neurology monitoring market in 2023. 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. The countries covered in the neurology monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Neurology monitoring, also known as neuromonitoring, is a technique employed during high-risk medical procedures such as brain, nerve, and spine surgeries to identify, address, and prevent potential damage to the nervous system. This monitoring process involves observing, measuring, and recording neurological parameters to assess the functioning of the nervous system and the brain.

The primary product types within the field of neurology monitoring include magnetic resonance imaging (MRI) devices, electroencephalography devices, cerebral oximeters, intracranial pressure monitors, and other related equipment. Magnetic resonance imaging (MRI) devices are medical instruments that utilize strong magnetic fields and radio waves to generate detailed images of the interior of the body, particularly the brain. These images aid in the diagnosis and monitoring of various medical disorders. The range of disease types covered by neurology monitoring includes traumatic brain injury (TBI), stroke, sleep disorders, Parkinson's disease, epilepsy, and others. These monitoring devices find application across various end-users, including hospitals, neurology centers, diagnostic centers, advancing surgical care and clinics, among others.

The neurology monitoring market research report is one of a series of new reports that provides neurology monitoring market statistics, including neurology monitoring industry global market size, regional shares, competitors with a neurology monitoring market share, detailed neurology monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the neurology monitoring industry. This neurology monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neurology monitoring market consists of revenues earned by entities through neurological disease diagnosis, postoperative care, and neurophysiological monitoring of brain. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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