by Neurology monitoring devices such as implantable cerebrovascular monitoring devices offer real-time monitoring of cerebrovascular physiological parameters of patients suffering from conditions like aneurysms, strokes, cerebral vasospasms and others. These devices help detect pathological changes in intracranial pressure and cerebral blood flow allowing timely clinical intervention.
The global Neurology Monitoring Market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of neurological disorders is one of the major factors enhancing the demand for neurology monitoring devices globally. Neurological disorders like epilepsy, Parkinson’s disease, Alzheimer’s disease, and other neurodegenerative conditions affect millions worldwide. For instance, according to the World Health Organization (WHO), around 50 million people suffer from epilepsy worldwide. Neurology monitoring devices help in detecting neurological abnormalities, seizures, or other changes in brain activity and intracranial pressure. This allows for timely clinical interventions and improves patient care and outcomes. Consequently, the rising caseload of neurodegenerative diseases is expected to propel the neurology monitoring market growth over the forecast period.
SWOT Analysis
Strength: The neurology monitoring market has witnessed significant growth in the recent years owing to the increasing prevalence of neurological disorders. Furthermore, the advancements in neurophysiological monitoring devices have enabled improved patient care.
Weakness: High costs associated with neurophysiological monitoring devices and procedures can hamper the growth of the neurology monitoring market. Lack of skilled professionals to operate these advanced monitoring systems is another challenge.
Opportunity: Rising healthcare expenditure in emerging economies presents lucrative growth opportunities. Additionally, ongoing research activities for the development of novel monitoring solutions will further support the market expansion over the forecast period.
Threats: Stringent regulatory procedures for new product approvals can negatively impact the market dynamics. Changing reimbursement policies also pose threats to steady growth of the neurology monitoring market.
Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth over the forecast period of 2023-2030. The global Neurology Monitoring Market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
The North American region holds the largest share in the neurology monitoring market owing to the increasing patient pool of Alzheimer’s disease, epilepsy, and other indications. According to recent statistics, around 6.5 million Americans are suffering from Alzheimer’s disease in 2023. Favorable reimbursement policies and technically advanced healthcare infrastructure are some other factors contributing to the neurology monitoring market growth in this region.
Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, and Green Thumb Industries.
Key players operating in the neurology monitoring market are investing heavily in R&D activities to develop innovative monitoring solutions. For instance, in 2022, Organigram Holdings Inc. announced plans to launch novel Cannabis 2.0 products. Tilray Inc. recently acquired Manitoba Harvest to strengthen its medical cannabis portfolio. Partnerships and acquisitions are helping these companies to strengthen their product pipelines and market presence. Rising awareness about brain diagnostics and availability of sophisticated tools are expected to drive the overall neurology monitoring market during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
