Neurology Monitoring Market

Overview:

Electrophysiological monitoring involves the recording of either spontaneous activity or evoked responses to stimulation. The goal is to monitor for damage to neural structures during surgery and notify surgeons and anesthesiologists of impending injury so they can alter their management strategies in time to prevent permanent damage. The growing prevalence of neurogenerative diseases is expected to propel the growth of this segment. The increasing incidences of traumatic brain injuries is expected to boost the market growth for neurology patient monitoring. Such trauma cases require quick and accurate diagnosis of secondary brain injuries such as subarachnoid hemorrhage and stroke in order to institute timely treatment.

Market Dynamics:

Rising product launches are estimated to augment the growth of the global Neurology Monitoring Market  during the forecast period. For instance, NovaGuide 2 and NovoSignal, were launched by Neural Analytics in April 2021. These helped in shortening the time required for diagnosing and treating any concussion. Moreover, the lack of trained professionals is anticipated to restrain the growth of the global market during the forecast period.

 

Impact of COVID-19:

The pandemic was first reported in 2019. In 2020, it was declared as a global public health emergency by the WHO. COVID-19 had long-term effects on several sectors of society. During the pandemic, hospitals were prioritizing COVID-19 patients over others. People were forced to stay at home, owing to social distancing rules imposed in many countries. A large number of people were facing challenges with mental and emotional health. However, shortages of drugs, hospital beds, medical equipment, and skilled professionals resulted in prioritizing patients suffering from COVID-19. This had a negative impact on the growth of the global Neurology Monitoring Market.

 

Key Takeaways:

The global Neurology Monitoring Market is expected to witness robust growth, exhibiting a CAGR of 5.9 % over the forecast period, due to increasing product approvals. For instance, SedLine, by Masimo Corporation gained clearance from the US FDA, in February 2022. This product is used for monitoring brain function in patients between the age group of 1-7 years of age. The global Cerebral Angiography Market has witnessed significant growth, with a value of US$ 14.96 billion in 2023. It is projected to expand at a CAGR of 6.1% from 2023 to 2030, reaching US$ 22.64 billion.

 

North America is anticipated to witness robust growth in the global Neurology Monitoring Market during the forecast period, due to growing incidences of neurological diseases and rising prevalence of neurological monitoring devices. The global Neurology Devices Market is estimated to be valued at US 24.1 million in 2023 and is expected to exhibit a CAGR of 15.9% during the forecast period (2023-2030).

 

Key players active in the global Neurology Monitoring Market are Siemens Healthineers, Natus Medical Inc., Drägerwerk, Philips, GE Healthcare, Zynex Medical, GENERAL ELECTRIC, Medtronic, Masimo, Electrical Geodesics, Inc., Advanced Brain Monitoring, Inc., NIHON KOHDEN CORPORATION, Motion Lab Systems, Inc, Blackrock Neurotech, Electrical Geodesics, Inc., and Cadwell Industries, Inc.