The key factors propelling the growth of the European market are the increasing incidence of neurological disorders, huge investments by private players in neurology monitoring devices, increase in R&D in the field of neurotherapies, and rising aging population. The growth of the neurology monitoring devices market in Europe is also attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke.
The increasing healthcare spending, increasing investment by medical device manufactures, and increasing neurological disease prevalence are expected to drive the overall Neurology Monitoring Devices market growth in Europe.
Key Market Trends
Application in Parkinson's Disease is Expected to Register a Healthy CAGR
Parkinson's disease is a progressive nervous system disorder that affects movement. Symptoms start gradually, sometimes starting with a barely noticeable tremor in just one hand. Wearable sensors are increasingly used to detect PD symptoms due to technological innovations, resulting in small, low cost, power-efficient, and accurate sensors. Wearable sensors have shown promise in detecting tremor, freezing of gait, bradykinesia, and dyskinesia.
The prevalence of Parkinson’s Disease has increased over the years in developed regions of Europe. This is primarily due to the rising geriatric population. Moreover, as per the 2017 “World Aging population” report by the United Nations, the population aged 60 years or above comprises 23.9% of the population in the United Kingdom and is expected to increase to 31.5% by 2050 as per the report estimates. As a result, the prevalence of Parkinson’s disease is also expected to increase in the future as well. This will increase the demand for Parkinson’s disease monitoring devices, which will help the market growth.
The European market for neurology monitoring is moderately competitive, and there are several international as well as local companies in the region. Due to the presence of almost all the global players in the neurology monitoring market, competition in the European market has become intense currently. Many of these global players have their headquarters in European countries, which increases the accessibility of neurology monitoring throughout Europe.
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