The neurology monitoring market will show a rapid growth due to the increasing burden of neurological disorders, growing incidence of traumatic brain injuries, and the increasing number of product approvals.
Neurological disorders are increasingly recognised as one of the most prevalent disorders with high burden to the patients, their families, and society. Neurological disorders contribute significantly to morbidity and mortality, worldwide. Globally, in 2016, neurological disorders were the leading cause of DALYs and second leading cause of deaths. There are increasing number of patients with neurological disorders and therefore, increasing of the neurology monitoring devices are found to be used.
Specialized monitoring has been therefore essential in neurological patients in the operating rooms and intensive care units to prevent ischemic and mechanical injury to the nervous system. Hence, all these systems monitor the intracranial pressure and blood flow dynamics and monitors the brain electrical activity, thereby propelling the market growth.
Key Market Trends
Electroencephalography (EEG) Devices is Expected to be Largest Growing Segment in the Neurology Monitoring Market
Electroencephalography (EEG) is an electrophysiological monitoring method that is used to record electrical activity of the brain. It is typically noninvasive, with the electrodes placed along the scalp, although invasive electrodes are sometimes used, as in electrocorticography.
It is used to measure and record the brain wave activity for the diagnosis and treatment of sleep apnea. Due to this increased use and demand of high-quality EEG devices, there are now numerous companies that are able to cater to the specific needs of EEG users. Therefore with the increase in the number of neurological diseases, there is a rising demand of high-quality EEG devices, that helps in the market growth.
North America is the Largest Growing Segment in the Neurology Monitoring
In the United States, there is a rising prevalence of various neurological diseases and it disproportionately is affecting the older adults. The costs are also expected to increase exponentially in the coming years, as the elderly population will double by 2050. Thus, the rising prevalence of neurological diseases and presence neurology monitoring devices helps in the growth of the market.
There are also increasing number of product approvals and launches taking place that helps in the growth of the overall market. Nihon Kohden is among the key player in the market and recently in 2019, it launched subscription-based pricing models for its patient monitoring and neurology products. Hence, the overall market for neurology monitoring in the United States is expected to experience growth due to increasing incidence of chronic neurological illnesses and increasing number of the product approvals taking place.
Some of the key players in the market are Natus Medical Inc., Philips, Nihon Kohden Corporation, GE Healthcare, Drägerwerk, and Siemens Healthineers. The market studied is fragmented owing to the presence of a many players in the market. The market players are focusing on R&D to develop the technologically-advanced products in order to reduce the cost and side effects associated with the products.
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