Global Neurology Patient Monitoring Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- February 17, 2023
- HEALTHCARE, NEWS
- Neurology Patient Monitoring Market, Neurology Patient Monitoring Market Growth
- 0 Comments
Neurologic monitoring particularly continuous recording of the intracranial pressure appears to have contributed to an improved outcome in head-injured patients. Computerized axial tomographic scanning has revolutionized the diagnosis and serial assessment of the patient. The demand for neurology patient monitoring is increasing owing to the rising incidence of neurological disorders, increasing road accidents that result in traumatic brain injuries, as well as launch the of technologically advanced products in the market. The prevalence of some neurological disorders is high, which has enriched the growth prospects of in neurology patient monitoring market, notably including migraine, stroke, and Parkinson’s disease. Growing application of monitoring devices in cerebrospinal fluid (CSF) management has also created lucrative avenues. 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.
According to the National Center for Biotechnology Information, roughly 1.7 million persons in the United States suffer with TBI each year, with 1.3 million of those patients ending up in an emergency room. As a result of these incidences, demand for neurology patient monitoring devices is likely to rise, boosting market growth throughout the forecast period.
The Neurology Patient Monitoring Market is expected to grow at a steady rate of around 7% during the forecast period (2022-2028) owing to the increasing incidence of neurological diseases arising out of accidents and traumatic falls has led to rise in patients who need monitoring in various clinical settings including hospitals and homecare.
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Based on the product type, the market is segmented into devices and accessories. The device segment held the largest share of neurology patient monitoring market in 2020. This is mainly due to the rising incidence of neurological, neurodegenerative, psychotic, and increasing road accidents, the need for early diagnosis, the availability of innovative portable and wearable home-based monitoring devices and increasing patient awareness. According to UN report, up to 1 billion people, nearly one in six of the world’s population, suffer from neurological disorders, from Alzheimer and Parkinson disease, strokes, multiple sclerosis and epilepsy to migraine, brain injuries and neuroinfectious, with some 6.8 million dying of the maladies each year.
Based on application, the market is divided into traumatic brain injury (TBI), CSF (cerebrospinal fluid) management, migraine & stroke, hydrocephalus, EEG (electroencephalography) and others. Traumatic brain injury holds the largest share of the neurology patient monitoring market by application. A major factor responsible for the large share of this market segment is the growing incidence of TBI across the globe due to sports injuries, road accidents and assaults leading to high demand for the management of these cases, thus requiring the intensive use of neurology monitoring devices.
Based on end users, the market is divided into hospitals, neurology centers, diagnostic centers, advancing surgical care & clinics, and other end users. The hospital segment held the largest share of the global neurology patient monitoring market in 2020. The intricate process of neurology patient monitoring, pricey equipment, higher volume of patients than small clinics makes hospitals the largest market contributor in the end user segment.
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For a better understanding of the market adoption of the neurology patient monitoring industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America dominated the neurology patient monitoring market with a share of more than 38% in 2020. This can be attributed to the region having well established healthcare facilities, technological advancements and presence of major key players, availability of medical reimbursement in the US, awareness campaigns regarding neurological disorder, growing incidence of neurological diseases and a growing number of clinical trials of Neurological monitoring products. For instance, according to the Society of Vascular and Interventional Radiology, a stroke damages roughly 16 million people worldwide every year, killing around five million individuals, costing the U.S. Department for Health and Human Services around US$ 104 billion annually.
According to Centers for Disease Control and Prevention (CDC), in 2016, 47.72% of people had concussions due to unintentional falls, while motor vehicle accidents comprised 25.0%. The use of neurology patient monitoring devices such as MRI scan, EEG, or a CT-scan can diagnose concussion and help the market propel during the forecast period.
Some of the major players operating in the market include Natus Medical Incorporated, NIHON KOHDEN CORPORATION, Philips Healthcare, GE Healthcare, Siemens Healthineers AG, Compumedics Limited, Medtronic plc, Edwards Lifesciences Corporation, Drägerwerk AG & Co. KGaA, Advanced Brain Monitoring, Inc. The market is diversified with many global and regional market players.
Global Neurology Patient Monitoring Segmentation
Market Insight, by Product Type
· Devices
· Accessories
Market Insight, by Application
· Traumatic brain injury (TBI)
· CSF (Cerebrospinal Fluid) management
· Migraine & stroke
· Hydrocephalus
· EEG (Electroencephalography)
· Others
Market Insight, by End Users
· Hospitals
· Neurology centers
· Diagnostic centers
· Advancing Surgical Care & clinics
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Natus Medical Incorporated
· NIHON KOHDEN CORPORATION
· Philips Healthcare
· GE Healthcare
· Siemens Healthineers AG
· Compumedics Limited
· Medtronic plc
· Edwards Lifesciences Corporation
· Drägerwerk AG & Co. KGaA
· Advanced Brain Monitoring, Inc.