Neurology Patient Monitoring Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product Type (Devices and Accessories); Application (Traumatic brain injury (TBI), CSF (Cerebrospinal Fluid) management, Migraine & stroke, Hydrocephalus, EEG (Electroencephalography) and Others); End Users (hospitals, Neurology centers, Diagnostic centers, Advancing Surgical care & clinics, and Other)); and Region/Country
Global Neurology Patient Monitoring Market is expected to grow at a significant rate of around 7% during the forecast period 2022-2028. Neuromonitoring aims to detect harmful physiologic events, early enough to guide the treatment instituted. Neuro-monitoring assumes paramount significance because the condition of neurologically impaired patients may change rapidly within a short period of time impacting the outcome. The main concern in these patients is to maintain cerebral perfusion and hence, meeting with the metabolic demands of brain for oxygen and glucose. This holds good for patients with acute neurological conditions such as traumatic brain injury (TBI), subarachnoid hemorrhage (SAH), stroke etc. 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. According to the Centers for Disease Control and Prevention (CDC), nearly 61,000 deaths relating to a TBI occurred in the United States in 2019.
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product type, device category holds significant share in the market in 2020””
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.
“Amongst application, the Traumatic brain injury segment holds significant share in the market in 2020”
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.
“Amongst end users, hospital segment holds significant share in the market in 2020”
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.
“North America to hold a significant share in the market”
North America dominated the neurology patient monitoring market 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. 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. 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.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Neurology Patient Monitoring Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global neurology patient monitoring market were the three major steps undertaken to create and analyze the adoption of neurology patient monitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global neurology patient monitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the neurology patient monitoring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the neurology patient monitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and end users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the neurology patient monitoring market. Further, we conducted factor analysis using dependent and independent variables such as various type, applications, and end users of neurology patient monitoring. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the neurology patient monitoring market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global neurology patient monitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the neurology patient monitoring market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global neurology patient monitoring market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global neurology patient monitoring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end users in the global neurology patient monitoring market.
The main objective of the Global Neurology Patient Monitoring Market Study
The current & future market trends of the global neurology patient monitoring market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the neurology patient monitoring market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, application, and end users.
- Define and analysis of the regulatory framework for the neurology patient monitoring
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the neurology patient monitoring market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the all-terrain vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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