The global neurology patient monitoring market size is anticipated to reach USD 7.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2022 to 2030. Increasing incidences of neurological diseases coupled with a subsequent rise in the number of surgical procedures to treat associated conditions are positively driving the market. In addition, rising cases of road accidents that lead to traumatic brain injuries are also driving the demand for neurology patient monitoring.
COVID-19 outbreak in 2020, has led to strict implementation of stringent measures to restraint the spread which led to delay of many neurological procedures around the globe. A huge number of medical device manufacturers and providers have been adversely affected during this time. However, the market is expected to rebound and grow considerably over the forecast period, as most of the countries globally have begun easing lockdown measures and resumed some of the elective procedures.
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The high incident rate of traumatic brain injuries due to road accidents and sports injuries is among the key factors driving the market for neurology patient monitoring. For instance, according to NCBI in the U.S. about 1.7 million people annually sustain TBI and approximately 1.3 million patients end up in an emergency room. Such incidents are expected to increase the demand for neurology patient monitoring devices, therefore, propelling the market growth during the forecast period.
Moreover, an increase in the prevalence of hemorrhagic stroke among the elderly population is further likely to drive market growth over the forecast period. For instance, according to the WHO, 15.0 million people annually suffer from a stroke, out of which 5.0 million die, and 5.0 million are disabled permanently. Additionally, increase in awareness campaigns such as, in 2021 on World Stroke Day, the WHO launched Precious Time Campaign which focused on awareness regarding stroke, its symptoms, and access to available medical assistance. This, in turn, is influencing the demand for proper diagnosis and treatment, thereby supporting market growth.
Neurology Patient Monitoring Market Report Highlights
- Based on application, the trauma segment dominated the market and accounted for a revenue share of 24.6% in 2021 owing to the increasing cases of TBIs due to sports injuries, road accidents, and assaults
- North America dominated the market with the highest revenue share of 37.9% in 2021 due to the presence of well-established healthcare facilities, increasing government initiatives, and awareness campaigns regarding brain disorders
- In Asia Pacific, the market is anticipated to witness remarkable growth due to the presence of a large patient base suffering from neurological disorders
Key Companies & Market Share Insights
Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and launching new technologically advanced products and services to strengthen their foothold in the neurology patient monitoring device market. Additionally, key players are investing heavily in research and development to manufacture technologically advanced products. For instance, in May 2019, Neural Analytics raised around USD 22 million in Series C financing shares, to support its Lucid Robotic System for brain health assessment. The company will be able to unveil its robot-assisted ultrasound system into clinical settings with the help of this financing.
Furthermore, companies operating in the market are adopting mergers and acquisitions strategies to increase their global presence and market share. For instance, in September 2019, Integra Lifesciences completed the acquisition of Rebound Therapeutics, a manufacturer of disposable medical devices. With this acquisition, the company developed new products and a minimally invasive platform for neurosurgery. Furthermore, in July 2019, Integra LifeSciences acquired Arkis Biosciences, Inc. This helped Integra LifeSciences to strengthen its portfolio in neurocritical care and advance catheter technology. Some of the prominent players in the neurology patient monitoring market include: Medtronic, Integra LifeSciences, Raumedic AG, Sophysa, Spiegelberg GmbH, Natus Medical, Gaeltec Devices, Neural Analytics
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