Neurology Patient Monitoring Market to Reach Value of US$ 9.3 Bn by 2032: TMR Study

Burden of neurological disorders across the globe presents enormous growth opportunities; rising incidence of traumatic brain injuries and high prevalence of strokes propelling demand for neurology patient monitoring, notably in the U.S.

Wilmington, Delaware, United States, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Demand for neurology remote patient monitoring for chronic neurological disorders and neuropsychiatric disorders has opened up new growth frontiers, finds key neurology patient monitoring market trends. The future in market of neurology patient monitoring will be driven by continuous efforts undertaken by healthcare industry players in reducing the burden of these diseases. The TMR study projected the market to expand at CAGR of about 7.8% during 2022 – 2032.

Growing incidence of traumatic brain injuries is fuelling the demand in neurology patient monitoring market, observed the study authors. Recent neurology patient monitoring market trends indicate that increasing incidence of neurological disorders arising out of accidents is nudging medtech companies to develop state-of-the-art technologies. Rise in number of patients with chronic neurological disorders has led to expansion of customer base in recent years. Furthermore, rise in demand for vital sign monitors in key regional markets is enriching the revenue potential.

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Key Findings

  • Prevalence of Neurological Disorders Spurring Demand: 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. 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.
  • Burden of Strokes Especially in Elderly Population Creates Vast Lucrative Avenues: Burden of hemorrhagic strokes has grown rapidly over the years. A rapidly aging population in several countries has exacerbated the risk factors. The trend has underpinned incredible growth avenues for market players. Strokes constitute a large percentage of emergency-department (ED) visits in developed nations.
  • Adoption of Advanced Neurology Patient Monitoring Tech Opening New Streams of Revenues: New technologies notably for remote monitoring of chronic neurological illnesses has paved the way for promising opportunities for firms in the market. The adoption of technologically advanced devices in hospitals has boosted the prosects.

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Neurology Patient Monitoring Market: Key Drivers

  • Growing health burden of traumatic brain injury is a key market driver. Of note, rising incidence has been a significant cause of many neurological disorders.
  • Continuous advancements in neurology patient monitoring devices notably targeted toward managing critical clinical scenarios is also generating substantial lucrative demand. Advances in neuro-monitoring benefit critical care in traumatic brain injuries and also unlock new growth opportunities in neurology patient monitoring market.

Regional Growth Dynamics

  • Europe has been lucrative regional market. Of note, the rise in demand for neurological patient monitors in ICUs and other critical care settings will spur the revenue growth of the market. Furthermore, the study found that revenues of the U.K. market stood at around US$ 152 Mn in 2021.

  • The U.S. is also a promising market. The country market is projected to clock 7.5% CAGR during 2022 – 2032. Rising burden of strokes is a key underpinning for rising demand for neurology patient monitoring devices.

Competition Landscape

Firms are expanding their shares by keenly leveraging their recent acquisitions and are making innovative product launches. Prominent medtech companies such as Medtronic plc. and Raumedic AG have launched innovative products to cater to the emerging needs of neurology monitoring among clinicians, which has set them apart from other players.

Some of the key market players are Neural Analytics, Gaeltec Devices, Natus Medical Incorporated, Spiegelberg GmbH, Sophysa, and Raumedic.

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Neurology Patient Monitoring Market Segmentation

By Application

  • Trauma
  • CSF Management
  • Migraine
  • Stroke
  • EEG

By Region

  • North America
  • Latin America
  • APAC
  • MEA
  • Europe

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