Neurology monitoring comprises products that are used to monitor and diagnose neurological disorders and conditions. Some key products in this market include MRI systems, ultrasound systems, electromyography machines, cerebral oximeters, intracranial pressure monitors, and electroencephalography machines. These devices play a vital role in diagnosing conditions affecting the brain and nervous system including stroke, multiple sclerosis, epilepsy, Alzheimer's disease, Parkinson's disease, and migraines. The growing prevalence of neurological disorders and increasing applications of neurology monitoring devices in diagnostic procedures are fueling market growth.
The global Neurology Monitoring Market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Remote patient monitoring technology offers a lucrative opportunity in the neurology monitoring market. Remote monitoring devices allow healthcare providers to continuously monitor patients outside of the hospital setting and identify any sudden changes in vital signs or other measurements that could indicate neurological deterioration. This is proving particularly beneficial for conditions like epilepsy, where remote monitors can detect and report seizures in real-time. The growing adoption of telehealth and remote patient monitoring post-COVID is expected to drive the demand for wireless, remote neurology monitoring devices that improve patient access and care while reducing healthcare costs over time. Continuous remote neurological monitoring can help improve patient outcomes and quality of life.
Porter's Analysis
Threat of new entrants: The neurology monitoring market require high investment, R&D cost, and regulatory compliance which makes it difficult for new players to enter. Bargaining power of buyers: Individual consumers have low bargaining power due to lack of substitute and increasing prevalence of neurological disorders. However, large hospitals and healthcare providers have high bargaining power. Bargaining power of suppliers: The key suppliers in this market includes equipment manufacturers, suppliers of medical devices and diagnostics which have moderate bargaining power. Threat of new substitutes: There exist limited threat from substitutes due to specialized nature of neurological services and monitoring equipment. Competitive rivalry: The market is highly competitive with presence of both global and regional players. Companies compete on basis of technology, service quality and pricing.
SWOT Analysis
Strengths: Growing prevalence of neurological disorders, rising medical expenditure, and adoption of innovative technologies. Weaknesses: High cost of neurological devices and equipment, shortage of neurology specialists. Opportunities: Untapped emerging markets, increasing healthcare awareness, favorable government policies. Threats: Trade barriers, stringent regulatory policies, and data privacy issues.
Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth during the forecast period due to rising geriatric population and growing patient awareness.
Regional Analysis: North America dominates the global market owing to presence of major players, developed healthcare infrastructure, and favorable reimbursement policies. The Asia Pacific region is expected fastest growing region owing to improving healthcare facilities, growing medical tourism, and rising disposable incomes.
Key players operating in the Neurology Monitoring market are Medica Group Plc., Dignity Health, InHealth Group, Alliance Medical, RadNet, Inc., Sonic Healthcare Limited, and Global Diagnostic Imaging, among others. Companies are focusing on product innovations and partnerships to strengthen their product portfolios and geographic presence. For instance, In April 2022, Dignity Health partnered with Philips to enhance patient care with diagnostic and clinical solutions across California.
Get More Insights Here
https://www.trendingwebwire.com/neurology-monitoring-market-size-share-growth-outlook-2023/
