by The global neurology monitoring market is estimated to be valued at US$ 5,618.9 million in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The neurology monitoring market offers a range of devices that are used for monitoring brain activity and diagnosing various neurological disorders. These devices provide real-time data and analysis, enabling healthcare professionals to make accurate diagnoses and develop effective treatment plans. The increasing prevalence of neurological disorders, such as epilepsy, stroke, and Alzheimer’s disease, is driving the demand for neurology monitoring devices. The advantages of these devices include non-invasiveness, high accuracy, and the ability to provide continuous monitoring, making them a crucial tool in the field of neurology.
Market Key Trends:
One key trend in the neurology monitoring market is the growing adoption of advanced brain monitoring devices. These devices utilize advanced technologies, such as electroencephalography (EEG), magnetoencephalography (MEG), and functional magnetic resonance imaging (fMRI), to provide detailed information about brain activity. The increasing need for accurate and precise monitoring of brain disorders is driving the demand for these advanced devices. They offer improved sensitivity, higher spatial resolution, and greater connectivity options, allowing healthcare professionals to better understand brain function and diagnose neurological conditions more effectively. The integration of artificial intelligence (AI) and machine learning algorithms with these devices further enhances their diagnostic capabilities, enabling personalized treatment approaches for patients with neurological disorders.
Porter’s Analysis:
Threat of new entrants: The neurology monitoring market is characterized by high barriers to entry, including complex regulatory requirements and extensive R&D investments. This deters new entrants from easily entering the market and competing with established players. Therefore, the threat of new entrants is expected to be low.
Bargaining power of buyers: The bargaining power of buyers is moderate in the neurology monitoring market. While buyers have a significant impact on pricing decisions and product choices, their options are limited to the available products in the market. Additionally, the critical nature of neurology monitoring equipment and the lack of substitutes give suppliers some leverage in pricing negotiations.
Bargaining power of suppliers: The bargaining power of suppliers in the neurology monitoring market is high. The market is dominated by a few key players who have strong relationships with suppliers. These suppliers provide essential components and technologies for neurology monitoring devices, giving them the power to dictate terms and prices.
Threat of new substitutes: The threat of new substitutes in the neurology monitoring market is low. Neurology monitoring devices and technologies are highly specialized and tailored to meet the specific needs of neurologists. The development of substitutes that can provide the same level of accuracy and reliability is challenging, reducing the threat of substitutes.
Competitive rivalry: The competitive rivalry in the neurology monitoring market is intense. The market is characterized by the presence of several established players, all vying for market share. These players constantly innovate and introduce advanced technologies to gain a competitive edge. This leads to intense competition and price wars, making competitive rivalry a significant factor in the market.
Key Takeaways:
The global Neurology Monitoring Market Insights is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period (2022-2028). This growth can be attributed to increasing cases of neurological disorders, such as epilepsy and Parkinson’s disease, globally. The rising geriatric population and the growing awareness about the importance of early diagnosis and treatment of neurological disorders are also driving market growth.
Regionally, North America is expected to be the fastest-growing and dominating region in the neurology monitoring market. The region is characterized by advanced healthcare infrastructure, high healthcare expenditure, and a strong presence of key market players. Additionally, the increasing prevalence of neurological disorders in the region and the rising adoption of advanced monitoring technologies contribute to the growth of the neurology monitoring market in North America.
Key players operating in the neurology monitoring market include Masimo Corporation, Drägerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare). These players focus on strategic collaborations, product launches, and acquisitions to strengthen their market position and gain a competitive advantage.
In conclusion, the global neurology monitoring market is poised for significant growth in the coming years, driven by increasing cases of neurological disorders and the need for early diagnosis and treatment. North America is expected to be the fastest-growing region, and key players are adopting various strategies to maintain their market dominance.
