by The global Neurology Monitoring Market is estimated to be valued at US$5,618.9 Mn in 2021 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neurology monitoring involves the diagnosis and treatment of neurological disorders such as epilepsy, Alzheimer’s, stroke, and Parkinson’s disease. It helps in monitoring brain activity and detecting abnormalities to assist in accurate diagnosis and appropriate treatment. The increasing prevalence of neurological disorders, along with the growing demand for advanced monitoring techniques, is driving the market growth. Moreover, technological advancements in neurology monitoring devices and the rising geriatric population are expected to further fuel market growth.
Market Key Trends:
One key trend in the neurology monitoring market is the increasing adoption of wearable neurology monitoring devices. These devices offer convenience to patients and provide real-time monitoring of brain activity, enabling early detection of abnormalities. Additionally, these devices can be used for long-term monitoring, allowing healthcare professionals to assess patients’ progress remotely. The integration of wearable devices with smartphone applications and cloud platforms further enhances their usability and data management capabilities. The growing popularity of wearable neurology monitoring devices is expected to revolutionize the healthcare industry and improve patient outcomes.
Key Players: 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).
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the neurology monitoring market is relatively low. This is due to the high capital investment required to establish a manufacturing facility and develop advanced neurology monitoring devices. Additionally, the existing players in the market have established strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the neurology monitoring market is moderate. While buyers have the option to choose from a variety of products and suppliers, the specialized nature of neurology monitoring devices limits their bargaining power. Additionally, the high switching costs associated with transitioning to a different supplier or system further reduces buyers’ power.
Bargaining Power of Suppliers: The bargaining power of suppliers in the neurology monitoring market is moderate. The market is dominated by a few key suppliers who hold significant power, but they are also dependent on the demand from neurology monitoring device manufacturers. In some cases, the manufacturers have the option to vertically integrate and produce their own components, reducing the power of suppliers.
Threat of New Substitutes: The threat of new substitutes in the neurology monitoring market is low. Neurology monitoring devices are critical tools used in the diagnosis and treatment of neurological disorders, and there are currently no viable alternatives that offer the same level of accuracy and reliability.
Competitive Rivalry: The competitive rivalry in the neurology monitoring market is high. The market is characterized by intense competition among key players, who are constantly striving to innovate and develop technologically advanced products. Additionally, the market is witnessing the entry of new players, further intensifying the competition.
Key Takeaways
The global Neurology Monitoring Market Trend is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period. This growth can be attributed to the increasing prevalence of neurological disorders, such as Alzheimer’s disease, Parkinson’s disease, and epilepsy, which require continuous monitoring for effective management.
Regionally, North America is the fastest-growing and dominating region in the neurology monitoring market. This can be attributed to the presence of advanced healthcare infrastructure, increasing healthcare expenditure, and a high prevalence of neurological disorders in the region.
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 key players are focused on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
