Neurology Patient Monitoring Market: Current Analysis and Forecast (2022-2028)

Neurologic monitoring is used during surgery to assess the functional integrity of the brain, brainstem, spinal cord, or peripheral and cranial nerves. The goal of monitoring is to alert the surgeon and anesthesiologist to impending injury in order to allow modification of management in time to prevent permanent damage. In some cases, neuromonitoring is used to map areas of the nervous system in order to guide procedural management. Computerized axial tomographic scanning has revolutionized the diagnosis and serial assessment of the patient. Other techniques such as cerebral blood flow measurements, reflectance spectrophotometry, and sophisticated electrophysiologic recording are being utilized in the laboratory and in man as monitoring techniques.

The Neurology Patient Monitoring Market is expected to grow at a steady rate of around 7% owing to the rising incidence of neurological disorders, increasing road accidents that result in traumatic brain injuries, as well as launch the of technologically advanced products in the market. According to the National Center for Biotechnology Information, roughly 1.7 million persons in the United States suffer with TBI each year, with 1.3 million of those patients ending up in an emergency room. As a result of these incidences, demand for neurology patient monitoring devices is likely to rise, boosting market growth throughout the forecast period

Based on the product type, the market is segmented into devices and accessories. The device segment held the largest share of neurology patient monitoring market in 2020. This is mainly due to the rising incidence of neurological, neurodegenerative, psychotic, and increasing road accidents, the need for early diagnosis, the availability of innovative portable and wearable home-based monitoring devices and increasing patient awareness. According to UN report, up to 1 billion people, nearly one in six of the world's population, suffer from neurological disorders, from Alzheimer and Parkinson disease, strokes, multiple sclerosis and epilepsy to migraine, brain injuries and neuroinfectious, with some 6.8 million dying of the maladies each year.

Based on application, the market is divided into traumatic brain injury (TBI), CSF (cerebrospinal fluid) management, migraine & stroke, hydrocephalus, EEG (electroencephalography) and others. Traumatic brain injury holds the largest share of the neurology patient monitoring market by application. A major factor responsible for the large share of this market segment is the growing incidence of TBI across the globe due to sports injuries, road accidents and assaults leading to high demand for the management of these cases, thus requiring the intensive use of neurology monitoring devices.

Based on end users, the market is divided into hospitals, neurology centers, diagnostic centers, advancing surgical care & clinics, and other end users. The hospital segment held the largest share of the global neurology patient monitoring market in 2020. The intricate process of neurology patient monitoring, pricey equipment, higher volume of patients than small clinics makes hospitals the largest market contributor in the end user segment.

For a better understanding of the market adoption of the neurology patient monitoring industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America dominated the neurology patient monitoring market 2020. This can be attributed to the region having well-established healthcare facilities, technological advancements and presence of major key players, availability of medical reimbursement in the US, awareness campaigns regarding neurological disorder, growing incidence of neurological diseases and a growing number of clinical trials of Neurological monitoring products.

Some of the major players operating in the market include: Natus Medical Incorporated, NIHON KOHDEN CORPORATION, Philips Healthcare, GE Healthcare, Siemens Healthineers AG, Compumedics Limited, Medtronic plc, Edwards Lifesciences Corporation, Dragerwerk AG & Co. KGaA, Advanced Brain Monitoring, Inc.