Neurology Monitoring Market Is Estimated To Witness High Growth Owing To Rise In Incidence Of Neurological Disorders

Pharmaceuticals
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The neurology monitoring market consists of medical equipment such as imaging modalities, neurology ultrasonic devices, EEG systems for monitoring neurological disorders and diagnosis of neurological conditions. Neurological disorders like Alzheimer's disease, dementia, Parkinson's disease, epilepsy and multiple sclerosis affect a significant proportion of the population worldwide creating a huge demand for neurology monitoring devices.

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 5.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing incidence of neurological disorders presents a lucrative market opportunity for neurology monitoring devices. According to WHO, over 1000 people in the world suffer a stroke every year and neurological disorders account for over 10% of global disease burden. With rising geriatric population, neurological disorders like dementia and Alzheimer's have significantly increased creating demand for monitoring mechanisms to diagnose and track disease progression. As neurological disorders have no definite cure, focus lies on accurate diagnosis, treatment and continuous monitoring to ease symptoms and improve quality of life. This rising disease prevalence coupled with lack of cure presents a strong business case for neurology monitoring devices over the forecast period.

Porter’s Analysis


Threat of new entrants: The threat of new entrants in the neurology monitoring market is low due to the high investment costs needed for R&D and manufacturing. The market also requires strong distribution channels and brand recognition which is difficult for new companies to achieve.


Bargaining power of buyers: The bargaining power of buyers in the neurology monitoring market is moderate as there are many established players providing similar products. However, the availability of several product choices allows buyers to negotiate on price and quality.


Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many components and raw material suppliers for medical devices. Suppliers also do not have control over the prices of the components supplied.


Threat of new substitutes: The threat of new substitutes is low as there are limited alternative options available for neurology monitoring.


Competitive rivalry: The competitive rivalry in the neurology monitoring market is high due to the presence of several global and regional players.

SWOT Analysis


Strength: Rising neurological disorders prevalence, advanced product offerings, growing healthcare infrastructure.


Weakness: High costs associated, lack of skilled professionals.


Opportunity: Emerging markets growth potential, technological advancements scope.


Threats: Stringent regulatory frameworks, reimbursement issues.

Key Takeaways


The Global Neurology Monitoring Market Demand is expected to witness high growth during the forecast period due to the increasing incidence of neurological disorders such as epilepsy, Alzheimer’s disease, and stroke. 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 5.2% over the forecast period 2023 to 2030.

Regional analysis:

North America dominates the neurology monitoring market and is expected to retain its dominance over the forecast period supported by favorable reimbursement policies, advanced healthcare infrastructure, and presence of key players in the region. The Asia Pacific region is expected to witness the fastest growth in the neurology monitoring market over the forecast period driven by rising healthcare investments, increasing disposable income, and growing medical tourism in the region.

Key players:

Key players operating in the neurology monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries.

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