Neurology Monitoring Market Poised to Witness High Growth Due to Rising Prevalence of Neurological Disorders

 Neurology monitoring devices are medical devices used to monitor and diagnose neurological disorders. These devices help in the diagnosis and treatment of neurological disorders such as Parkinson's disease, epilepsy, sleep disorders, stroke and Alzheimer's disease. Neurological monitoring devices include electroencephalography (EEG) devices, electromyography (EMG) devices, intracranial pressure (ICP) monitors, cerebral oximeters and magnetic resonance imaging (MRI) devices. The rising prevalence of neurological disorders is expected to drive the demand for neurology monitoring devices over the forecast period.

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 Dynamics:

The growing prevalence of neurological disorders across the globe is expected to be a key driver for the neurology monitoring market over the forecast period. According to the Alzheimer's Disease International, an estimated 55 million people globally had dementia in 2020 which will likely rise to 78 million by 2030 and 139 million by 2050. Moreover, as per the WHO, over 50 million people suffer from epilepsy making it one of the most common neurological disorders globally. The increasing prevalence of such disorders is anticipated to drive the demand for neurology monitoring devices for diagnosis and treatment. Furthermore, rising adoption of ambulatory neurology monitoring devices owing to their portability and convenience will also boost the market growth over the forecast period.

SWOT ANALYSIS
Strength: The Neurology Monitoring Market comprises cutting-edge products to aid in effective disease diagnosis and treatment. Equipment such as Electroencephalography (EEG) machines and intracranial pressure monitors allow for precise brain monitoring. Furthermore, technological advancements have led to compact, easy to use devices connected via wireless networks for remote patient monitoring.
Weakness: High costs associated with neurology monitoring devices pose affordability challenges, restricting widespread adoption especially in price sensitive developing regions. Additionally, inadequate reimbursement policies by medical insurance providers limit procurement of high-end equipment by healthcare facilities.
Opportunity: Rising incidence of neurological disorders worldwide presents a massive patient pool driving market revenues. Favorable regulatory norms in various countries supporting new product approvals will augment business opportunities. Also, growing partnerships between product innovators and healthcare providers create scope for improving access to neurology care.
Threats: Significant R&D investments required by players to emerge with pioneering solutions increases risks. Also, stringent regulations pertaining to product performance and safety delays product launch timelines. Further, the outbreak of COVID-19 negatively impacted production and spending on neurotechnology devices.

KEY TAKEAWAYS
The Global Neurology Monitoring Market Size is expected to witness high growth over the forecast period. 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 holds the major share of the Neurology Monitoring market supported by sophisticated healthcare facilities and availability of reimbursement. On the other hand, Asia Pacific market is estimated to grow rapidly fueled by expanding medical tourism industry and rising healthcare expenditures in emerging countries. China and India are viewed as most lucrative markets in the region attributable to growing geriatric population susceptible to neurological disorders.

Key Players:
Key players operating in the Neurology Monitoring market include Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. Canopy Growth Corporation is one of the largest cannabis companies worldwide by market capitalization.

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