Neurology Monitoring Market to Reach US$ 5,618.9 Mn in 2021: Market Analysis and Key Trends
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| Neurology Monitoring Market |
Market Overview:
The global Neurology Monitoring Market is projected to reach a valuation of US$ 5,618.9 Mn in 2021, with a projected CAGR of 5.9% between 2022 and 2028. Neurology monitoring involves the use of various devices and techniques to monitor and diagnose neurological disorders. These devices provide real-time data on brain activity, allowing healthcare providers to make accurate diagnoses and provide appropriate treatment. The rising prevalence of neurological disorders, coupled with advancements in technology, is driving the demand for neurology monitoring products.
Market Key Trends:
One key trend in the neurology monitoring market is the increasing adoption of non-invasive monitoring techniques. Traditional methods of monitoring brain activity often involve invasive procedures that can be uncomfortable for patients. However, advancements in technology have led to the development of non-invasive monitoring devices that offer the same level of accuracy without the need for invasive procedures. Non-invasive monitoring techniques not only improve patient comfort but also reduce the risk of complications associated with invasive procedures. As a result, healthcare providers are increasingly adopting these non-invasive monitoring devices, driving market growth in this segment.
Key players 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 are focusing on innovation and new product development to gain a competitive edge in the market.
Segment Analysis:
The neurology monitoring market can be segmented based on product type, end-user, and region. In terms of product type, the market is dominated by the electroencephalography (EEG) segment. EEG is widely used for monitoring brain activity and diagnosing various neurological disorders. The dominance of the EEG segment can be attributed to its non-invasive nature, affordability, and ability to provide real-time data. Other product segments in the market include electromyography (EMG), cerebral oximetry, and magnetoencephalography (MEG) among others.
In terms of end-users, the neurology monitoring market is segmented into hospitals, clinics, ambulatory surgical centers, and research institutes. Among these, hospitals hold the largest market share due to the high patient footfall and the availability of advanced healthcare facilities. Moreover, the increasing incidence of neurological disorders and the growing geriatric population contribute to the dominant share of hospitals in the market.
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 various factors such as the increasing prevalence of neurological disorders, technological advancements in monitoring devices, and growing awareness about early diagnosis and treatment options. Additionally, the rising geriatric population and the increasing demand for minimally invasive procedures also contribute to the market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the neurology monitoring market. This can be attributed to factors such as the presence of well-established healthcare infrastructure, increasing investment in research and development activities, and the high prevalence of neurological disorders in the region. Furthermore, the availability of advanced monitoring devices and the presence of key market players in North America further boost market growth 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 focus on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position and expand their product portfolios. They also invest in research and development activities to introduce innovative and technologically advanced monitoring devices to cater to the growing demand in the market.
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