Neurology Patient Monitoring Market Size, Share & Trends Analysis Report By Application (Trauma, CSF Management, Migraine, Stroke, Hydrocephalus, EEG), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global neurology patient monitoring market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2030. The demand for neurology patient monitoring is increasing 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. The outbreak of COVID-19 in 2020 had an adverse impact on the market. It led to a shortage of medical devices including neurology monitoring devices owing to disruption in supply chain operations due to lockdown at the global level.

Furthermore, medical device manufacturing companies are more focused to meet the surge in demand for ventilators along with other respiratory devices instead of neurology monitoring devices. Thus, the pandemic had an adverse effect on neurology monitoring devices. However, as lockdown restrictions are lifted in most of the countries, supply chains and manufacturing hubs of most healthcare companies, including neurology patient monitoring, are expected to work efficiently and smoothly over the forecast period. Increasing incidences of stroke, owning to the lifestyle changes is one of the leading factors contributing to the growth of the market for neurology patient monitoring.

For instance, according to the Society of Vascular and Interventional Radiology, stroke impacts roughly 16 million people worldwide each year, killing an estimated 5.7 million individuals, with an annual healthcare cost of USD 104 billion in the U.S. Stroke is a time-sensitive condition that necessitates prompt treatment. The majority of stroke patients may suffer lasting impairment or death if they are not diagnosed and treated properly. Despite recent breakthroughs in life-saving surgical procedures, due to the unavailability of a portable diagnostic instrument for early diagnosis, less than 10% of eligible patients suffering from stroke are treated surgically. However, continuous technological advancements are expected to enhance the demand for neurology patient monitoring over the forecast period.

For instance, in November 2017, Neural Analytics, Inc.-a medical device company that develops and commercializes technology to track, diagnose, and measure brain health-announced the results of its first phase of EXPEDITE (a next-generation portable diagnostic platform for large vessel stroke) program under IRB approval, which demonstrates the company's advanced transcranial Doppler technology. These factors are anticipated to propel the market for neurology patient monitoring during the forecast period. Moreover, the increasing prevalence of traumatic brain injury across the globe is expected to help the market to grow over the forecast period.

TBI is caused by sudden bumps, hit, or blow to the head or body which cause sudden back and forth movement of the brain. An increase in TBI is a result of unintentional falls, assault, motor vehicle accidents, intentional self-harm, sports injury, and an aging population. According to CDC, in 2016, 47.72% of people had concussions due to unintentional falls, while motor vehicle accidents comprised 25.0%. The use of neurology patient monitoring devices such as MRI scan, EEG, or a CT-scan can diagnose concussion and help the market propel during the forecast period. Thus, the rising incidence of TBIs globally has resulted in high demand for healthcare, necessitating extensive use of brain monitoring equipment, making it the primary factor responsible for market growth.

Furthermore, the development of technologically advanced neurology patient monitoring devices has reduced direct human interference in surgical procedures. These devices are lowering drawbacks of earlier invasive-type devices. Some of the recent innovations include high-definition microscopic cameras, remote navigation systems, data recorders, motion sensors, and robotic-controlled catheters and transducers. The key market players are involved in extensive R&D activities to develop technologically advanced devices. For instance, in March 2021, Brain Scientific, Inc. released the next-generation NeuroCap device. This is an improved EEG electrode array used in clinical and research settings to provide rapid EEGs in instances where STAT EEG recordings are required. This is likely to significantly boost the market growth. Similarly, in February 2020, Compumedics Limited also received clearance from the U.S. FDA for its Orion LifeSpan Magnetoencephalographic (MEG).

Noninvasive evaluation of MEG and EEG data produced by electrically active brain tissue is possible with this instrument. Thus, the market for neurology patient monitoring is expected to witness growth due to the advent of new technologies. U.S. dominated the market for neurology patient monitoring with the largest revenue share of 83.1% in 2021 owing to the increasing prevalence of Traumatic Brain Injury (TBI) and migraine in the U.S. For instance, according to Migraine Research Foundation, U.S., migraine is 3^rd most common illness around the globe, whereas 1 in every 4 households in the U.S. includes someone having a migraine. Furthermore, 12% of the U.S. population including children suffers from migraine.

Moreover, for every 10 seconds, someone in the U.S. attends the emergency room due to a headache and it is predicted approximately 1.2 million people visit for an acute migraine attack. In addition to disease prevalence, the launch of technologically advanced neurology patient monitoring devices is expected to cater to market growth over the forecast period. For instance, in April 2021, Neural Analytics launched its NovaGuide 2 and NovoSignal, which shortened the time required for diagnosis and treatment of any concussion. Furthermore, in 2019, Integra LifeSciences introduced its Codman Specialty surgical products which included CereLink intracranial pressure monitoring device. With such advancement and product launch in the industry, the market is expected to grow at a significant rate throughout the forecast period.

Moreover, the use of neurology patient monitoring devices to diagnose trauma, stroke, hydrocephalus is expected to drive the market growth over the forecast period. For instance, according to UCLA Health Organization, every 2 in 1000 birth in the U.S. suffer from hydrocephalus. It is estimated that approximately 125,000 people are living with CSF shunts. Neurological patient monitoring devices such as MRI, CT-scan help in the diagnosis of such diseases and amplify the demand for neurology patient monitoring devices. Furthermore, technological advancements and new product introductions are likely to enhance rivalry among existing manufacturers. For instance, in June 2020, CereVasc, which received USD 43.9 million to help commence first-in-human clinical studies, created a minimally invasive implant for the treatment of hydrocephalus caused by excess cerebral fluid. The company's overall goal was to make the procedure into an outpatient, one-day procedure. The eShunt was also designed to address catheter blockages, infections, and over-drainage issues that have been major issues with earlier drainage systems, thus, supporting the market for neurology patient monitoring.

Application Insights

The trauma segment held the largest revenue share of 24.6% in 2021. The prevalence of traumatic brain injury and the increase in the geriatric population across the globe is the major factor driving the segment. For instance, according to NCBI, the geriatric population with concussion has a greater than 80.0% chance of death or long-term disability. Approximately 8.0% of people aged 65 and above visit ER due to fall-related concussion issues each year. Sports injury is another leading reason for TBI. There is a high potential of about 19.0% of people suffering from concussions due to contact sports. It is reported that about 62,000 concussions are sustained due to contact sports during any high school event. Since neurology patient monitoring devices such as MRI, CT-scan, EEG are used for diagnosing such trauma cases, these factors are expected to surge segment growth.

Whereas, the stroke segment is expected to witness the highest CAGR of 7.7% during the forecast period owing to an increase in the number of people suffering from a cerebral stroke. For instance, stroke is the leading cause of disability in the world, as well as the second leading cause of death. According to the National Stroke Association of the U.S., 25.0% of stroke victims have modest impairments, while 40.0% have moderate-to-severe disabilities that demand permanent special care. In July 2021, Philips developed SmartCT, a new 3D measuring, and visualization tool to improve the imaging capabilities of its image-guided therapy angiography suite, with the goal of getting patients into treatment quicker. As a result, the demand for neurology patient monitoring is expected to increase in the near future.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 37.8% in 2021 and is expected to witness a considerable growth rate during the forecast period. This is attributed to the technological advancements and presence of major key players such as Medtronic, Neural Analysis, and Natus Medical, Inc. in the region. Moreover, increase in EEG procedures and intracranial pressure monitoring, the regional market is predicted to grow over the forecast period. Furthermore, increase in the number of cost-effective and speedier diagnosis along with high-quality diagnostic equipment and favorable reimbursement policies, the market is expected to propel the market in the region.

In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period. Various government and organizational initiatives to increase awareness regarding disease such as stroke, trauma is expected to drive the market. For instance, the National Stroke Association of Sri Lanka organized a webinar to increase awareness about stroke, where they educated people regarding stroke and available medical assistance for the same. Moreover, an increase in healthcare spending, healthcare infrastructure, and increase in Foreign Direct Investment (FDI) are expected to propel market growth.

For instance, as per the data by Invest India, a National Investment Promotion and Facilitation Agency, in the period between 2014-2015, FDI inflows in India stood at USD 45.15 billion and have been gradually increasing since then. Moreover, FDI inflow increased from USD 266.21 in 2007-14 to USD 440.01 billion in 2014-21. Furthermore, the FDI equity inflow has increased from USD 185.03 billion during 2007-14 to USD 312.05 billion during 2014-21. Furthermore, in budget 2021-22 India announced the National Health Mission with a budget of USD 5.10 billion. Thus, a rise in awareness and healthcare spending is expected to drive the market in this region.

Key Companies & Market Share Insights

Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and launching new technologically advanced products and services to strengthen their foothold in the neurology patient monitoring device market. Additionally, key players are investing heavily in research and development to manufacture technologically advanced products. For instance, in May 2019, Neural Analytics raised around USD 22 million in Series C financing shares, to support its Lucid Robotic System for brain health assessment. The company will be able to unveil its robot-assisted ultrasound system into clinical settings with the help of this financing.

Furthermore, companies operating in the market are adopting mergers and acquisitions strategies to increase their global presence and market share. For instance, in September 2019, Integra Lifesciences completed the acquisition of Rebound Therapeutics, a manufacturer of disposable medical devices. With this acquisition, the company developed new products and a minimally invasive platform for neurosurgery. Furthermore, in July 2019, Integra LifeSciences acquired Arkis Biosciences, Inc. This helped Integra LifeSciences to strengthen its portfolio in neurocritical care and advance catheter technology. Some of the prominent players in the neurology patient monitoring market include:

• Medtronic

• Integra LifeSciences

• Raumedic AG

• Sophysa

• Spiegelberg GmbH

• Natus Medical

• Gaeltec Devices

• Neural Analytics

Neurology Patient Monitoring Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global neurology patient monitoring market report on the basis of application and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Trauma

  • CSF Management

  • Migraine

  • Stroke

  • Hydrocephalus

  • EEG

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Colombia

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE