Neurology Patient Monitoring Market Size Worth $7.4 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 13, 2022 /PRNewswire/ -- The global neurology patient monitoring market size is anticipated to reach USD 7.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2022 to 2030. Increasing incidences of neurological diseases coupled with a subsequent rise in the number of surgical procedures to treat associated conditions are positively driving the market. In addition, rising cases of road accidents that lead to traumatic brain injuries are also driving the demand for neurology patient monitoring.
Key Insights & Findings from the report:
- Based on application, the trauma segment dominated the market and accounted for a revenue share of 24.6% in 2021 owing to the increasing cases of TBIs due to sports injuries, road accidents, and assaults
- North America dominated the market with the highest revenue share of 37.9% in 2021 due to the presence of well-established healthcare facilities, increasing government initiatives, and awareness campaigns regarding brain disorders
- In Asia Pacific, the market is anticipated to witness remarkable growth due to the presence of a large patient base suffering from neurological disorders
Read 115 page market research report, "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", by Grand View Research
COVID-19 outbreak in 2020, has led to strict implementation of stringent measures to restraint the spread which led to delay of many neurological procedures around the globe. A huge number of medical device manufacturers and providers have been adversely affected during this time. However, the market is expected to rebound and grow considerably over the forecast period, as most of the countries globally have begun easing lockdown measures and resumed some of the elective procedures.
The high incident rate of traumatic brain injuries due to road accidents and sports injuries is among the key factors driving the market for neurology patient monitoring. For instance, according to NCBI in the U.S. about 1.7 million people annually sustain TBI and approximately 1.3 million patients end up in an emergency room. Such incidents are expected to increase the demand for neurology patient monitoring devices, therefore, propelling the market growth during the forecast period.
Moreover, an increase in the prevalence of hemorrhagic stroke among the elderly population is further likely to drive market growth over the forecast period. For instance, according to the WHO, 15.0 million people annually suffer from a stroke, out of which 5.0 million die, and 5.0 million are disabled permanently. Additionally, increase in awareness campaigns such as, in 2021 on World Stroke Day, the WHO launched Precious Time Campaign which focused on awareness regarding stroke, its symptoms, and access to available medical assistance. This, in turn, is influencing the demand for proper diagnosis and treatment, thereby supporting market growth.
Grand View Research has segmented the global neurology patient monitoring market on the basis of application and region:
- Neurology Patient Monitoring Application Outlook (Revenue, USD Million, 2017 - 2030)
- CSF Management
- Neurology Patient Monitoring Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
List of Key Players of Neurology Patient Monitoring Market
- Integra LifeSciences
- Raumedic AG
- Spiegelberg GmbH
- Natus Medical
- Gaeltec Devices
- Neural Analytics
Check out more studies related to patient monitoring, published by Grand View Research:
- Remote Patient Monitoring System Market – The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028. Remote monitoring systems serve with improved chronic disease management, including early warning signs and progress tracker, thus anticipated to witness an increased demand in the coming years at the global level.
- Patient Monitoring Devices Market – The global patient monitoring devices market size was valued at USD 37.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. The growth can be attributed to the rising demand for monitoring devices used to measure, distribute, record, and display a combination of biometric values such as blood oxygen saturation level, temperature, and blood pressure.
- Multiparameter Patient Monitoring Systems Market – The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The growing demand for early diagnosis and treatment of chronic diseases, high demand for real-time patient monitors in critical care units, the need to make better clinical decisions on the spot, and documenting changes in a patient's condition at every stage are factors likely to boost the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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