Asia-Pacific Neurology Monitoring Market Size

APAC Neurology Monitoring Market Analysis

The Asia-Pacific Neurology Monitoring Market size is estimated at USD 1.51 billion in 2024, and is expected to reach USD 2.09 billion by 2029, growing at a CAGR of 6.62% during the forecast period (2024-2029).

The impact of COVID-19 on the Asia-Pacific neurology monitoring market was adverse due to the cancellations of elective procedures, including diagnosis and treatment of neurological diseases. Individuals with neurological disorders were also at a higher risk for complications from COVID-19. For instance, in June 2020, the WHO issued the results of a survey conducted by 155 countries in May 2020. The results showed that the prevention and treatment services of various chronic diseases, including various neurodegenerative disorders, such as Parkinson's, Alzheimer, and dementia, had been severely disrupted. This was a significant concern as people with chronic diseases were at higher risk of severe COVID-19-related illness and death. However, the market started to gain traction as elective procedures and product developments resumed. With the increasing number of patients for neurological procedures, the market is expected to grow during the forecast period.

In addition, the increasing burden of neurological disorders and an increasing number of product approvals are affecting the market's growth. According to the Alzheimer's Disease Foundation, Malaysia (ADFM), the population of persons with dementia was estimated to be around 204,000 to 264,000 (8.5% to 11%) in 2020. This number is projected to reach 637,500 to 825,000 by 2050, an increase of 312%. Also, as per ADI, the burden of dementia in India is projected to rise by 197% by 2050. The high burden of neurological diseases in the region is projected to boost the utility of neurology monitoring devices during the forecast period.

The Asia-Pacific region has the fastest-growing market for neurology monitoring devices. Developing economies, like India and China, are making significant investments in healthcare and medical research and making advanced technologies more accessible and affordable. For instance, in September 2021, Zoho Corporation, India's one of largest SaaS providers, invested USD 5 million (INR 35 crore) in Voxelgrids for over 25% stake in the Bengaluru-based startup that builds magnetic resonance imaging (MRI) scanners. Such developments are projected to boost the usage of neurology monitoring devices in the region.

Technological advancements, increasing product approvals, partnerships, and acquisitions by key players are also helping market growth. For instance, in March 2022, Siemens Healthineers showcased its latest solution in the MRI portfolio, MAGNETOM Free.Star at the 74th National Conference, IRIA 2022, held in Bengaluru, India. Such developments are projected to boost the demand for MRI devices, which is ultimately projected to propel market growth.

Therefore, owing to the abovementioned factors, the market studied is anticipated to witness growth during the forecast period. However, the high cost of monitoring devices is likely to impede market growth.