Europe Neurology Monitoring Market Size

Europe Neurology Monitoring Market Analysis

The Europe Neurology Monitoring Market size is estimated at USD 1.85 billion in 2024, and is expected to reach USD 2.44 billion by 2029, growing at a CAGR of 5.62% during the forecast period (2024-2029).

The lockdown and government regulations imposed due to the pandemic led to the cancellation and rescheduling of neurologic surgeries that have impacted Europe's neurology monitoring market. For instance, an article published in the journal J. Neurol. Sci in January 2021, reported that data from Spain showed that 95% of hospitals reallocated neurologists to assist COVID-19 patients, and the number of beds in neurology wards was reduced by 89%. The pandemic has exposed the lack of sufficient health care for patients with mental illnesses in many European countries, particularly in locations where hospital-community integration is already lacking. The shift in health resources for COVID-19 patients, along with social distancing measures, has put neurological monitoring in jeopardy in Europe not just in the outpatient context but also in inpatient and home care settings. Thus, initially, the market growth of the market was impacted due to the cancellation of many neurosurgical surgeries. This decreased the demand for neurological monitoring devices. However, with the resumption of services, the market is expected to witness significant growth during the forecast period.

The key factors propelling the growth of the European neurology monitoring market are the increasing incidence of neurological disorders, huge investments by private players in neurology monitoring devices, an increase in R&D in the field of Neurotherapy, and a rising aging population. The growth of the neurology monitoring devices market in Europe is also attributed to the increasing incidence of neurological disorders that include brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson's disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumors, and stroke.

An article published in the journal Cells in August 2022 reported that brain disorders represent 32% of the global disease burden, with 169 million Europeans affected. Neurological disorders, brain and CNS cancers, strokes, and mental disorders are all examples of brain disorders. The high toll on the life quality of patients suffering from neurodegenerative diseases and the societal burden that is growing with the aging of the western population. Thus, increasing brain disorders demand increasing neurological monitoring devices in the region, thereby contributing to the growth of the studied market.

Similarly, the data published by Eurostat in February 2022 reported that more than one-fifth (20.8%) of Europe's citizens were 65 years of age or older in 2021. Between 2021 and 2100, there may be a projected 2.5-fold increase in the proportion of individuals in Europe who are 80 years or older, from 6.0 to 14.6%. As the number of the elderly population is expected to rise, they will be more prone to chronic conditions such as neurological diseases and other brain disorders, which will drive demand for neurological monitoring devices and ultimately drive the market during the forecast period.

The launch of products by market players is also propelling the growth of the market. For instance, in May 2021, Grosshansdorf, a Germany-based neo-scan solution, released a small, light MRI scanner designed to keep journeys short and to scan sick babies in their sleep.

Thus, due to the aforesaid mentioned reasons the region is expected to witness significant growth during the forecast period. However, the high cost of equipment and shortage of trained professionals may slow down the growth of the market studied.