Neurology Monitoring Market Size

Neurology Monitoring Market Analysis

The Neurology Monitoring Market size is estimated at USD 6.74 million in 2024, and is expected to reach USD 9.02 million by 2029, growing at a CAGR of 6% during the forecast period (2024-2029).

COVID-19 had a profound impact on people with neurological disorders. Owing to the pandemic-related restrictions, diagnostics and treatment procedures were impacted, and research activities were halted. For instance, the National Institute of Health data published in April 2021 stated that the estimated incidence of a neurological or psychiatric diagnosis in the initial six months of the COVID-19 pandemic was 33.62% among the 236,379 patients diagnosed with COVID-19. Among those diagnosed, 0.56% suffered from intracranial hemorrhage, 2.10% from ischemic stroke, 0.11% from parkinsonism, 0.67% from dementia, 17.39% from an anxiety disorder, and 1.40% from a psychotic disorder. Therefore, with the abovementioned data, it was observed that COVID-19 significantly impacted the market studied. However, the market is gaining its pre-pandemic demand for neurology monitoring devices, and it is expected to witness healthy growth in the forecast period.

The major drivers for the market growth are the increasing burden of neurological disorders, the growing incidence of traumatic brain injuries, and the increasing number of product approvals. For instance, according to a WHO article published in February 2023, an estimated 5 million people are diagnosed with epilepsy every year globally. Also, per the Indian Head Injury Foundation's 2022 data, over one million head injuries occur annually in India. Therefore, the high burden of neurological disorders such as epilepsy and many head injuries is accelerating the demand for neurology monitoring devices.

The strategic initiatives by market players, such as product launches, approvals, partnerships, and expansions, are also contributing to the growth of the neurological monitoring market. For instance, in February 2022, Masimo's brain-monitoring headset received FDA approval for pediatric use. The SedLine sensors and monitoring system have now been adapted to fit children between the ages of 1 and 17. The system helps physicians monitor brain activity while patients are sedated, detecting signs of potential reactions to the anesthesia. Such advancements and rising approvals are projected to boost the demand for neurology monitoring devices.

Therefore, owing to the factors above, such as the high prevalence of neurological diseases and strategic initiatives adopted by market players, the studied market is anticipated to grow over the analysis period. However, the high cost of monitoring devices is expected to restrain the market growth in emerging economies.