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Neurology Monitoring Market Forecast 2024: Cutting-Edge Innovations and Global Demand
neurology monitoring market
According to The Business Research Company's, the neurology monitoring market size has grown strongly in recent years. It will grow from $6.08 billion in 2023 to $6.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing prevalence of neurological disorders, rise in aging population, growing awareness and diagnosis rates, demand for non-invasive monitoring, integration of remote patient monitoring..
The neurology monitoring market size is expected to see strong growth in the next few years. It will grow to $8.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to focus on early detection and intervention, expansion of telemedicine and remote monitoring, personalized medicine approaches, government initiatives for neurological healthcare.. Major trends in the forecast period include adoption of wearable neurological monitoring devices, integration of virtual reality (vr) and augmented reality (ar) in neurology monitoring, implementation of wireless connectivity in neurological monitoring devices, development of home-based neurological monitoring solutions, focus on multi-modal neurophysiological monitoring systems..
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Market Drivers and Trends:
The growing incidence of traumatic brain injuries is expected to propel the growth of the neurology monitoring market going forward. Traumatic brain injury (TBI) refers to damage to the brain brought on by an external force or trauma. Neurology monitoring is employed for the management of traumatic brain injuries (TBIs) to evaluate the patient's brain function, monitor intracranial pressure, and identify any changes in neurological status, which assists medical professionals in making decisions about treatment plans and interventions, ensuring that patients receive timely and individualized care. For instance, in March 2023, according to the Colorado Department of Human Services (CDHS), a US-based government agency, every year, it is estimated that 2.8 million Americans experience a traumatic brain injury leading to nearly 2.5 million emergency department visits, 225,000 hospitalizations and 65,000 deaths annually. Therefore, the growing incidence of traumatic brain injuries drives the neurology monitoring market.
Major companies operating in the neurology monitoring market are focusing on developing innovative electroencephalogram (EEG) monitoring devices, such as Ceribell Rapid Response EEG Device to provide reliable services to their customers. The Rapid EEG is the first of its kind cloud-linked device that provides real-time awareness of harmful brain patterns. For instance, in May 2021, Inspira Health, a US-based healthcare company, launched the new Ceribell Rapid Response EEG monitoring device. This device consists of a headband with built-in electrodes, a pocket-sized recorder with user-friendly software, and a web gateway for remote viewing. The Ceribell Rapid Response EEG includes cloud-linked, portable electroencephalogram (EEG) equipment that enables EEG examinations within minutes, ensuring quick diagnosis and treatment of seizures.
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Major Key Players of the Market:
Medtronic plc, Siemens Healthcare GmbH, GE Healthcare, Philips Healthcare, Drägerwerk AG & Co. KgaA, Masimo Corporation, Nihon Kohden Corporation, Integra LifeSciences Corporation, Natus Medical Incorporated, Raumedic AG, Neurosoft LLC, Cadwell Laboratories Inc., Compumedics Limited, Sophysa SA, Electrical Geodesics Inc., BrainScope Company Inc., G.Tec Medical Engineering GmbH, Persyst Development Corporation, Advanced Brain Monitoring Inc., NeuroWave Systems Inc., Spiegelberg GmbH & Co. KG, BrainMaster Technologies Inc., DEYMED Diagnostic s.r.o., Inomed Medizintechnik GmbH, Novela Neurotechnologies Inc
Neurology Monitoring Market 2024 Key Insights:
• The neurology monitoring market is expected to grow to $8.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Growing Incidence Of Traumatic Brain Injuries Expanding Neurology Monitoring Market
• Increasing Focus On Technological Advancements To Provide Reliable Services To Their Customers
• North America was the largest region in the neurology monitoring market in 2023
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