Global Neurodiagnostic and Monitoring Devices Market Report and Forecast 2024-2032

Neurodiagnostic and Monitoring Devices Market Size

The global neurodiagnostic and monitoring devices market is projected to grow at a CAGR of 9% during the forecast period of 2024-2032, driven by the increasing incidence of neurological disorders like Parkinson's, epilepsy, and stroke along with technological advancements across the globe.

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Neurodiagnostic and Monitoring Devices Market Outlook

• Neurological disorders such as Parkinson’s disease, epilepsy, and stroke among others have become prevalent, leading to elevated demand for neurodiagnostic devices to accurately diagnose these diseases.

• Major market trends include miniaturization of devices, emphasis on more battery power, and preference for wearables.

• North America is expected to dominate the market share in the forecast period, driven by a comparatively higher occurrence rate of neurological disorders, the presence of affluent medical providers, and increased investments in R&D.

Neurodiagnostic and Monitoring Devices Market Overview

Neurodiagnostic and monitoring equipment is the basic equipment that helps in the diagnosis and ongoing observation of neurological deficits by monitoring the electrical activity of the brain and the nervous system. Such equipment includes electroencephalography machines, magnetoencephalography systems, intracranial pressure monitoring equipment, and electromyography instruments. Diseases like epilepsy, stroke, sleep disorders, neurodegenerative diseases, and traumatic brain injuries can be detected with their assistance, which is important for the development of effective therapeutic strategies.

Neurodiagnostic and Monitoring Devices Market Growth Drivers

Increasing Prevalence of Neurological Disorders Boost the Market Growth

The increasing incidence of neurological disorders including Parkinson’s disease, epilepsy, depression, and other ailments is boosting the market demand. The World Health Organization reported that around 50 million new epilepsy cases are expected in 2024, affecting 49 per 100,000 individuals annually in high-income countries. In low and middle-income countries, this rank may rise to 139 per 100,000. As a result, the increase in nervous system disorders is the major factor, fueling the need for neurostimulation devices in the market.

Technological Advancements Drives Market Growth

Technology upgrades and innovations are amongst some major factors that contribute to the expansion of the market. Advancements such as the closed-loop system, miniaturization, and improved battery life have noticeably boosted the efficiency, safety, and flexibility of neurostimulation devices, making them more attractive to users and clinical suppliers. For example, in June 2023, Cala, the bioelectronic medicine leader, announced the commercial launch of its next-generation system, the Cala kIQ™ System, an FDA-approved wearable device that offers the best therapy solution for patients with Parkinson's disease.

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Neurodiagnostic and Monitoring Devices Market Trends

Integrating with Telemedicine and Remote Monitoring Enhancing the Market

Integration of neurodiagnostic devices with telemedicine and remote monitoring systems is helping healthcare professionals with diagnosing and monitoring neurological disorders from afar. This integration is increasing patient access and convenience and encouraging comprehensive care with early disease intervention.

Increasing Adoption of Portable and Wearable Devices Boosting Market Growth

Cognitive wearables and portables that range from EEG headsets to wearable brain monitors are more in use today. These gadgets give constant supervision and real-time data transfer, making them beneficial in clinical and home settings. They are progressively embraced by patients and healthcare professionals since they are easy to use and non-invasive.

 
Rising Fundings and Investments
 
Major players in the market are offering substantial funds and investments for the expansion of their product portfolio. These monetary infusions are expected to enhance the rate of innovation, speed up the process of research and development, and introduce new products into the market. This development exhibits growth in the market by ensuring an adequate supply of advanced neurodiagnostic gadgets in the market.

For instance, in May 2023, Manus Neurodynamica obtained funding worth EUR 2.6 million for the further development of its NeuroMotor Pen, a medical tool used for the diagnosis and monitoring of neuromotor disorders such as Parkinson's disease. The funding will allow the device to be introduced to retail and global markets in the EU.

Growing Focus on Early Diagnosis and Preventive Healthcare Boosting the Market

In the medical field, there is more emphasis placed on diagnosing diseases at an early stage so as to facilitate disease prevention. Early diagnosis of neurological disorders is beneficial for further accelerated patient outcomes and decreased treatment costs. This emphasis is generating the demand for advanced neurodiagnostic and monitoring equipment providing an accurate and timely diagnosis, thereby contributing towards growth in the market.

Neurodiagnostic and Monitoring Devices Market Segmentation

Market Breakup by Product

• Magnetic Resonance Imaging (MRI) Scanners

• Computerized Tomography (CT) Scanners

• Positron Emission Tomography (PET) Scanners

• Electroencephalograph (EEG) Devices

• Electromyography (EMG) Devices

• Electromyography (EMG) Devices

• Intracranial Pressure (ICP) Monitors

• Others

Market Breakup by Application

• Stroke Diagnosis

• Epilepsy Monitoring

• Sleep Disorders

• Neurogenerative Diseases

• Traumatic Brain Injury

• Brain Tumor Detection

• Others

Market Breakup by End User

• Hospitals

• Diagnostic Imaging Centers

• Neurology Clinics

• Research and Academic Institutions

• Home Care Settings

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Neurodiagnostic and Monitoring Devices Market Share

Market Segmentation Based on End User Set to Witness Substantial Growth

Based on the end user, the market is divided into hospitals, diagnostic imaging centers, neurology clinics, research and academic institutions, home care settings, and others. Among these, hospitals constitute the largest market share due to their well-developed infrastructure and the presence of well-trained healthcare professionals to deal with complicated operational procedures. People with serious neurological disorders such as epilepsy, or Parkinson’s disease depend mainly on them.

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Neurodiagnostic and Monitoring Devices Market Analysis by Region

Regionally, the market report offers an insight into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Among these, North America is expected to dominate the market due to the high incidence of neurological diseases, an existing and developed network of healthcare providers, and increased concern for R&D. The market share can also be attributed to the presence of many key market players and suitable reimbursement policies that advance the market in this region.

The Asia-Pacific region is expected to experience the highest growth rate during the forecast period. Market growth is being fueled by factors like a substantial number of patients, rising spending on healthcare, and enhancements in healthcare infrastructure.

Leading Players in the Neurodiagnostic and Monitoring Devices Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:

Medtronic plc

Medtronic plc was founded in 1949 and is based in Dublin, Ireland. The company has its medical technology solutions valued worldwide. Specializing in comprehensive and advanced neurodiagnostic products, the company deals in products such as deep brain stimulation systems and intracranial pressure monitors.

Koninklijke Philips N. V.

It was established in the year 1891 and has its headquarters is in Amsterdam, Netherlands. Their products in the field of neurodiagnostics include EEG systems, sleep diagnostic equipment, and brain monitoring equipment. These holistic solutions are used in diagnosing and managing neurological disorders.

GE Healthcare 

The company was founded in 1994 and has its headquarters in Chicago, Illinois. Some of their neurodiagnostic products are sophisticated imaging systems, EEG, and other monitoring applications that are used for diagnosing and managing neurological disorders.

Natus Medical Incorporated

It was established in 1987 with its headquarters in Middleton, Wisconsin, United States. They have a range of EEG, EMG, and other neurodiagnostic tools designed to provide accurate and reliable neurological testing.

Other companies include Siemens Healthineers AG, NeuroMetrix, Inc., Compumedics Limited, Nihon Kohden Corporation and BrainScope Company, Inc.

Key Highlights of the Report

Key Questions Answered in the Neurodiagnostic and Monitoring Devices Market

• What was the global neurodiagnostic and monitoring devices market value in 2023?
• What is the global neurodiagnostic and monitoring devices market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is the market segmentation based on the product?
• What is the market segmentation based on the application?
• What is the market breakup based on the end user?
• What are the major factors aiding the global neurodiagnostic and monitoring devices market demand? 
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global neurodiagnostic and monitoring devices market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the neurodiagnostic and monitoring devices market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?
• What are the different types of imaging and monitoring devices included in the market?
• How is imaging contributing to the diagnosis and management of neurodegenerative diseases?
• How are hospitals integrating new diagnostic imaging technologies into their practices?
• What factors are driving the growth of diagnostic imaging in North America?
• How are regulatory changes in Europe affecting the diagnostic imaging market?
• What are the key growth drivers for diagnostic imaging technologies in Asia Pacific?