The global Neurology Diagnostic and Monitoring Devices market was valued at approximately US$ 6.5 billion in 2022 and is poised for significant expansion, projected to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2031, reaching an estimated valuation of over US$ 12.4 billion by 2031. This robust growth is fueled by rising neurological disorder prevalence, technological advancements, and increasing healthcare infrastructure investments worldwide.
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Market Size and Growth
From a market valuation of US$ 6.5 billion in 2022, the neurology diagnostic
and monitoring devices industry is expected to witness a CAGR of 7.5% over the
next decade. This steady growth trajectory is attributed to factors such as an
aging population, rising incidences of neurodegenerative and cerebrovascular
diseases, and continuous innovations in diagnostic accuracy and device
portability. As more healthcare providers adopt these advanced tools for timely
intervention and improved patient outcomes, the market is set to more than
double in value by 2031.
Market Segmentation
The market can be segmented by product type, end-user, and application. By
product type, the segments include neurodiagnostic devices (EEG, EMG, etc.),
neuroimaging systems (MRI, CT, PET), and monitoring devices (ambulatory EEG,
ICP monitors). In terms of end-users, hospitals and diagnostic centers remain
the dominant consumers due to high patient influx and advanced infrastructure.
Additionally, home care and ambulatory monitoring segments are gaining traction
with the advent of portable and wearable neurology monitoring devices.
Applications range across epilepsy diagnosis, stroke management,
neurodegenerative disease monitoring, and trauma care.
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Regional Analysis
Geographically, North America holds a significant share of the neurology
diagnostic and monitoring devices market, driven by advanced healthcare
infrastructure, high healthcare expenditure, and strong research initiatives.
Europe follows closely with similar growth dynamics. The Asia-Pacific region is
anticipated to register the highest CAGR, fueled by expanding healthcare
facilities, increasing neurological disorder awareness, and government
initiatives in emerging economies such as China and India. Latin America and
the Middle East & Africa markets are also showing gradual growth due to
rising investments in healthcare technology and infrastructure.
Competitive Landscape
The market is characterized by the presence of prominent global players such as
GE Healthcare, Neurosoft, Canon Medical Systems Corporation (Canon, Inc.),
Fujifilm Holding Corporation, Koninklijke Philips N.V., Siemens Healthineers
AG, Shimadzu Corporation, United Imaging Healthcare Co., Ltd., Hologic, Inc.,
and Esaote SpA. These companies invest heavily in research and development,
strategic partnerships, and acquisitions to expand their product portfolios and
geographic reach. Their focus remains on delivering cutting-edge diagnostic
solutions that improve clinical outcomes and operational efficiency.
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