Neurology monitoring products are primarily used for the diagnosis and treatment of neurological disorders and other related conditions. Growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, Epilepsy and others have augmented the demand for neurology monitoring products such as Electroencephalogram (EEG) machines, intracranial pressure monitors, electrocorticography monitors and others. EEG machines are primarily used for the diagnosis and evaluation of neurological conditions related to brain function like epilepsy, dementia and sleep disorders. Intracranial pressure monitors provide continuous non-invasive measurement of pressure inside the skull and brain. These products help in monitoring conditions involving increased cranial pressure like Traumatic Brain Injuries (TBI) and subarachnoid hemorrhage.

The global neurology monitoring market is estimated to be valued at US$ 6301.49 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The expanding aging population afflicted with neurodegenerative disorders present a lucrative market opportunity for neurology monitoring products. Neurological disorders primarily impact the geriatric population. For instance, according to Alzheimer's Association, around 6.5 million Americans aged 65 and older were living with Alzheimer's dementia in 2022 and this number is expected to rise to around 13 million by 2050. Similarly, Parkinson's disease impacts around 1 million Americans presently and this number is projected to double by 2060. Growing geriatric population increases the risks of developing neurodegenerative diseases thereby augmenting the demand for neurology monitoring devices for timely diagnosis and treatment management. The rising economic burden of neurological disorders on health systems also encourages increased adoption of neurology monitoring solutions to provide cost-effective patient management over the long term.

Porter’s Analysis
Threat of new entrants: The neurology monitoring market requires huge investments in R&D for new product development, creating entry barriers for new players.
Bargaining power of buyers: The presence of many established players provides buyers with varied options to choose from, increasing their bargaining power.
Bargaining power of suppliers: The availability of alternative component suppliers reduces the bargaining power of individual suppliers in the market.
Threat of new substitutes: The emergence of new non-invasive neurology monitoring techniques pose a threat to traditional substitutes in the market.
Competitive rivalry: The market comprises many global companies competing on the basis of product performance, pricing, and partnerships.

SWOT Analysis
Strength: Established distribution networks and brand recognition of key players. Rising prevalence of neurological disorders expands market growth.
Weakness: High costs associated with neurology devices hampers their widespread adoption. Reimbursement issues in developing nations are a challenge.
Opportunity: Untapped growth potential in emerging nations offers lucrative opportunities. Advancements in technology are leading to the development of next-gen monitoring devices.
Threats: Stringent regulatory framework for product approval delays market entry. Changing reimbursement policies impact product pricing.

Key Takeaways
The Global Neurology Monitoring Market Size is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030. The market size in 2023 is estimated to be US$ 6301.49 Mn.

Regional analysis: North America will continue dominating the Neurology Monitoring Market owing to favorable reimbursement policies and presence of key players. Asia Pacific exhibits high growth potential mainly driven by rising healthcare expenditure, growing geriatric population, and increasing penetration of Neurology devices in major countries like India and China.

Key players: Key players operating in the Neurology Monitoring market are Canopy Growth Corporation, Aurora Cannabis, Tilray Inc., Aphria Inc., Cronos Group, Hexo Corp., Organigram Holdings Inc., Curaleaf Holdings, Inc., Cresco Labs, Green Thumb Industries. These companies are focused on new product launches, partnerships and expansion strategies to strengthen their market presence.

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