Neurological Diagnostic And Monitoring Equipment Markets

Neurological Diagnostic and Monitoring Equipment Market by Type (Invasive and Non-Invasive), Product Type (Magneto-Encephalography Devices (MEG), Electroencephalography Devices (EEG), Transcranial Doppler Sonography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, and Others), Indication (Traumatic Brain Injuries, Epilepsy, Stroke, and Others), End-User (Hospitals, Diagnostic & Imaging Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of neurological disorders, growing incidence of traumatic brain injuries, rising government initiative to raise awareness among patients regarding neurological disorders and their early diagnosis for proper management, and increased in product approvals across the globe.

The neurological diagnostic and monitoring equipment market was valued at USD 11.81 billion in 2023, growing at a CAGR of 6.66% during the forecast period from 2024 to 2030, and will reach USD 17.33 billion by 2030. The market for neurological diagnostic and monitoring equipment is experiencing robust growth driven by several key factors. First, the increasing prevalence of neurological disorders, such as brain cancer, epilepsy, Alzheimer's disease, and Parkinson's disease, underscores a growing demand for advanced diagnostic tools that can accurately assess and monitor these conditions. Secondly, the rising incidence of traumatic brain injuries (TBIs) globally has further bolstered the demand for neurological diagnostic equipment. Prompt and accurate diagnosis of TBIs is crucial for initiating timely treatment and minimizing long-term complications, driving the adoption of sophisticated monitoring technologies in emergency and critical care settings. Additionally, the government initiatives not only contribute to increased patient awareness and engagement but also foster a proactive approach towards healthcare, thereby stimulating the uptake of diagnostic and monitoring equipment. Furthermore, the regulatory support not only ensures the safety and efficacy of these devices but also encourages healthcare providers to invest in state-of-the-art equipment that enhances diagnostic accuracy and patient care outcomes thereby boosting the overall market during the forecast period from 2024 to 2030.

Neurological Diagnostic and Monitoring Equipment Market Dynamics:

According to the recent data provided by the GLOBOCAN, in 2022, globally the estimated new cases of brain and central nervous system cancer was estimated to be 322,000 per 100,000 population and the projection was estimated to increase 474,000 per 100,000 population by 2045. Thus, the increasing incidence of brain cancer and central nervous system (CNS) cancers is poised to significantly boost the market for Neurological Diagnostic and Monitoring Equipment. As these cancers present complex diagnostic challenges requiring precise imaging and monitoring solutions, the demand for advanced diagnostic tools such as MRI, CT scans, PET scans, and EEGs is escalating and thereby boosting the overall market of neurological diagnostic and monitoring equipment across the globe.

Additionally, as per the recent data provided by the World Health Organization (2024), epilepsy affects approximately 50 million people worldwide, making it one of the most prevalent neurological disorders globally. Nearly 80% of those affected reside in low- and middle-income countries. Thus, neurological diagnostic tools such as EEG (electroencephalography) play a critical role in diagnosing epilepsy by recording electrical activity in the brain during seizures. Additionally, advanced imaging techniques like MRI and PET scans help identify underlying structural abnormalities that may cause seizures.

Furthermore, according to the recent data provided by the British Heart Foundation (2024), there are approximately 100 million stroke survivors worldwide, with around 56 million women and 45 million men among them. As stroke survivors often require continuous and comprehensive monitoring to manage their recovery and prevent recurrence, the demand for advanced neurologic diagnostic tools increases. These technologies play a crucial role in assessing brain damage, monitoring progress, and guiding rehabilitation efforts thereby boosting the overall market of neurological diagnostic and monitoring equipment across the globe.

Moreover, the frequent introduction of new products by leading with the integration of advanced technologies by the market players to address the widespread issue of neurological disorders is significantly propelling market growth on a global scale. For instance, on October 23, 2023, Ceribell launched its ClarityPro™ AI algorithm, which offers real-time data for diagnosing and monitoring electrographic status epilepticus (ESE) in critically ill patients. Integrated into the Ceribell EEG system, this AI-based software has received FDA Breakthrough Designation and CMS New Technology Add-on Payment reimbursement, enabling hospitals to enhance their brain monitoring capabilities. 

However, exposure to ionizing radiation, which can increase the risk of cancer over time, especially with repeated scans, and stringent regulatory approvals for various products may hinder the future market of neurological diagnostic and monitoring equipment during the forecasted period.

Neurological Diagnostic and Monitoring Equipment Market Segment Analysis:

Neurological Diagnostic and Monitoring Equipment Market by Type (Invasive and Non-Invasive), Product Type (Magneto-Encephalography Devices (MEG), Electroencephalography Devices (EEG), Transcranial Doppler Sonography Devices, Cerebral Oximeters, Intracranial Pressure Monitors, and Others), Indication (Traumatic Brain Injuries, Epilepsy, Stroke, and Others), End-User (Hospitals, Diagnostic & Imaging Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the device type segment of the neurological diagnostic and monitoring equipment market, spinal cord stimulator is projected to hold a considerable market share in 2023. Electroencephalography (EEG) devices are significantly boosting the neurological diagnostic and monitoring equipment market due to their increasing application in various medical and research fields. These devices measure electrical activity in the brain, providing critical insights into neurological conditions such as epilepsy, sleep disorders, brain tumors, and traumatic brain injuries. The demand for non-invasive, accurate, and real-time monitoring solutions has propelled the adoption of Electroencephalography (EEG) devices in both clinical and research settings. Technological advancements have led to the development of portable, wireless, and high-resolution Electroencephalography (EEG) systems, making them more accessible and user-friendly. For instance, in June 2024, FDA had given 510(k) clearance for Zeto's new product called ONE. This device is a headset that uses 21 soft-tip electrodes placed in the standard 10-20 Electroencephalography (EEG) system to measure brain activity.

Additionally, the growing prevalence of neurological disorders, an aging population, and increased awareness about early diagnosis and intervention are driving the demand for EEG devices. According to the recent data provided by the World Health Organization (2024), in 2021, more than 3 billion people worldwide were living with a neurological condition.

Furthermore, integration of Electroencephalography (EEG) with other diagnostic modalities, such as magnetic resonance imaging (MRI) and positron emission tomography (PET), is enhancing the accuracy of neurological assessments. Moreover, the rise of telemedicine and remote monitoring technologies has facilitated the use of Electroencephalography (EEG) in home settings, providing continuous monitoring and improving patient convenience. Overall, Electroencephalography (EEG) devices are revolutionizing the neurological diagnostic and monitoring equipment market by offering versatile, efficient, and cost-effective solutions for a wide range of applications, ultimately enhancing patient care and advancing neurological research.

Therefore, owing to the above-mentioned factors, the Electroencephalography (EEG) category is expected to generate considerable revenue thereby pushing the overall growth of the global neurological diagnostic and monitoring equipment market during the forecast period.

North America is expected to dominate the overall Neurological Diagnostic and Monitoring Equipment Market:

North America is expected to account for the highest proportion of the neurological diagnostic and monitoring equipment market in 2023, out of all regions North America is expected to dominate the overall neurological diagnostic and monitoring equipment market during the forecast period. The growing prevalence of traumatic brain injuries, and neurological disorders such as epilepsy, Alzheimer’s, and Parkinson’s disease across the region is escalating the overall market of neurological diagnostic and monitoring equipment across the region. Additionally, recent product approval and launches by the companies actively manufacturing devices for neurological diagnostic and monitoring equipment will also contribute to the market growth. Moreover, increasing government initiatives further propels the market of neurological diagnostic and monitoring equipment by creating awareness programs, and other activities across the region.

According, to the recent data provided by the Centre for Disease Control and Prevention (2024), in 2021, about 2.9 million adults 18 and older reported having active epilepsy in the United States The rising incidence of epilepsy is poised to significantly boost the market for neurological diagnostic and monitoring equipment. Epilepsy, characterized by recurrent seizures, necessitates accurate and continuous monitoring to ensure proper diagnosis, treatment, and management. This drives the demand for advanced diagnostic tools such as Electroencephalography (EEG) devices, which are critical for detecting abnormal brain activity associated with seizures. 

Furthermore, as per the recent data provided by the Centre for Disease Control and Prevention (2024), in 2021, there were more than 586 traumatic brain injury-related hospitalizations per day in the United States. TBIs, caused by head trauma from accidents, falls, or sports injuries, require prompt and accurate diagnosis to assess the extent of brain damage and guide treatment decisions. Neuroimaging techniques such as computed tomography (CT) scans and magnetic resonance imaging (MRI) plays a crucial role in detecting structural abnormalities and identifying potential complications following a TBI thereby boosting the overall market across the region.

Additionally, as per the recent data provided by the Alzheimer’s Association, in 2024, approximately 6.9 million Americans age 65 and older are living with Alzheimer's. Furthermore, as per the recent data provided by the Parkinson’s Foundation (2022), nearly 90,000 people are diagnosed with Parkinson’s disease in the U.S. each year and approximately one million people in the U.S. are living with Parkinson's disease (PD). This number is expected to rise to 1.2 million by 2030. Alzheimer's disease, characterized by cognitive decline and memory loss, necessitates tools such as brain imaging (e.g., MRI, PET scans) and cognitive assessment tests to aid in early diagnosis and monitoring of changes in brain function. Similarly, Parkinson's disease, which affects movement and motor function, benefits from advanced diagnostic tools like electromyography (EMG) and positron emission tomography (PET) scans to evaluate brain activity and muscle function thereby boosting the overall market of neurological diagnostic and monitoring equipment across the region.

Furthermore, product approval across the region further boosts the market of neurological diagnostic and monitoring equipment. For instance, in November 2022, Neurosteer Inc. announced that its Neurosteer® single-channel EEG brain monitoring platform received FDA clearance. This allowed their versatile system to be used across various clinical settings. It provided continuous brain monitoring in ICUs for critical interventions, aided in early detection of pre-symptomatic cognitive decline in doctors' offices (including Alzheimer's, Parkinson's, and dementia), and supported rapid, cost-effective screening in pharmaceutical drug trials for neurodegenerative disorders.

Therefore, the above-mentioned factors are expected to bolster the growth of the neurological diagnostic and monitoring equipment market in North America during the forecast period.

Neurological Diagnostic and Monitoring Equipment Market Key Players:

Some of the key market players operating in the neurological diagnostic and monitoring equipment market include Natus Medical, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., Compumedics Limited, Croton Healthcare, Ricoh, Elekta AB, Integra LifeSciences, RAUMEDIC AG, Masimo, Cadwell® Industries Inc., Nonin, Neurosoft, Brain Scientific, Inc., Recorders & Medicare Systems Pvt Ltd (RMS), Rimed, Allengers, Medtronic, Edwards Lifesciences Corporation., Ybrain, INC., and others.

Recent Developmental Activities in the Neurological Diagnostic and Monitoring Equipment Market:

• In February 2024, Royal Philips and MRI software solutions launched Smart Quant Neuro 3D. This advanced tool provided objective decision support for diagnosing and assessing therapy for brain disorders such as multiple sclerosis, traumatic brain injury, and dementia. At #ECR2024, Philips partnered with its customers to enhance productivity and improve access to sustainable healthcare.
• In March 2022, Brain Scientific received FDA Clearance for the Next-Gen NeuroCap™ EEG Headset, an advanced Electroencephalogram (EEG) electrode array used to obtain rapid EEGs in routine clinical and research settings where the recording of STAT EEGs is desired. 

Key Takeaways from the Neurological Diagnostic and Monitoring Equipment Market Report Study

• Market size analysis for current neurological diagnostic and monitoring equipment size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the neurological diagnostic and monitoring equipment market.
• Various opportunities available for the other competitors in the neurological diagnostic and monitoring equipment market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current neurological diagnostic and monitoring equipment market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for neurological diagnostic and monitoring equipment market growth in the coming future?

Target Audience who can be benefited from Neurological Diagnostic and Monitoring Equipment Market Report Study

• Neurological diagnostic and monitoring equipment product providers
• Research organizations and consulting companies 
• Neurological diagnostic and monitoring equipment -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in neurological diagnostic and monitoring equipment 
• Various end-users want to know more about the neurological diagnostic and monitoring equipment market and the latest technological developments in the neurological diagnostic and monitoring equipment market.  

Frequently Asked Questions for Neurological Diagnostic and Monitoring Equipment Market:

1. What are neurological diagnostic and monitoring equipment?

Neurological Diagnostic and Monitoring Equipment are the devices used for the diagnosis of neurological disorders such as stroke, migraine, epilepsy, Parkinson's disease, and ischemic stroke, among others. There are various equipment available in the market such as EEG, MEG, and Cerebral Oximeters, among others.

2. What is the market for neurological diagnostic and monitoring equipment?

The neurological diagnostic and monitoring equipment market was valued at USD 11.81 billion in 2023, growing at a CAGR of 6.66% during the forecast period from 2024 to 2030, and will reach USD 17.33 billion by 2030.

3. What are the drivers for the neurological diagnostic and monitoring equipment market?

The market for neurological diagnostic and monitoring equipment is experiencing robust growth driven by several key factors. First, the increasing prevalence of neurological disorders, such as brain cancer, epilepsy, Alzheimer's disease, and Parkinson's disease, underscores a growing demand for advanced diagnostic tools that can accurately assess and monitor these conditions. Secondly, the rising incidence of traumatic brain injuries (TBIs) globally has further bolstered the demand for neurological diagnostic equipment. Prompt and accurate diagnosis of TBIs is crucial for initiating timely treatment and minimizing long-term complications, driving the adoption of sophisticated monitoring technologies in emergency and critical care settings. Additionally, the government initiatives not only contribute to increased patient awareness and engagement but also foster a proactive approach towards healthcare, thereby stimulating the uptake of diagnostic and monitoring equipment. Furthermore, the regulatory support not only ensures the safety and efficacy of these devices but also encourages healthcare providers to invest in state-of-the-art equipment that enhances diagnostic accuracy and patient care outcomes thereby boosting the overall market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the neurological diagnostic and monitoring equipment market?

Some of the key market players operating in the Neurological Diagnostic and Monitoring Equipment market include Natus Medical, Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., Compumedics Limited, Croton Healthcare, Ricoh, Elekta AB, Integra LifeSciences, RAUMEDIC AG, Masimo, Cadwell® Industries Inc., Nonin, Neurosoft, Brain Scientific, Inc., Recorders & Medicare Systems Pvt Ltd (RMS), Rimed, Allengers, Medtronic, Edwards Lifesciences Corporation., Ybrain, INC., and others.

5. Which region has the highest share in the neurological diagnostic and monitoring equipment market?

North America is expected to account for the highest proportion of the neurological diagnostic and monitoring equipment market in 2023, out of all regions North America is expected to dominate the overall neurological diagnostic and monitoring equipment market during the forecast period. The growing prevalence of traumatic brain injuries, neurological disorders such as epilepsy, Alzheimer’s, and Parkinson’s disease across the region is escalating the overall market of neurological diagnostic and monitoring equipment across the region. Additionally, recent product approval and launches by the companies actively manufacturing devices for neurological diagnostic and monitoring equipment will also contribute to the market growth. Moreover, increasing government initiatives further propels the market of neurological diagnostic and monitoring equipment by creating awareness programs, and other activities across the region.