Market Trends of Asia-Pacific Neurology Monitoring Industry
This section covers the major market trends shaping the APAC Neurology Monitoring Market according to our research experts:
Magnetic Resonance Imaging (MRI) Devices is Expected to Hold a Significant Share of The Neurology Monitoring Market During the Forecast Period
Magnetic Resonance Imaging (MRI) is a non-invasive imaging technology that produces three-dimensional detailed anatomical images. It is used for disease detection, diagnosis, and treatment monitoring.
With the rising prevalence of neurological diseases in the Asia-Pacific region, government institutions installed various MRI devices in hospitals, propelling the neurology monitoring market. For instance, in November 2021, Indian Union Minister for Science and Technology launched the first of its kind, one of the world's most sophisticated MRI facilities, at the National Brain Research Centre (NBRC), Manesar, Haryana, India. This new facility can execute intensive scanning modalities at very high speeds. As a result, the scanning time for patients is reduced by roughly a quarter compared to earlier-generation machines.
Individuals with brain and mental health illnesses like Parkinson's disease, Alzheimer's disease, anxiety, and depression, are being utilized to create human cohort data. Such technologically advanced MRI installations are projected to generate the demand for more MRI installations at several healthcare facilities, thereby boosting the segment's growth.
Technological advancements, increasing product approvals, partnerships, and acquisitions by key players are also helping market growth. For instance, in July 2021, AIRS Medical Inc., a healthcare startup based in South Korea, received FDA 510(k) approval for its first product SwiftMR. SwiftMR is an AI-powered MRI reconstruction software that enhances MR images acquired under various conditions. This solution helps to increase throughput and improve the patient experience. Such developments are anticipated to boost segment growth during the forecast period.
India is Expected to Hold a Significant Share in Asia-Pacific Neurology Monitoring Devices Market During The Forecast Period
India is expected to hold a significant market share owing to factors such as the rising incidence of neurological diseases, the growing geriatric population, and increasing recent developments in the country. As per the Dementia in India Report, about 7.6 million people in India are likely to be diagnosed with Alzheimer's by 2030. These factors are expected to drive market growth in the coming years.
In addition, according to press reports from September 2022, the director of IUAC stated that there are 1.5 MRI machines per million population in India. In contrast, there are more than 10 MRIs per million people in developed countries. This highlights the rising need for MRI machines in India during the forecast period. This demand creates the opportunity for various key players and indigenous manufacturers to provide MRIs at reasonable prices. Thus, the abovementioned factors are likely to boost the market growth in the country.
Various key market players launched their medical device manufacturing units to manufacture the devices in the country, which the Indian government highly supports. For instance, in March 2022, Wipro GE Healthcare announced the launch of its new manufacturing facility in Bengaluru, India, under the Indian government's Production Linked Incentive (PLI) Scheme. The new plant, Wipro GE Medical Device Manufacturing factory (MDM), is aligned with the National Agenda of 'Atmanirbhar Bharat'. This is expected to boost the local manufacturing of medical devices in India. The company has invested over USD 12.1 million in this 35000 sq ft facility. The MDM factory is set up for 24/7 operations manufacturing CT machines, cath lab equipment, ultrasound scanners, patient monitoring solutions, ECG machines, and ventilators. Such developments are projected to boost the utility of neurology monitoring devices in the country as indigenous manufacturing of devices is likely to be economical.
