According to the latest market report published by Credence Research, Inc. “Brain Health Devices Market – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024,” the global brain health devices market was valued at US$ 7,438.0 Mn in 2015, and is expected to reach US$ 14,586.9 Mn by 2024, expanding at a CAGR of 7.4% from 2016 to 2024.
Browse the full report Brain Health Devices Market – Growth, Future Prospects and Competitive Analysis, and Forecast, 2016 – 2024 at https://www.credenceresearch.com/report/brain-health-devices-market
According to the WHO, neurological disorders currently affect almost billion people worldwide. There is a demographic transition being witnessed with increase in geriatric population, leading to rise in neurological disorders such as Parkinson’s disease, Alzheimer’s disease and other forms of dementia. It is anticipated that the number of cases of neurological disorders will further escalate through the coming years, thus making rise in geriatric population and neurological disorders the key growth drivers of global brain health devices market. Brain monitoring devices such as electroencephalogram (EEG), computed tomography (CT), magnetic resonance imaging (MRI) are used to understand the condition of the patient suffering from epilepsy, stroke, dementia, Parkinson’s disease etc. Along with government initiatives, actions by nongovernmental organizations also play an important role in prevention, diagnosis and management of neurological disorders. Awareness about neurological diseases, partnership with health policy makers and health care providers are bringing about a change in treatment stratagem. With technological advancement, invasive and non-invasive monitors are used to evaluate and guide the care of patients with brain injury. Rise in incidence of traumatic brain injuries, surgical procedures leading to hypotension or hypoxia conditions are the driving factors supporting the demand for intracranial pressure (ICP), cerebral oximeters, etc., that are witnessing growth in brain health devices market.
The brain monitoring market is mainly consist of Electroencephalogram (EEG), Magnetoencephalogram (MEG), Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET) Devices and Transcranial Doppler (TCD) Devices. Among the considered device types, electroencephalogram segment dominates the brain monitoring market, as these devices are the most versatile and cost effective. Intracranial pressure (ICP) monitors and cerebral oximeters are the fastest growing segment.
The brain monitoring market by therapeutic application majorly consist of stroke, Epilepsy and Parkinson’s Disease. Stroke dominates the brain monitoring market followed by epilepsy and Parkinson’s Disease.
As of the current market scenario, North America and Europe dominate the global brain health devices market due to increasing incidence of neurological disorders, technological advancement, awareness about epilepsy, sleep apnea, Alzheimer’s disease and Parkinson’s disease, high adoption rate for new technology, organized reimbursement policies and well developed healthcare infrastructure. Asia Pacific is the fastest growing regional market driven by factors such as rapidly increasing geriatric population, rising awareness of neurodegenerative diseases, improvement in healthcare infrastructure in emerging economies such as India, China etc.
Market Competition Assessment:
Key players in the brain health devices market are Advanced Brain Monitoring, BrainScope Company, Bio-Signal Group, Cadwell Laboratories Inc, CAS Medical Systems, Inc., Covidien PLC, Compumedics Ltd., DePuy Synthes Companies, Elekta A.B, Electrical Geodesics Incorporated, Integra Life Sciences Corporation, GE Healthcare, Medtronic Plc., MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems, Nihon Kohden Corporation, Philips Healthcare, Siemens Healthineers and others
Key Market Movements:
- According to WHO studies, increased life expectancy and reduced fertility have resulted in a demographical transition from predominantly youthful populations to older and ageing ones, causing increase in incidence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease and other dementias. Thus increase in prevalence of such conditions is a key driver for the growth of brain health devices market
- There is a rise in reporting of traumatic brain injuries (TBI), which disrupt the normal function of the brain. In recent times, rise in TBIs incidence is one of the driving factors for brain monitoring device market
- Advancement of technology in brain health devices, and high adoption rate of the novel technology, preference of non-invasive technology are some of the factors leading to rise in demand of the brain health devices