Global Brain Monitoring Devices Market - 2022-2029

Market Overview

Brain Monitoring Devices Market was valued at US$ 6,033.29 million in 2021 and is estimated to reach US$ 9,741.81 million by 2029, growing at a CAGR of 5.96% during the forecast period (2022-2029).

Brain monitoring systems monitor different brain activities, including blood flow monitoring, magnetic movement, cerebral oxygen capacity, electrical motion, tumour identification, and other conditions. This process involves the use of various brain monitoring devices such as Electroencephalography (EEG), Magnetoencephalography (MEG), and Transcranial Doppler Devices (TCD) to track brain functions. These devices are also used to monitor and diagnose abnormal activities associated with the brain.

Market Dynamics

The major driving forces are the rising prevalence of neurological disorders, increased research and development, various organizational initiatives and technological advancements expected to drive market growth.

The rising prevalence of neurological diseases is expected to drive the market growth

The rise in the prevalence of neurological disorders with the rising geriatric population is one of the major factors driving the global brain monitoring devices market during the forecast period. An increase in traumatic brain injury cases across the globe is additionally contributing to the growth of the global brain monitoring devices market. For instance, according to a study conducted by researchers at the Journal of Surgical Protocols and Research Methodologies in 2021, 69 million individuals worldwide are estimated to sustain a traumatic brain injury yearly. An increase in such cases might help in the growth of the market. An increase in intracranial pressure is an important cause of secondary brain injury, and ICP monitoring has become an established component of brain monitoring after traumatic brain injury.

World Health Organization (WHO) has recommended mental health action plans to promote mental health and prevent mental disorders in Europe. In addition, according to the key facts published by WHO, an estimated 300 million people are affected by depression, and 60 million people are affected by bipolar disorder. Such initiatives by various governmental or private organizations and NGOs will boost the growth of the brain monitoring devices market.

The high cost associated with brain monitoring devices will hamper the market's growth.

Major factors hindering the global brain monitoring devices market are the lack of skilful professionals to operate the brain monitoring devices and stringent government norms. These brain monitoring devices' high costs can hamper market growth. For instance, the cost of a BIS monitoring system ranges from $4,000 to $5,000 or more, and the cost of MEG is around $2 million.

Segment Analysis

The electroencephalography segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The electroencephalography is the largest market shareholder as this device is widely used for brain-related issues. An electroencephalogram is a test to evaluate the brain's electrical activity with the help of small electrodes affixed to the scalp. The brain cells are also active during sleep and generally use electrical impulses for communication. It detects abnormalities in electrical activity or brain waves. EEG diagnoses several conditions that affect the brain. Various conditions include epilepsy, dementia, memory problem, head injury, brain tumors, sleep disorders and encephalitis. An Elsevier publication titled "electroencephalography," released in 2020, stated that EEG is the most accepted non-invasive method used for electrical brain activity evaluation. It determines the potential of the brain. EEG is one of the most cost-effective and versatile brain monitoring devices. Various technological advancements are taking place, such as an EEG-based brain-computer interface has been designed for interpreting the EEG to facilitate a pathway between the brain and the external devices. These applications provide patient's return to normal life.

Geographical Analysis

North America holds the largest market share of the global brain monitoring devices market.

North America dominates the global brain monitoring devices market due to the growing incidence of sleep and neurogenerative disorders; government initiatives to support technological advancements in the field of neurosciences and expected to remain high during the forecast period.

According to Alzheimer's Association report, in 2022, around 6.5 million Americans aged 65 will have Alzheimer's. Around 1 out of 9 people 65 years or older have dementia; by 2050, this is expected to reach around 12.7 million. The increasing brain health issues, such as depression and dementia, boost the demand for brain monitoring devices. Depression, stress, and anxiety are common mental illnesses among adolescents and millennials in the region. The growing number of the aging population has been driving the demand for memory enhancement supplements as memory loss is a widespread illness among the older population.

Most of the major key players are present in this region. They are launching novel products and improving their products with technological advancements, which is the key factor for driving the market's growth in this region and making it the largest market shareholder. For instance, in May 2020, Philips and Masimo announced the reinforcement of their partnership in which Philips plans to integrate Masimo technologies into IntelliVue, multi-parameter monitors that provides clinicians with cerebral oximetry.

Competitive Landscape

The brain monitoring devices market is a moderately competitive presence of local and global companies. Some key players contributing to the market's growth are Medtronic, Masimo, Advanced Brain Monitoring, Inc, CAS Medical Systems, Inc, Compumedics Ltd, GE Healthcare, Philips Healthcare, Neural Analytics, Inc, Siemens AG, and Others.

Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. For instance, in Apr 2022, GE Healthcare announced its collaboration with Imeka for expansion in magnetic resonance imaging. They will integrate BrainWave with Imeka's non-invasive neuroimaging technology.

New product launches and increased focus on R&D are other ways the leading players improve their market presence. For instance, in Feb 2022, Masimo Corporation announced its product SedLine, used for brain function monitoring, and the SedLine EEG Sensor received clearance for patients aged 1-17 years by U.S. FDA. It contains Masimo's technology of advanced signal processing.

Medtronic PLC:

Overview:

Medtronic plc is a medical device company that operates in the U.S. It manufactures and markets medical devices such as infusion pumps, catheters, stents, insulin pens, and glucose monitoring systems, with headquarters in Minneapolis, the U.S. It is operational in around 140 countries, and 90,000 people are employed there.

Product Portfolio:

Bispectral Index (BIS) Monitoring System: It utilizes state-of-art technology that processes EEG results to measure patients' consciousness level and awareness of the anesthesia's effects on the brain. This BIS technology is non-invasive and evaluates and interprets the brain's wave activity associated with the anesthetic agent's effects.

Key Developments: In Jun 2021, Medtronic, a medical technology company, announced that the SenSight directional lead system, the first U.S. implant utilized for the therapy of deep brain stimulation, got approved by the United States Food and Drug Administration. It is the first DBS directional lead combining the sensing power with the directionality for treating symptoms related to Parkinson's disease, refractory epilepsy and dystonia.

The global brain monitoring devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.