Market Research Report
Brain Monitoring Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390862|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Brain Monitoring Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 112 Pages||
The global brain monitoring market was valued at USD 1,514.52 million in 2018, and is estimated to be valued at USD 2,430.18 million in 2024, witnessing a CAGR of 8.20%. The key factors propelling the growth of this market are ageing demographic, rising incidence of brain disorders, and ease of use and portability of devices. The initial models of EEG monitors were loaded with wires and electrodes, and even in current practice, a vast majority of devices are based on this conventional architecture. But with the advent of wireless technology, the size and clumsiness of EEG monitors and other related devices have been drastically reduced. Wireless monitors are devices that do not require wired connections or cords for diagnosis. Nowadays, wireless headsets allow readings to be done completely in a non-invasive way, and in some cases, assess patients from the comfort of their homes. Wireless technology mainly allows the recording device to be detached from the computer and communicate through wireless signals to the computer from a distance of up to 10 or 20 meters. These devices are simple, affordable, and comfortable to wear and are powered by a single AAA battery. Portable brain monitoring devices are lightweight, easy to carry, and can be held in the hand.
Thus, the portability of such devices is propelling the growth of the market, as people are moving toward handier and easy-to-access types of devices.
The global brain monitoring market report analyzes the market trends of various brain monitoring devices, in addition to the future growth and regional markets of the same. As per the scope of the report, the market has been segmented based on product, modality, end user, and geography.
Electroencephalograph is Expected to hold its Highest Market Share in the Product Type Segment
Under the product type segmentation of the market, electroencephalograph is believed to have the largest market size and is expected to witness a CAGR of 8.25%, during the forecast period.
Electroencephalography (EEG) is the recording of electrical activity along the scalp, produced by the firing of neurons within the brain. In clinical contexts, EEG refers to the recording of the brain's spontaneous electrical activity over a short period of time, usually 20-40 minutes, as recorded from multiple electrodes placed on the scalp. In neurology, the main diagnostic application of EEG is in the case of epilepsy, as epileptic activity can create clear abnormalities on a standard EEG study. A secondary clinical use of EEG is in the diagnosis of coma, encephalopathy, and brain death. Recently, Masimo got FDA clearance for next-generation SedLine brain function monitoring. SedLine helps clinicians monitor the state of the brain under anesthesia, with bilateral acquisition and processing of four leads of electroencephalogram (EEG) signals.
Increasing brain disorders and increasing technological advancements are driving the EEG market and are expected to further increase in the coming years.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America currently dominates the market for brain monitoring and is expected to continue its stronghold for a few more years. The United States holds the largest share of the global brain monitoring market. According to the US National Institute of Mental Health (NIMH), it has been estimated that one in four American adults suffer from a diagnosable mental disorder in any given year, and nearly 6% suffer from serious disabilities. The same source has also stated that the total cost of serious mental illness in the United States exceeds USD 317 billion, per year.
Factors, such as favorable reimbursement policies, increasing technological advancements (including the development of mobile EEG machines, real-time monitoring, and alerts) have driven the growth of the market in the United States.
The brain monitoring market is moderately competitive and consists of several major and small industry players. In terms of market share, few of the major players currently dominate the market in specific segments. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with better usability. Companies, like Medtronic PLC, Integra LifeSciences Corporation, Nihon Kohden Corporation, Masimo Corporation, and Natus Medical Incorporated, hold a substantial market share in the brain monitoring market.