PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371987
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371987
According to Stratistics MRC, the Global Brain Monitoring Market is accounted for $6.8 billion in 2023 and is expected to reach $12.0 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Brain monitoring methods attempt to obtain data on the electrical, hemodynamic, metabolic, or anatomical features of the brain to help with the diagnosis, treatment, study, and comprehension of many neurological illnesses and disorders. Electroencephalography (EEG), magnetoencephalography (MEG), functional magnetic resonance imaging (fMRI), near-infrared spectroscopy (NIRS), positron emission tomography (PET), and other non-invasive or minimally invasive techniques are only a few examples of the numerous non-invasive or minimally invasive techniques used in brain monitoring technology.
According to WHO data, as of September 2019, around 50 million people are affected by dementia globally, with nearly 10 million new cases registered each year. It is one of the major causes of disability and dependency among older people worldwide.
The fast developments in brain monitoring technology have all enhanced the gadgets' accuracy, clarity, and usefulness. Improvements in EEG, MEG, fMRI, NIRS, and other techniques have led to the development of more sophisticated and reliable monitoring systems. Additionally, since increased intracranial pressure is a significant contributor to future brain damage, ICP measurement has become a crucial component of head imaging in the aftermath of brain trauma. These developments attract academics and healthcare specialists, promoting business growth.
Another challenge impeding the growth of the global market for brain monitoring is a paucity of personnel with the requisite expertise to operate brain monitoring equipment. One of the main problems the global brain monitoring market has is a dearth of highly skilled or educated workers, which limits the industry's growth in developing and growing nations. As a result, there is an increase in demand for highly skilled or trained workers on a worldwide level.
Due to the continent's huge geriatric population, age-related neurological illnesses are more prevalent. Brain monitoring technology can support medical professionals in creating individualized treatment plans and speedy therapies by helping in the early detection and monitoring of cognitive loss. Progressive neurological diseases and illnesses are more common as people age. Additionally, the frequency of additional ailments is rising, such as sickle-cell anemia and heart abnormalities, which fuels market expansion.
The lack of essential healthcare infrastructure, high medical costs, and safety concerns with implant applications might all act as inhibitors to the expansion of the market for brain monitoring devices. The equipment is fairly challenging to use, and these devices may be pricey to utilize. Adoption of a product might be hampered by poor reimbursement procedures and onerous governmental rules.
The COVID-19 pandemic had a large effect on the healthcare system, as well as the market for brain monitoring equipment. Due to the worldwide lockdown, neurological examinations were postponed or cancelled, which had an adverse effect on Parkinson's patients as well as those with epilepsy and their access to care. The market is anticipated to rebound from the pandemic's fall, though, when brain monitoring services restarted and cases declined.
The traumatic brain injury (TBI) segment is expected to be the largest during the forecast period. The increasing prevalence of TBIs worldwide, which has resulted in a high demand for the care of these cases and necessitated the extensive use of brain monitoring equipment, is a significant cause behind the substantial share of this market sector. Additionally, it is anticipated that a combination of rising clinical studies for implementing new procedures and rising approvals of the newest gadgets in developed nations would fuel the segment's expansion.
The hospitals segment is expected to have the highest CAGR during the forecast period. The intricate process of brain monitoring necessitates the use of high-tech, pricey equipment that is often found in hospitals. Hospitals are more equipped to tolerate these expenditures than other end-users, but brain monitoring technologies still place a significant financial strain on healthcare institutions. Therefore, hospitals account for the greatest proportion of this market category and are the primary users of brain monitoring equipment.
North America is projected to hold the largest market share during the forecast period. This is explained by the rise in neurological disorders, the expansion of brain monitoring device clinical trials, and the accessibility of medical insurance in the US. A strong healthcare infrastructure, increased healthcare spending, and an aging population are all advantages for the area and major market development drivers. A high frequency of brain diseases in the area and ongoing product releases by key companies are also anticipated to positively affect market growth.
Asia Pacific is projected to hold the highest CAGR over the forecast period. Especially in certain other locations, the availability of advantageous reimbursement policies would cause the market to see considerable expansion throughout the projection period. Because of this area's strong healthcare infrastructure, technological advancements are conceivable. The market will soon be able to purchase gadgets with cutting-edge features thanks to significant research in the field of monitoring devices.
Some of the key players in Brain Monitoring Market include: Masimo Corporation, Natus Medical Incorporated, Advanced Brain Monitoring Inc., Nihon Kohden Corporation, Compumedics, Integra Lifesciences Corporation, Medtronic PLC, Koninklijke Philips NV, Nonin Medical Inc., Cadwell Industries Inc., Cerenion Oy, General Electric Company, Siemens Healthcare Private Limited, Yokogawa Electric Corporation, Electrical Geodesics, Koninklijke Philips N. And Advanced Brain Monitoring Inc.
In November 2022, Neurosteer Inc. received FDA clearance for its Neurosteer single-channel EEG brain monitoring platform. This clearance enables the use of Neurosteer's unobtrusive multi-purpose system in a broad range of clinical settings.
In February 2022, Masimo received FDA clearance for its SedLine brain function monitoring for pediatric patients (1-17 years of age) and the SedLine Pediatric EEG Sensor. This clearance expands the potential benefits of SedLine to all patients, one-year-old and above, in the United States.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.