PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1096522
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1096522
Brain modalities and software market is expected to witness a CAGR of ~5% over the forecast period (2021-2027). brain modalities and software devices are used to monitor and diagnose neurological conditions by exploring the structure and function of the brain. This process involves the use of several brain modalities and software devices such as electroencephalography devices, intracranial pressure monitors, and magnetoencephalography to track brain functions. In addition, according to the World Health Organization (WHO), the global prevalence of epilepsy and multiple sclerosis was calculated at 50 million and 2.5 million respectively. These stats show the need for brain modalities and Software devices in the global healthcare industry today. The market offers a wide range of devices to treat abnormal brain activities and restore their functioning, depending on the case.
The growth of this market is driven owing to the rising incidence and prevalence of neurological disorders, rising awareness of neurodegenerative diseases, and growth in the number of traumatic brain injuries. For instance, According to World Health Organization (WHO), in September 2021 more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. Also, in 2019, globally, 50 million people were diagnosed with epilepsy. According to World Health Organization (WHO), nearly 80% population live in low- and middle-income countries.According to the world health organization (WHO), the ratio of death in the U.S. with epilepsy as the underlying cause from 2015 to 2020. the death ratio for epilepsy was 0.6 per 100,000 population, a slight increase from a rate of 0.4 in the year 2015.
Epilepsy is a general term used to describe a group of related neurological disorders characterized by recurrent seizures. Seizures among epileptics can vary in frequency and seriousness and can last a few seconds or a few minutes. Some of the most common seizure triggers among epileptics include bright flashing lights, stress, lack of sleep, illness or fever, and alcohol, caffeine, and other drugs. In most cases, the cause of epilepsy is unknown, but the disorder can result from stroke, brain injury, brain tumors, or serious illness. Approximately 1.1 percent of the population of the U.S. currently lives with epilepsy, with the disorder occurring equally among men and women.
Vuno Co. Ltd., Fujifilm Holdings Corporation, Imaging Biometrics LLC, A.I. Analysis Inc., Aspect Imaging Ltd., IXICO plc, Mint Labs Inc., Medtronic, CAS Medical Systems, Inc., Dragerwerk AG & Co. KGaA. are some of the prominent players operating in the brain modalities and software market. Several M&A's along with partnerships have been undertaken by these players to develop new and advanced products.
Amongst by offering, the brain imaging modalities segment to hold significant share"
Based by offering, the brain modalities and software market is bifurcated into brain imaging modalities, and brain analysis software. Among these, the brain imaging modalities category held the largest share in the market. This is mainly due to the rising incidence of neurological, traumatic brain injuries, psychotic, and sleep disorders, the need for early diagnosis, and increasing patient awareness.
Based on patient type, the market is categorized into adults, pediatrics & infants. Among these, the pediatrics & infants category is projected to witness significant growth during the forecast period. Some neurological conditions are inborn, caused by birthing mishaps, such as hemorrhage, asphyxia, hydrocephalus, a viral or bacterial infection contracted during pregnancy, delivery, or after birth, and use of alcohol or drugs during pregnancy. Furthermore, rising incidences of traumatic brain injuries is also a key factor driving the market.
Based on end-users, the brain modalities and software devices market is segmented into hospitals & clinics, neurology centers, ambulatory surgery centers (ACS), and diagnostic image centers. The diagnostic image centers is expected to hold a dominant position during the forecast period. Brain modalities and software is a complex process, requiring expensive and advanced devices and equipment that are mainly found in diagnostic image centers. Additionally, brain modalities and software devices pose a considerable burden in terms of maintenance expenses on healthcare facilities, more than other end-users.
For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America is expected to dominate the brain modalities and software market due to the growing incidence of neurological diseases coupled with rising expenditure on development of advance products and systems for treatment of various neurological and other diseases. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, due to the increase in the geriatric population.
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