Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth+ Reports, the brain monitoring device market was pegged at US$ 6.1 billion in 2021. The market is expected to witness a CAGR of 6.3% from 2022 to 2030.
Brain monitoring devices are used to detect and diagnose abnormal brain activity. Brain monitoring devices help to monitor electrical and neural activity in the brain. These devices also monitor functions such as brain pressure, cerebral oxygen capacity, strokes, blood pressure, traumatic cranial injury, and other critical conditions.
The rising prevalence of neurological disorders such as dementia, epilepsy, headache disorders, multiple sclerosis, brain tumor, Parkinson's disease, Huntington's disease, etc., is the major driving factor of the global brain monitoring device market. Moreover, the rising geriatric population, which is more prone to brain disorders such as Alzheimer's, and the increasing number of traumatic brain injuries are playing a key role in the growth of the global market. The adoption of advanced technologies and increased application of brain monitoring devices in pre-surgery and post-surgery are boosting the demand for brain monitoring devices. Additionally, rising demand for non-invasive or minimally invasive devices with increased healthcare applications and constant innovation by top market players is also expected to fuel the growth of the global brain monitoring device market. However, the high cost of brain monitoring devices and high maintenance cost is the primary factor restricting the development of the global brain monitoring device market. Moreover, poor reimbursement policies, recall of devices, and lack of skilled professionals limit market growth. Due to the high price of these procedures and the inadequate reimbursement environment, only a small number of patients in developing countries can afford neurological therapies, thus limiting growth.
The Brain Monitoring Device market has been analyzed from four perspectives: product type, diseases, end user, and region.
Brain Monitoring Device Market by Product Type
Based on product type, the global brain monitoring device market is segmented in intracranial pressure monitors, MRI scanners, electroencephalograph (EEG) systems, magneto encephalograph (MEG) system, PET scanners, CT scanners, cerebral oximeters, sleep monitoring devices, and transcranial doppler. The electroencephalograph (EEG) systems segment dominates the market with the largest market share in 2021. The large share of the segment can be attributed to the rising prevalence of epilepsy, sleep disorders and other seizure disorders. Moreover, EEG provides an edge as brain processing can be recorded outside the laboratory. It is cost-efficient as it allows for customization options. Additionally, it offers a range of stimulus presentations ranging from essential stimuli to complex naturalistic scenes, thus increasing the demand for EEG.
Brain Monitoring Device Market by Diseases
The global brain monitoring device market is categorized in traumatic brain injuries (TBI), stroke, dementia, epilepsy, headache, and sleep disorders based on diseases. Traumatic brain injuries dominate the market with the largest market share in 2021. The large share of traumatic brain injuries can be attributed to the rise in traumatic brain injuries. According to the National Centre for Biotechnology Information, around 69 million people are affected by TBI each year. Road accidents cause 50% of all TBIs. The majority of TBIs were caused in Africa and Southeast Asia, around 56%. Moreover, the rise in sports-related brain injuries is also expected to boost segment growth.
Brain Monitoring Device Market by End User
Based on the end user, the global brain monitoring device market is divided into hospitals, ambulatory surgery centers, and diagnostic centers. The hospital segment will have the largest market share of brain monitoring devices in 2021. The intricate process of brain monitoring involves using high-tech and costly equipment primarily present in hospitals with skilled professionals to handle these devices. Moreover, brain monitoring devices are expensive in terms of maintenance; thus, most of the other end users cannot bear the cost. The overall footfall in the hospital is more in comparison to other healthcare centers and end users.
Brain Monitoring Device Market by Region
Based on region, the global brain monitoring device market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global brain monitoring device market in 2021, followed by Europe and the Asia Pacific. The large share of North America can be attributed to the rising prevalence of neurological disorders such as traumatic brain injuries (TBI), stroke, dementia, epilepsy etc. According to the Centers for Disease Control and Prevention, every year, an estimated 1.5 million people are affected by TBI in the U.S., where around 230,000 people are hospitalized. Moreover, well-developed healthcare infrastructure with a good reimbursement policy and the presence of top players in the region is playing a vital role in the growth of the regional segment.
Some prominent players operating in the Brain Monitoring Device market are:
The main factor limiting the growth of the global brain monitoring devices market is the high equipment cost and high maintenance costs. Moreover, poor reimbursement policies, recall of devices, and lack of skilled professionals limit market growth.
North America dominates the global market in terms of market share. However, the Asia Pacific Region has the fastest growth rate and can be considered the key growth region.
Medtronic plc, one of the key market players, has made a strategic partnership with BioIntelliSense to get access to medical-grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge.
The CAGR of the global brain monitoring device market for the forecasting period of 2022 to 2030 is 6.3%.
The global brain monitoring device market will reach US$ 10.57 billion in 2030.
*Insights on financial performance is subject to availability of information in public domain