The brain health devices market consists of devices that monitor and diagnose various brain health conditions by recording brain signals. Devices such as electroencephalography (EEG), Magnetoencephalography (MEG), Transcranial Doppler (TCD), Intracranial Pressure (ICP) Monitors, and Cerebral Oximeters help record brain activities and diagnose various conditions like brain cancer, traumatic brain injury, and epilepsy. These devices offer mobility, easy accessibility, rapid results, and affordability compared to other diagnostic methods, making them popular choices among both clinicians and patients.
The Global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Brain Health Devices market are BrainScope Company, Inc., Bio-Signal Group Corp., Cadwell Industries, Inc. Advanced Brain Monitoring, Inc., Compumedics Ltd., Elekta, DePuy Synthes, Electrical Geodesics, Inc., Medtronic, GE Healthcare, MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems Inc., Nihon Kohden Corporation, and Philips Healthcare. These companies are focusing on new product launches, partnerships, and expansion strategies to strengthen their market presence.
The growing incidence of neurological disorders, road accidents, and injuries has increased the demand for brain monitoring devices. Additionally, favorable government policies supporting clinical trials and approval of new devices, along with the wide acceptance of these devices, are driving market growth.
Globally, companies are expanding their network across different geographies. Growing healthcare infrastructure and expenditure along with increasing penetration of healthcare insurance in developing countries provide numerous opportunities for market expansion. The increasing geriatric population who are prone to neurological conditions also presents growth prospects.
Market key trends
One of the major trends gaining momentum in the brain health devices market is digital transformation. With technological advancements, devices are becoming portable, wireless, and integrated with artificial intelligence and cloud computing. This is improving diagnostic accuracy, allowing early detection of conditions, and enabling continuous remote monitoring. Devices can now transmit data to Electronic Health Records and cloud servers for storage and analysis by medical experts. This is improving clinical decision making and patient management. Additionally, miniaturization of devices makes them less intimidating for pediatric use and outside hospital settings. Ongoing R&D for developing affordable, multi-parametric devices with high sensitivity will expand market outreach in the coming years.
Porter's Analysis
Threat of new entrants: Low economies of scale in manufacturing and stringent regulatory norms for pharmaceutical devices pose significant entry barriers.
Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for brain health products. However, large hospitals and institutions can negotiate prices.
Bargaining power of suppliers: Suppliers of specialized components and technology have some bargaining power due to differentiated offerings and need for adherence to quality standards.
Threat of new substitutes: New alternative diagnostic methods and devices pose potential threats, though substitutability is limited by clinical needs in brain care.
Competitive rivalry: The market is dominated by few large players enforcing competitive pressures on pricing and innovation.
Geographical Regions
North America holds the major share of the global brain health devices market currently, owing to the large population suffering from neurological disorders, adoption of advanced technologies, and higher healthcare spending. The United States leads the regional market.
Asia Pacific is poised to grow at the fastest pace during the forecast period, attributed to expanding healthcare infrastructure, rising medical tourism, growing disposable incomes, and increasing awareness about brain health. Rising geriatric population susceptible to conditions like Alzheimer's and Parkinson's also bolsters the regional market.
The brain health devices market in Europe holds significant value share led by countries such as Germany, United Kingdom, and France. Presence of leading market players, supportive insurance and reimbursement schemes, and widespread availability of advanced treatment drive the European market.
Latin America and the Middle East & Africa present lucrative growth opportunities for players. This is due to unmet clinical needs, improving access to care, and rising healthcare budgets in many developing nations. However, affordability remains a major concern in several African countries.
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