Large paragraph: Brain health devices are medical equipment used for monitoring and diagnosis of neurological disorders. These devices help in early detection of conditions like Alzheimer’s, epilepsy, Parkinson’s, sleep disorders and more. Devices like electroencephalogram(EEG), magnetoencephalography(MEG), transcranial magnetic stimulation(TMS) systems and intracranial monitoring systems offer non-invasive analysis of brain activity and performance.
The global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising incidences of neurological disorders across the globe is a key factor fueling demand for brain health devices. As per World Health Organization(WHO) estimates, over 1 billion people suffer from neurological disorders globally. Conditions like Alzheimer’s disease, epilepsy, migraine and sleep disorders are becoming highly prevalent. Advanced brain monitoring devices effectively aid in testing and diagnosis thereby assisting medical professionals in developing personalized treatment plans. Technological advancements are also improving the portability, cost-effectiveness and scope of applications of brain health devices. Wearable EEG devices and smartphone-enabled devices offer round the clock monitoring of brain activity extending the role of devices beyond clinical settings.
SWOT Analysis
Strengths: Brain health devices provide non-invasive methods for monitoring and detecting various brain conditions, offering advantages over alternative diagnostic procedures. They also enable early detection of brain disorders which can improve patient outcomes.
Weaknesses: Brain health devices are expensive equipment that requires specialized trained professionals to operate and interpret the data. Results may also require validation through alternative diagnostic methods.
Opportunities: Rising incidence of neurological disorders globally is driving demand for better diagnostics. Continuous technological advancements are also enhancing the capabilities of brain health devices.
Threats: Strict regulatory approvals and reimbursement policies can delay market adoption. High device costs pose affordability challenges in price-sensitive markets.
Key Takeaways
The global Brain Health Devices market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is expected to dominate the global market owing to the high adoption of advanced diagnostic technologies and presence of major players in the region. Asia Pacific is anticipated to grow at the fastest pace due to rising aging population, growing healthcare expenditure and increased focus on brain health.
Key players: 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 players are focusing on new product launches and enhances through continuous technological advancements.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
