The Brain Health Devices Market is estimated to be valued at US$ 9,070.5 Million in 2018 and is expected to exhibit a CAGR Of 7.7% over the forecast period 2019-2026, as highlighted in a new report published by Coherent Market Insights
Market Overview:
The Brain Health Devices Market focuses on devices designed to treat various brain disorders and improve overall brain health. These devices include electroencephalography (EEG) devices, transcranial magnetic stimulation (TMS) devices, and neurofeedback systems. They are used in the diagnosis, treatment, and management of conditions such as epilepsy, depression, Alzheimer’s disease, and Parkinson’s disease. These devices provide valuable insights into brain activity and enable healthcare professionals to customize treatment plans based on individual patient needs.
Market Dynamics:
The increasing geriatric population, coupled with the rising prevalence of neurological disorders, is driving the demand for brain health devices. Advancements in technology and the growing focus on non-invasive treatment options further contribute to market growth. Additionally, the increasing awareness about mental health and the availability of government initiatives to promote brain health are creating opportunities for market expansion. However, the high cost of devices and the lack of skilled professionals to operate them may hinder market growth to some extent. Nevertheless, ongoing research and development activities, along with strategic collaborations between manufacturers and healthcare organizations, are expected to drive market growth over the forecast period.
Segment Analysis:
The brain health devices market can be segmented based on product type, end-user, and region. In terms of product type, the dominating sub-segment is the EEG devices. EEG devices are used for monitoring brain activity and are widely used in hospitals and research institutions for diagnosing various brain disorders. The dominance of EEG devices can be attributed to their non-invasive nature, real-time monitoring capabilities, and cost-effectiveness compared to other brain health devices.
PEST Analysis:
Political: The government regulations and policies regarding healthcare and medical devices, including brain health devices, play a crucial role in shaping the market. Any changes in regulations can affect the market dynamics and growth prospects.
Economic: The economic factors such as healthcare expenditure, GDP growth, and disposable income of individuals influence the demand for brain health devices. Higher healthcare spending and a favorable economic environment can boost market growth.
Social: Increasing awareness about brain health, rising prevalence of neurological disorders, and the growing aging population are social factors driving the demand for brain health devices. The societal focus on mental health also contributes to the market growth.
Technological: Advancements in technology, such as the development of portable and wireless brain health devices, have revolutionized the market. Technological innovations have improved device accuracy, ease of use, and patient comfort, thereby driving market growth.
Key Takeaways:
The Global Brain Health Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period (2019-2026), due to increasing awareness about brain health and the rising prevalence of neurological disorders. EEG devices dominate the market, and their non-invasiveness, real-time monitoring capabilities, and cost-effectiveness contribute to their dominance.
In terms of regional analysis, North America is the fastest-growing and dominating region in the market. The region’s advanced healthcare infrastructure, high healthcare expenditure, and proactive government initiatives towards brain health contribute to its dominant position.
Key players operating in the brain health devices market include 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 key players contribute to the competitive landscape of the market and drive innovation and product development in brain health devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it