Brain health devices are medical equipment used for monitoring and diagnosing brain health conditions. Some key brain health devices include electroencephalography (EEG) devices, magnetoencephalography (MEG) devices, intracranial pressure (ICP) monitors, transcranial doppler (TCD) devices, and cerebral oximeters. These devices help in effective diagnosis of neurological disorders such as epilepsy, stroke, Parkinson's disease, Alzheimer's disease, traumatic brain injuries, and headaches. Advancements in neuroimaging technologies have enabled high-resolution and non-invasive scanning of the brain structure and functioning. This has increased the adoption of brain health devices globally.
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 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.
The increasing prevalence of neurological disorders and rising awareness about early disease diagnosis provide key opportunities in the brain health devices market. Technological advancements are also expected to drive the brain health devices market. Companies are investing in developing non-invasive and high-resolution brain scans that can detect even subtle changes in the brain structure and function.
Market drivers
The high incidence of neurological conditions along with the growing geriatric population are major drivers of the brain health devices market. Neurological disorders affect millions of lives globally and impose a significant economic burden worldwide. According to WHO, over 50 million people are affected by epilepsy and close to 60 million people have Alzheimer's disease worldwide. With the aging population prone to such conditions, the demand for effective diagnosis through brain health devices is increasing significantly. Favorable government policies and initiatives for increasing accessibility to such devices also fuel the market growth.
Challenges in Brain Health Devices Market
The brain health devices market faces several challenges which need to be addressed. With brain-related disorders on the rise, there is an urgent need for more advanced diagnostic tools as well as affordable treatment options. Existing devices are priced on the higher side making it difficult for widespread adoption. R&D activities require heavy investments further adding to the costs. Lack of skilled professionals for operation of complex brain monitoring devices is another area of concern. Regulatory policies for approval of new brain health devices vary across regions posing compliance challenges.
SWOT Analysis
Strength: Advanced brain monitoring devices offer non-invasive diagnosis of disorders. Ability to detect abnormalities at an early stage increases chances of effective treatment.
Weakness: High dependency on healthcare budgets and reimbursement policies. Stringent regulatory process increases time taken to get approvals.
Opportunity: Rising geriatric population and growing prevalence of brain diseases create scope for device innovation. Investments being made in neuroscience research and development of portable devices.
Threats: Price controls and healthcare reforms can negatively impact sales. Emerging low-cost alternatives from other regions mounting competitive pressure.
The United States accounts for the largest share in the brain health devices market owing to presence of major players, high healthcare spending and rising neurological disorders. Europe takes the second position driven by growing elderly population base and supportive government policies. Asia Pacific is anticipated to witness fastest growth over the coming years led by China and India attributed to rising healthcare awareness, expanding medical infrastructure and improving access. Other emerging regions such as Latin America and Middle East & Africa also present lucrative prospects for industry players to tap into.
The North American region currently holds the largest share in the global brain health devices market in terms of value owing to factors such as highly developed healthcare infrastructure, presence of key market players and higher adoption of advanced technologies. Asia Pacific is expected to witness the highest growth rate over the forecast period on back of rising disposable incomes, growing medical tourism industry and improving access in developing countries. China and India are anticipated to offer significant opportunities for device manufacturers during the assessment period. Other regions including Latin America, Eastern Europe and Middle East are also projected to witness healthy growth.
