Global Brain Monitoring Market: Overview
Recent findings bring out the crucial role of brain monitoring devices in critical care units, driven by the increasing number of accidents. The global brain monitoring market offers a range of devices that monitor and identify abnormal brain activities, assisting in the treatment of brain-related disorders. According to the U.S. National Institute of Mental Health, every fourth adult in the U.S. is affected by a brain disorder, while nearly 6% of the population suffers from disabilities originating from severe brain damage.
By end user, neurology centers, ambulatory surgical centers, hospitals, clinics, and ambulances can be some of the major segments of the market. Based on procedure, invasive and non-invasive can be the two broad categories. By type of disease, traumatic brain injuries, epilepsy, Huntington’s disease, sleep disorders, strokes, dementia, headache disorders, and Parkinson’s disease can be the key segments.
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Global Brain Monitoring Market: Key Trends
Growing incidence of neurological and psychotic conditions, greater number of traumatic brain injuries, increasing awareness pertaining to neurodegenerative diseases and technological breakthroughs in the domain of brain monitoring have been the key growth drivers of the global brain monitoring market. The demand for non-invasive brain monitoring procedures has been escalating, promoting the market’s growth. Greater safety, reduced costs, enhanced speed, and convenience of these methods are some prominent advantages of non-invasive brain monitoring.
On the contrary, the dearth of skilled professionals, high costs of these devices, and the presence of unfavorable reimbursements might create obstacles for the growth of the global brain monitoring market. However, the emergence of cutting-edge technological solutions will open up doors to newer opportunities.
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Global Brain Monitoring Market: Market Potential
The global market for brain monitoring is characterized by an upsurge in R&D activities and new product developments. For instance, a probe for monitoring brain activity was revealed by a consortium of European scientists in March 2017. The probe is made using graphene, a material offering greater flexibility, chemical stability, and biocompatibility. Graphene technology is in its nascent stage and promises great opportunities in brain interfaces with prosthetic devices, brain stimulation therapies, and clinical monitoring equipment.
Similarly, a novel technology developed at Northwestern’s Kellogg School of Management assessed the brain waves of movie trailer viewers to predict the success of that particular film at the box office. The surprisingly accurate results of the study can aid researchers determine what content is most appealing, memorable, and engaging to consumers. This new technique that uses brain monitoring was developed by neuroscience and business professor, Moran Cerf in collaboration with neuroscience Ph.D. researcher Sam Barnett. They are working on how it can be used in sports stadiums, political campaigns, and classroom environments.
Global Brain Monitoring Market: Regional Outlook
By geography, the global brain monitoring market can be segmented into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Led by the U.S. and Canada, North America is likely to claim the leading share in the global market for brain monitoring. The growth of this region can be attributed to the rising incidence of sleep and neurodegenerative disorders, greater availability of insurance coverage, and government encouragement. Asia Pacific is slated for substantial growth over the next few years as the demand for brain monitoring devices in China and India goes on increasing, triggered by growing geriatric population and greater health awareness amongst people.
Global Brain Monitoring Market: Competitive Analysis
A number of companies are opting for mergers and acquisitions, collaborations, and partnerships to ramp up their profit. Some of the major companies operating in the global market for brain monitoring are GE Healthcare, Electrical Geodesics Incorporated, Nihon Kohden Corporation, Covidien PLC, Advanced Brain Monitoring, Natus Medical Inc., Philips Healthcare, CAS Medical Systems, Inc., Siemens Healthineers, Medtronic plc, and Compumedics Ltd.
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