The Brain Monitoring Market size to reach USD 9.5 Billion and is anticipated to record a CAGR of 6% by 2028
Brain Monitoring Market Overview
The Brain Monitoring Market to grow USD 9.5 Billion and to record a CAGR of 6% by 2021-2028. According to the Industry Analysis, the market value is expected Higher Growth in the studied forecast period 2021-2028. Brain monitoring devices are used for the diagnosis and treatment of neurological diseases. It helps by analyzing the function and structure of a patient's brain. Various devices are used for monitoring such as ECG, MRI, CT scan, X-Ray, and many more.
The rising demand for these devices is also enhancing the Brain Monitoring Market Value. These devices are helpful as they monitor the electrical and neural functioning of the brain. Therefore, it is anticipated that the Asia-Pacific region will register the fastest CAGR in the forecast period. Along with that, North America and the European region are projected to hold the largest and second-largest share respectively.
The outbreak of COVID-19 disease had a significant impact on the Brain Monitoring Market. Lockdowns and restrictions for commuting from one place to another caused demand for remote monitoring solutions. It also increased the demand for respiratory devices such as ventilators as compared to the devices of brain monitoring. Therefore, it negatively affected the industry.
The rising population of the older generation and the increasing cases of neurological diseases will drive the Brain Monitoring Market. As per the reports by World Health Organisation, in 2018, around 6.4% of over 1000 people were diagnosed with epilepsy in the US. Along with that, approximately 50 million people across the world were diagnosed with epilepsy disorder.
The increasing costs required for monitoring and treatment of chronic neurological diseases are speculated to hinder the Brain Monitoring Market Growth.
The increasing opportunities such as the collaborations, partnerships, and invention of new technologies by the key players will boost the in the studied forecast period.
It is projected the lack of required infrastructure in various countries can be a challenging factor. Also, the low- availability of skilled individuals and disruption in the supply chain will also slow down the market growth.
The Compound Annual Growth Rate (CAGR) of the Brain Monitoring Market is evaluated to reach up to 6.5%. Furthermore, the Value is anticipated to reach up to USD 8.5 Billion in the forecast period 2021-2028. The rising cases of neurological disorders and technological developments are crucial factors driving the market.
Value Chain Analysis
The increase in the demand for new devices for the diagnosis of neurological devices is anticipated to improve the value chain. Also, the growing population of older people will simultaneously improve the Brain Monitoring Market Trends in the studied forecast period.
The Brain Monitoring Market Size is divided into several segments such as the type, end-user, and application. Based on type, it is evaluated that MRI systems will hold a significant CAGR in the studied forecast period. However, it has high prices as compared to the X-Ray. Therefore, the X-Ray segment is evaluated to experience significant growth. It is because they are affordable as well as enhance the diagnosis.
Based on end-user, the Brain Monitoring Market is segmented into Diagnostic Centres, Clinics and Hospitals, Neurological Centres, Ambulatory Surgical Centres. The research labs and clinics and hospitals segment are depicted to hold notable market share.
Based on application, the Brain Monitoring Market is divided into Parkinson’s Disease, Stroke, Headache Disorders, Dementia, Traumatic Brain Injury (TBI), Epilepsy, Sleep Disorders, Stroke, Huntington’s Disease, and others. It is anticipated that the Stroke sub-segment will hold the largest share. Furthermore, the rising cases of stroke, headache disorders, Parkinson's disease, and epilepsy will have significant growth in the application.
Regionally, the Brain Monitoring Market Size is segmented into the Americas, Asia-Pacific, Europe, and the Rest of the World. The Americas is further divided into Latin America and North America. The Brain Monitoring Industry Analysis suggests that the Americas will hold the largest market share. The increasing cases of diseases like epilepsy and the older population are the crucial reason for the immense growth.
Secondly, Europe is anticipated to hold the second-largest share in the forecast period. The initiatives by the governments and key players in countries such as the UK, Germany, Spain, France, Italy, and the Rest of Europe are fuelling the market growth.
Apart from that, the Asia-Pacific region is anticipated to experience the fastest CAGR in the studied forecast period. For instance, in China, around 1.7 million people suffer from Parkinson's disease. Also, the increasing population of older people and the prevalence of other neurological diseases are boosting the market growth significantly.
Also, the rest of the world segment consists of Africa and the Middle East. This region is anticipated to have the least share in the Brain Monitoring Market. However various drivers such as investments and development will improve the market growth.
The Brain Monitoring Market has the immense presence of various key players. These key players play important role in enhancing market growth. They do mergers, collaboration, acquisitions, etc. Some of the key players in the market are as follows.
The overview of the Brain Monitoring Market Outlook is as follows.
Report Score and Segmentation
The report score is to provide valuable information about the Brain Monitoring Market Forecast in the studied forecast period 2021-2028. The report highlight information such as market value, drivers, segments, challenges, etc. The information collected in this report is collected from various secondary and primary sources.
Name the key players of the Brain Monitoring Market.
The key players in the Brain Monitoring Market are GE Healthcare, Nihon Kohden Corporation, Advanced Brain Monitoring, Medtronic, Integra LifeSciences, Olympus Corporation, Neurosoft, Phillips Healthcare, Dragerwerk AG& Co. KGaA, Siemens Healthineers, Masimo Corporation, NeuroWav Systems, Inc. Spiegelbrg GmbH & Co., Cadwell Industries, Nonin Medical, Inc. Natus Medical Inc., Compumedics, Natus Medical Inc. and others.
|Market Size||2028: USD 9.5 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Type, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Advanced Brain Monitoring,Philips Healthcare,GE Healthcare,Siemens Healthineers,Nihon Kohden Corporation,Medtronic,Drägerwerk AG & Co. KGaA,Neurosoft,Integra LifeSciences Corporation,Olympus Corporation|
|Key Market Opportunities||
|Key Market Drivers||High costs associated with the treatment and monitoring|
Transcranial doppler is the largest segment in the brain monitoring market.
Koninklijke Philips N.V. (The Netherlands), GE Healthcare (UK), Welch Allyn (US), Spacelabs Healthcare (US), Nihon Kohden (Japan), CompuMed, Inc. (US), CardioNet (US), Schiller (Switzerland), Medtronic plc (Ireland), Natus Medical Inc. (US), CAS Medical Systems, Inc. (US), and Electrical Geodesics Incorporated (US), are some of the major players operating in the brain monitoring market.
Growing prevalence of neurological disorders, rising adoption rate of remote monitoring devices, and increasing healthcare expenditure are the major tailwinds pushing the growth of the brain monitoring market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global brain monitoring market adopt to gain a larger competitive advantage.
North America holds the largest share in the brain monitoring market, followed by Europe and the Asia Pacific, respectively.