Brain Monitoring Devices Global Market is estimated to be worth $8.9 billion by 2026
Brain monitoring devices are used to monitor and diagnose neurological conditions by exploring the structure and function of the brain. This process involves the use of several brain monitoring devices such as electroencephalography devices, intracranial pressure monitors, magnetoencephalography and other devices to track brain functions. Also, these devices used to monitor neural and electrical activity in the brain. According to WHO, Globally, about 275-300 million people are suffering from neurological conditions that require the use of different devices that monitor the activity of the brain for diagnosis and during treatment.
According to IQ4I analysis, the brain monitoring devices global market is expected to grow at mid single digit CAGR of from 2019 to 2026 to reach $8,855.9 million by 2026. The factors such as growing incidence and prevalence of neurological disorders, rising awareness about neurodegenerative disorders, growing healthcare spending in brain monitoring are driving the market growth, increasing focus on minimally invasive brain activity, technological advancements such as dissolvable brain implants, diffused optical tomography, artificial intelligence, Ear-EEG and others are providing opportunities for the growth. Whereas, the high cost of complex devices and lack of skilled neurologists are restraining the market growth. The threat to the brain monitoring devices market includes stringent regulatory requirements for new products and unfavorable reimbursement policies.
The brain monitoring devices global market is segmented based on products, applications, modality, and end-users. Among the products segments, MRI accounted for the largest revenue in 2019 as MRI is widely used for the diagnosis and staging of various neurological conditions and provides high contrast images which are driving the growth of the MRI scanners segment. EEG is expected to grow at a high single digit CAGR from 2019 to 2026 owing to the increase in demand for advanced imaging techniques and increasing investments by device manufacturers. Furthermore, a surge in demand for diagnosis of critical disorders such as epilepsy has further influenced companies to focus on the development of brain monitoring EEG devices.
Among the applications, Sleep disorders segment accounted for the largest revenue in 2019 and Traumatic brain injury segment is expected to grow at a high single digit CAGR 2019 to 2026 due to the growing incidence of TBI’s across the globe due to the rise in the incidence of accident cases, leading to the high demand for the management of these cases-which requires the intensive use of brain monitoring devices.
Among the brain monitoring devices market based on the modality stationary accounted for the largest revenue in 2019 and the portable segment is expected to grow at a mid single digit CAGR from 2019 to 2026.
In the end-user market, hospitals segment accounted for the largest revenue in 2019 and is expected to grow at a strong mid single digit CAGR from 2019 to 2026 by 2026. Brain monitoring is a complex process, requiring expensive and advanced devices and equipment that are mainly found only in hospitals.
The brain monitoring devices market based on geography is segmented into North-America, Europe, APAC and the Rest of the world. North America accounted for the largest revenue in 2019 and due to increase in healthcare expenditure, increase in funding and R&D investments for the development brain monitoring devices. APAC is expected to grow at a high single digit CAGR from 2019 to 2026 due to increasing awareness of the disease and the adoption of various treatment options.
Technological advancements like dissolvable brain implants, diffused optical tomography, artificial intelligence, Ear-Encephalography, Functional near-infrared spectroscopy, Intracranial Electroencephalography, Multi-electrode Array and Diffusion Tensor Imaging Tractography are driving the adoption of brain monitoring devices.
Approvals, agreements, and acquisitions are driving the brain monitoring devices market growth. For example, In March 2020, Philips entered into a strategic partnership with Paracelsus Clinics for the next eight years. The agreement enables the modernization of the Paracelsus clinic’s medical imaging systems, and maximizes the availability of imaging systems and standardizes equipment operations. The training of staff and procuring new devices will be taken care of by Philips. In November 2019, Siemens Healthineers received FDA approval for a new CT imaging device Somatom X.Cite that’s powered by artificial intelligence. Somatom X.Cite is the first CT scanner launched using my exam Companion. Siemens analyzed almost 200,000 scan protocols using artificial intelligence to build the interface, with clinical experts also contributing feedback.
Considering the attractiveness of the brain monitoring devices market, several venture capitalists are investing in nurturing new technologies or increasing market access for advanced technologies. According to IQ4I Analysis, the reported funding received by companies during the period 2018-2020 was worth ~ $XX million. For instance, In March 2020, Zeto received $7.3 million from Seraph Group, Aphelion Capital, SV Tech Ventures, and Shangbay Capital. The funding will be utilized for commercialization of their lead product EEG Headset and software platform, and develop new products to expand the company’s portfolio. The brain monitoring global market is consolidated with the top 6 companies occupying close to 60% of the market in 2019.
Device cost plays crucial role in adoption of brain monitoring devices, according to IQ4I analysis, the average selling price (ASP) of the EEG is considered to be $XX in North America where as the same in APAC region is $XX, this high cost is inhibiting the adoption and only XX were estimated to have been sold. Similarly, the ASP of ICP is considered to be $XX in Europe and $XX in RoW, the expensiveness of the advanced device is inhibiting its penetration resulting in sale of an estimated only XX units in RoW. Average life span of brain monitoring devices is XX to XX years, for example, ICP X years, whereas that of EEG X years respectively.
Major players in brain monitoring devices market are Medtronic, PLC (Ireland), Integra Lifesciences (U.S.), Masimo Corporation (Switzerland), GE Healthcare (U.S.), Koninklijke Philips N.V. (The Netherlands), Nihon Kohden (Japan), Natus medical Incorporated (U.S.), Siemens Healthineers (Germany), Resmed, Inc. (U.S.) and Vyaire Medical, Inc. (U.S.).
Some of the emerging players in the brain monitoring devices market are Edwards Lifesciences (U.S.), Compumedics, Limited. (Australia), Cadwell Industries, Inc. (U.S.), Rimed AG (Switzerland), York Instruments (U.K.), Nonin Medical, Inc. (U.S.) and other companies.