Brain Monitoring Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
Brain monitoring market potential
The potential for brain monitoring would increase with penetration of healthcare facilities in emerging economies. Inadequate funding in emerging economies such as India, China, Brazil, Indonesia, and also certain developed countries such as Israel has resulted in low access to healthcare facilities in rural regions of these nations. A larger share of the population thus remains unserved for their health care needs. Besides, there exists a large target population worldwide, with increasing incidence of brain injuries, strokes, and other brain disorders. These factors collectively create a highly conducive environment for sustained growth of the global brain monitoring market in the foreseeable future.
Key statistics pertaining to the global brain monitoring market:
-The International Brain Injury Association states that brain injury is the leading cause of death and disability worldwide
-According to the Centers for Disease and Control (CDC) Injury Prevention -Center, traumatic brain injury led to around 2.8 million emergency department visits, hospitalizations, and deaths in in the U.S. in 2013
-The Alzheimer’s Association estimates that prevalence of Alzheimer’s disease in 2016 was nearly 5.4 million in the U.S. (5.2 million are aged 65 years and above)
-Furthermore, CDC estimates that every year, stroke results in over 130,000 deaths in the U.S.
-National Institute of Mental Health and Neuro Sciences (2015-16 survey) estimated that mental morbidity of population above 18 years of age was 10.6% in India (higher in urban metros)
-Presence of this high target population would contribute towards growth of global brain monitoring market, further supported by favorable government incentives and regulations.
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Brain monitoring market taxonomy
The global brain monitoring market is analyzed on the basis of product type, end user, and application. The different product types of brain monitoring are:
Electroencephalography (EEG) Devices
Electromyography (EMG) Devices
Magnetoencephalography (MEG) Devices
Sleep Monitoring Devices
Transcranial Doppler (TCD) Devices
Intracranial Pressure (ICP) Monitors
Magnetic Resonance Imaging (MRI) Devices
Computerized Tomography (CT) Devices
Positron Emission Tomography (PET) Devices
The global brain monitoring market is also segmented on the basis of application into epilepsy, dementia, Huntington's disease, Parkinson’s disease, stroke, traumatic brain injuries, headache disorders, sleep disorders, and others. Hospitals, neurological centers, diagnostic centers, ambulatory surgical centers, and others is the segmentation of the global market of brain monitoring on the basis of end user. Hospitals are the major end users, as they have a considerably high patient flow, high investment capacity, and wide availability of healthcare resources to effectively serve the patient’s need.
Demand for non-invasive brain monitoring modalities is high, owing to its better convenience, safety, and cost-effectiveness as compared to invasive brain monitoring devices. This has further encouraged manufacturers to increasing investments in non-invasive devices and technologies to cater to consumer demand. A portable brain injury scanner is a great addition to the brain monitoring industry. This is expected to further drive growth of the brain monitoring market during the forecast period (2016–2024).
Plethora of untapped opportunities in emerging economies
The World Health Organization (WHO) has devised a Mental Health Action Plan 2013-2020 with certain objectives in order to provide comprehensive responsive mental health and social care services to the global population. Neurological disease burden is especially high in emerging economies, which has resulted in renewed efforts by government and non-government agencies to tackle this menace. Market players can gain significant growth in Asia Pacific, Middle East, Latin America and Africa regions for their brain monitoring modalities and services, provided they focus on development of low-cost products and strengthen collaborations with healthcare facilities. Developed world, including North America and Western Europe require more advanced monitoring devices to be compatible with rapidly changing technology. This entails research and time for commercialization, until which market players can cash in on sales of their existing products in emerging global economies. This creates highly lucrative opportunities for players in the global brain monitoring market and these factors are expected to be prevalent through the forecast period (2016–2024).
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Some of the major players in the global brain monitoring market are BrainScope Company, Inc., Neural Analytics, GE Healthcare, InfraSacn, Inc., Elekta A.B., Siemens Healthineers, Philips Healthcare, Natus Medical, Medtronic, Neurosoft Limited, and Cadwell Laboratories.
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