Brain Health Devices Market, By Device Type (Magnetic Resonance Imaging, Magneto Encephalogram, Computed Tomography, Transcranial Doppler Device, Others), By Application (Stroke, Dementia, Epilepsy, Dyslexia, Others), By End User (Hospitals, Specialty Clinics, Research Institutes, Home Healthcare, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI1095

Pages :173

Formats :

Excel and PDF

Industry : Medical Devices

Brain Health Devices Market Size and Trends

Global brain health devices market is estimated to be valued at USD 15.10 Bn in 2024 and is expected to reach USD 26.50 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.

Brain Health Devices Market Key Factors

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Rising prevalence of neurological diseases globally can drive the market growth. Technological advancements in monitoring devices along with growing aging population can also drive the market growth. Moreover, increasing awareness among people regarding brain fitness can boost adoption of brain monitoring and diagnostics devices. North America is expected to dominate the market due to high awareness levels and developed healthcare infrastructure. However, Asia Pacific is likely to demonstrate highest growth owing to growing healthcare expenditure, rise in income levels and large population base. Key market players are focused on new product launches and geographical expansion to strengthen their market position.

Rising Prevalence of Neurodegenerative Diseases

Rising prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, epilepsy, headaches, and traumatic brain injuries can drive the brain health devices market growth. According to the World Health Organization, there are around 50 million dementia patients worldwide with nearly 10 million new cases reported every year. As people age, their risk of developing these life-altering conditions increases exponentially. Alzheimer's disease, the most common form of dementia, has no cure and is largely underdiagnosed. As global population continues to grey at an unprecedented rate, one can expect to see an enormous rise in the number of people living with cognitive impairment and neurological issues. Brain health devices aim to improve lives by assisting with disorders, aiding in diagnoses, and monitoring conditions. Devices that can assist people suffering from memory loss, poor motor control, seizures, or other debilitating symptoms are deeply meaningful for patients and caregivers alike. For physicians, such tools have the potential to support earlier and more accurate detection. While more research and development are still needed, the rapid pace of technological advancement combined with growing demand from an aging population can offer market growth opportunity. Rising neurodegenerative illnesses that impose heavy human and economic burden worldwide can boost demand for devices that can enhance lives or slow decline.

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Increasing Adoption of Brain- Computer Interface Technologies

Rising developments in brain-computer interface (BCI) technologies can drive the brain health devices market growth. Brain-computer interface facilitates a direct communication pathway between the brain and an external device, paving the way for innovative applications that can interpret neural signals and translate them into action. For example, BCIs can help restore lost functions through assistive technologies like thought-controlled prosthetics for paralysis patients. These also show promise for conditions like epilepsy, depression, and other mental health issues that are difficult to treat via conventional methods alone. As the precision and usability of BCI systems advance alongside growing knowledge of neuroscience, the potential for transformative solutions grows exponentially.