BRAIN MONITORING MARKET ANALYSIS

The global brain monitoring market was valued at US$ 3,170.4 Mn in 2021 and is forecast to reach a value of US$ 5,092.7 Mn by 2028 at a CAGR of 7.1% between 2022 and 2028. The global brain monitoring market is experiencing strong growth due to the increase in incidence of brain disorders and growing geriatric population across the globe. Moreover, rise in demand for brain monitoring devices and increase in research & development worldwide is expected to boost the market growth. However, factors such as stringent regulatory framework for device approval and lack of skilled personnel to handle monitoring devices are expected to hamper the market growth.

Global Brain Monitoring Market: Regional Insights

Based on geography, the global brain monitoring market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period due to the increase in incidence of brain disorders, such as Parkinson’s disease, and growing geriatric population in the region. For instance, brain monitoring techniques allow researchers and physicians to study human activities, brain-computer interfaces, and brain disorders. According to the Parkinson’s Foundation, nearly one million people in the U.S. are living with PD (Parkinson's disease), and this number is expected to reach 1.2 million by 2030. Parkinson's is the second-most common neurodegenerative disease after Alzheimer's disease.

Europe is also expected to witness robust growth in the global brain monitoring market due to the rise in prevalence of brain disorders and growing geriatric population in the region. For instance, According to the Parkinson’s Europe, there are currently more than 1.2 million people living with Parkinson's disease (PD) in Europe and this number is forecast to double by 2030. Parkinson's is also a highly individual condition that differs from person to person, which requires a personalised approach to treatment and care. Parkinson's Europe (the European Parkinson's Disease Association (EPDA) is the only European Parkinson's umbrella organisation.

Figure 1. Global Brain Monitoring Market Share (%), by Region, 2022

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Global Brain Monitoring Market Drivers:

Rise in incidence of brain disorders to augment the market growth

One of the key factors expected to augment the growth of the global brain monitoring market over the forecast period is the rise in incidence of brain disorders across the world. Brain monitoring is often used to evaluate several types of brain disorders. For instance, disability and death due to PD are increasing faster than for any other brain disorder. According to the World Health Organization (WHO), worldwide, the prevalence of PD has doubled in the past 25 years with global estimates in 2019 showing around 8.5 million individuals living with PD.

Growing geriatric population worldwide to underpin market growth

Another factor which is driving the growth of the global brain monitoring market is the growing geriatric population around the world. According to WHO, more than 20% of adults over the age of 60 suffer from a mental or/and neurological disorder and such disorders account for 6.6% of all disability in people over the age of 60. By 2030, one in six people around the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn has increased the demand for brain monitoring worldwide.

Global Brain Monitoring Market Opportunities:

Increase in demand for brain monitoring devices across the globe is expected to provide significant growth opportunities for players in the market. For instance, brain monitoring devices are used to monitor and diagnose abnormal activities in the brain and help in monitoring electrical and neural activity in the brain. In January 2022, iMediSync launched its first therapeutic device, iSyncWave, which integrates both EEG brain mapping and light-emitting diode therapy. The device uses high-quality dry EEG sensors that autofit to various sizes and shapes, keeping 10 to 20 system locations and equipped with a matching sex/age naturally occurring radioactive material database.

Increase in research & development worldwide is expected to offer lucrative growth opportunities for players in the global brain monitoring market. For instance, in November 2022, EMOTIV and X-trodes announced collaboration on the new first-of-its-kind solution for simultaneous brain and physiological measurement that can be used outside of the lab setting. Wearable electrode patches provide unprecedented accuracy for researchers measuring brain and physiological signals outside the lab, expanding possibilities for real-world clinical studies. This in turn is expected to aid in the growth of the global brain monitoring market.

Global Brain Monitoring Market Trends:

Expanding therapeutic applications is a recent trend

With the expanding therapeutic applications of brain monitoring devices, demand for non-invasive and minimally invasive devices is also increasing with the rapid pace. For instance, use of wearable brain sensors help differentiate cognitive states in many neurodegenerative conditions. Nowadays, wireless headsets allow readings to be done in a completely non-invasive way and in some cases, assess patients from the comfort of their homes. This trend is expected to continue over the forecast period, driving the growth of the market.

Rising awareness about neurodegenerative disorders is another trend

Alzheimer's disease is the most common cause of dementia among older adults. While, PD is the second common progressive neurodegenerative disease and is prevalent across the world. Thus, it is essential to be aware about such disorders. Every June, Alzheimer's Association raises awareness of this neurodegenerative disease during Alzheimer's & Brain Awareness Month. While, April is the Parkinson's Disease Awareness Month. This trend is also expected to continue over the forecast period, driving the growth of the global biosurgery market.

Global Brain Monitoring Market Restraints:

Stringent rules and regulations to hinder growth of the market

One of the key factors expected to hamper the growth of the global brain monitoring market is the stringent regulatory framework for the device approval. The U.S. Food and Drug Administration (FDA) classify medical devices based on the level of risk, such as Class I or low risk, Class II or moderate risk and Class III, or high risk. For instance, FDA classify the non-electroencephalogram (EEG) physiological signal based seizure monitoring system into class II.

Lack of skilled personnel to hamper the market growth

Another factor which is hampering the growth of the global brain monitoring market is the lack of skilled personnel to handle brain monitoring devices. Lack of highly skilled or trained personnel is one of the significant challenges faced by the global brain monitoring market, which hampers the growth of the market in developing and under-developed countries. Thus, there is an increase in demand for highly skilled or trained personnel worldwide.

Figure 2. Global Brain Monitoring Market Share (%), by Product Type, 2022

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Global Brain Monitoring Market Segmentation:

The global brain monitoring market report is segmented into Product, Application, End User, and Geography.

Based on Product, the market is segmented into Magnetoencephalograph, Electroencephalograph Cerebral Oximeters, Functional Magnetic Resonance Imaging, Intracranial pressure Monitoring Devices, and Other Product Types. Out of which, Magnetoencephalograph Segment is expected to dominate the brain monitoring market over the forecast period and this is attributed to the rise in use of magnetoencephalography. Magnetoencephalography (MEG) is an advanced method used to evaluate and record the brain while it is actively functioning.

Functional Magnetic Resonance Imaging (fMRI) Segment is also expected to witness lucrative growth in the near future owing to the rise in adoption of functional magnetic resonance imaging. It is used to examine which parts of the brain are handling critical functions, evaluate the effects of stroke or other disease, or to guide brain treatment.

Based on Application, the market is segmented into Parkinson’s disease, Traumatic Brain Injury Epilepsy, Dementia, and Sleep Disorders Other Applications. Out of which, Parkinson’s disease Segment is expected to dominate the market during the forecast period and this is attributed to the increase in incidence/prevalence of Parkinson’s disease worldwide.

Traumatic Brain Injury Epilepsy Segment is also expected to witness significant growth in the near future and this is owing to the incidence of traumatic brain injuries (TBI). Increasing incidence of TBI has increased the demand for monitoring techniques globally.                                                                               

Based on End User, the market is segmented into Hospitals and Diagnostic Centers. Out of which, Hospitals Segment is expected to dominate the market over the forecast period owing to the rise in incidence of neurodegenerative disorders and rise in awareness of neurodegenerative disorders.

Global Brain Monitoring Market: Key Developments

In February 2020, Compumedics Limited received 510(K) clearance from the U.S. Food and Drug Administration (FDA) for Orion LifeSpan Magnetoencephalography (MEG) single Dewar system.

In October 2019, Medtronic launched the FDA- approved deep brain stimulation device in the U.S. that uses a surgically implanted medical stimulator to deliver electric pulses directly to the brain.

In September 2019, Integra LifeSciences acquired privately-held Rebound Therapeutics to expand the portfolio of neurosurgery products.

In March 2018, Nihon Kohden launched aireeg WEE-1200 wireless electroencephalogram (EEG) system designed specifically for patient comfort and easy access to real-time patient data during long-term epilepsy monitoring, intensive care, and routine EEG environments.

Global Brain Monitoring Market: Key Companies Insights

The global brain monitoring market is highly competitive. This is attributed to the rise in demand for brain monitoring devices across the globe, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global brain monitoring market are Nonin Medical Inc., Koninklijke Philips NV, Cadwell Laboratories, Elekta AB, Masimo Corporation, Nihon Kohden Corporation, Compumedics, Integra LifeSciences, Medtronic PLC, Natus Medical Incorporated, and Advanced Brain Monitoring Inc., among others.

*Definition: Brain monitoring techniques allow researchers/physicians to study human activities, brain-computer interfaces, and brain disorders. Brain monitoring also helps clinicians determine and administer the precise amount of drug to meet the needs of each individual patient.