Market Challenges And Opportunities

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 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.