Brain monitoring allow researchers and physicians to study human activities, brain disorders, and brain-computer interfaces. It involves the use of a head-worn device like a cap that has sensors in it and can read brain's electrical activity. Moreover, brain monitoring helps to identify and measure abnormalities in the functioning of brain cells that are associated with neurological disorders. Brain monitoring also helps clinicians determine and administer the precise amount of drug to meet the needs of each individual patient. Brain monitoring is important in critical clinical scenarios where the extent or evolution of neurologic injury is unknown.
Market Statistics:
The global Brain Monitoring Market is estimated to account for US$ 3,381.6 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for brain monitoring devices across the globe is expected to propel the growth of the global brain monitoring market during the forecast period. For instance, with the increase in incidence/prevalence of neurodegenerative disorders, the demand for brain monitoring devices is also increasing rapidly. In November 2022, Neurosteer received the Food and Drug Administration (USFDA) approval for its single-channel electroencephalogram (EEG) brain monitoring platform. Neurosteer’s EEG brain monitoring platform uses a single adhesive forehead strip and provides the traditional EEG frequency bands. The device has also received the USFDA approval to include several new brain metrics visual representations.
Opportunities:
Increase in incidence/prevalence of neurological disorders and growing geriatric population across the world is expected to offer significant growth opportunities for players in the brain monitoring market. For instance, brain monitoring devices are used to evaluate several types of neurological disorders, such as Parkinson’s disease. According to the World Health Organization (WHO), the prevalence of Parkinson’s disease (PD) has doubled in the past 25 years. Global estimates in 2019 showed over 8.5 million individuals with PD. Moreover, according to the Parkinson’s Foundation, around one million people in the U.S. are living with Parkinson's disease (PD), and this number is expected to reach 1.2 million by 2030.
Restraints:
Stringent regulatory framework for device approval and lack of skilled personnel to handle brain monitoring devices are major factors expected to hamper the growth of the global brain monitoring market. For instance, the U.S. Food & 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. Moreover, lack of highly skilled or trained personnel is one of the significant challenges faced by the 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.
Global Brain Monitoring Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 had a severe impact on the brain monitoring market as the pandemic put neuro-rehabilitation in jeopardy, not just in outpatient context but also in inpatient and home care settings. Around 90% of 200 neuro-pediatric services from 49 countries reported changes in outpatient care, including centre closures or limitations, limited access to EEG examinations, and surgical operations. However, now, the brain monitoring market is witnessing a robust growth due to rise in incidence of neurological disorders and rise in awareness of neurological disorders. This in turn has also increased the demand for brain monitoring devices.
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https://www.coherentmarketinsights.com/market-insight/brain-monitoring-market-165
Key Takeaways:
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 2021 and 2028.
Among, product type, intracranial pressure monitoring devices segment held dominant position in the global brain monitoring market in 2021, accounting for 42.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to propel the growth of the global brain monitoring market is the increase in therapeutic applications of brain monitoring. With the rise in therapeutic applications of brain monitoring devices, the demand for non-invasive and minimally invasive devices is also increasing with a rapid pace. For instance, nowadays, wireless headsets allow readings to be done in a completely non-invasive way and in some cases, assess the patients from the comfort of their homes. Moreover, the use of wearable brain sensors help differentiate cognitive states in several neurodegenerative conditions. This trend is expected to continue over the forecast period, driving the growth of the global brain monitoring market.
Competitive Landscape:
Major players operating in the global brain monitoring market include 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.
Recent Developments:
In September 2019, Nihon Kohden launched its VitalEEG wireless electroencephalogram (EEG) headset for rapid evaluation of brain-wave information of unconscious patients.
In February 2019, Medtronic and the Medical University of South Carolina (MUSC) announced a five-year value-based healthcare partnership, intended to transform and improve care for patients in South Carolina.
In July 2019, Integra LifeSciences acquired Arkis Bioscience Inc. to expand the product portfolio of Integra’s neurocritical care.
