by The global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 Million in 2022, and is expected to exhibit a CAGR of 7.7% over the forecast period 2019-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Brain health devices are designed to help diagnose, treat, and monitor brain-related disorders such as Alzheimer’s disease, epilepsy, Parkinson’s disease, and others. These devices offer several advantages such as non-invasiveness, portability, and ease of use. With the growing prevalence of brain disorders and the increasing aging population, the demand for brain health devices is expected to witness significant growth.
Market Key Trends:
One key trend in the brain health devices market is the increasing adoption of neurofeedback devices. Neurofeedback devices are used to help individuals improve brain function by providing real-time feedback on brain activity. These devices enable individuals to learn self-regulation of brain function, which can lead to improvements in cognitive performance and mental health. The growing awareness about the benefits of neurofeedback therapy is driving the demand for these devices in the market.
Overall, the brain health devices market is poised for substantial growth in the coming years, driven by the increasing prevalence of brain disorders and the rising adoption of innovative technologies in healthcare.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the brain health devices market is relatively low. The market is highly regulated and requires significant investments in research and development. Existing players have established strong brand recognition and have developed extensive distribution networks, creating barriers to entry for new players.
Bargaining Power of Buyers:
Buyers in the brain health devices market have moderate bargaining power. While there are several players in the market, the demand for brain health devices is increasing due to the rising incidence of neurological disorders. This gives buyers some leverage in negotiating prices and seeking innovative solutions.
Bargaining Power of Suppliers:
Suppliers of brain health devices have moderate bargaining power. These suppliers include manufacturers of components, raw materials, and software. While there are multiple suppliers available in the market, the brain health devices industry requires specialized components and software, limiting the number of potential suppliers.
Threat of New Substitutes:
The threat of new substitutes in the brain health devices market is relatively low. Brain health devices play a crucial role in diagnosing, monitoring, and treating neurological disorders. While there may be alternative treatments or therapies available, brain health devices offer specific advantages and are often considered the gold standard in patient care.
Competitive Rivalry:
The competitive rivalry in the brain health devices market is high. There are several key players operating in the market, each offering a range of innovative products and solutions. These companies compete on factors such as product features, pricing, brand reputation, and distribution networks. This intense competition drives continuous innovation and fosters market growth.
Key Takeaways
The Global Brain Health Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period of 2019-2026. This growth is primarily driven by increasing awareness about brain health, rising prevalence of neurological disorders, and technological advancements in brain health devices.
From a regional perspective, North America is the fastest-growing and dominating region in the brain health devices market. The region has a strong healthcare infrastructure, advanced medical technologies, and a high prevalence of neurological disorders. Additionally, government initiatives supporting neurological research and favorable reimbursement policies contribute to the region’s market dominance.
Key players operating in the brain health devices market include BrainScope Company, Inc., Bio-Signal Group Corp., Cadwell Industries, Inc., Advanced Brain Monitoring, Inc., Compumedics Ltd., Elekta, DePuy Synthes, Electrical Geodesics, Inc., Medtronic, GE Healthcare, MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems Inc., Nihon Kohden Corporation, and Philips Healthcare. These companies focus on product launches, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
