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The Brain Health Devices Market comprises medical devices used for monitoring, screening, and diagnosis of various neurological conditions such as Alzheimer’s disease, Epilepsy, migraine and other disorders. Brain health devices help in the early detection and management of neurological conditions. Advances in brain monitoring technologies have enabled non-invasive and painless detection of abnormalities in brain signals. The increasing applications of electroencephalography, magnetoencephalography, and transcranial magnetic stimulation devices assist in the diagnosis and treatment of neurological disorders.
The Global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Brain Health Devices are 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. The growing awareness and increasing geriatric population are fueling the demand for brain health devices globally. Also, considerable research and development activities for developing advanced neurodiagnostics are contributing to the market growth.
The growing prevalence of neurological disorders due to changing lifestyles and increasing life expectancy is driving the demand for Brain Health Devices significantly. It is estimated that over 50 million people suffer from dementia globally. Moreover, one in every 26 Americans is expected to develop Alzheimer’s disease during their lifetime. The rising cases of neurological conditions are compelling the adoption of brain monitoring devices.
The Brain Health Devices Market is witnessing high growth opportunities across regions due to increasing awareness regarding brain health, rising disposable income, and improving healthcare infrastructure especially in developing nations. The emerging economies of Asia Pacific are likely to be lucrative markets for brain health devices due to growing neurological patient pools and increasing healthcare spending in the region.
Market key trends
One of the key trends in the Brain Health Devices Market is growing applications of digital brain health technologies. Digital platforms are being integrated into brain health devices for remote monitoring and increased accessibility. Devices enabled with Artificial Intelligence (AI) and machine learning capabilities are being developed for improved neurological condition diagnosis and management. AI-powered virtual assistants are also playing significant roles in brain health by enabling on-demand access to doctors and personalized care plans for patients. This technology-driven trend is expected to further augment the Brain Health Devices Market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new companies entering the brain health devices market is moderate as high investment in R&D is required to make innovative brain devices. However establishing brand and gaining patient acceptance for new devices is a challenge for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established companies in this market providing various brain devices. Buyers can negotiate on price and quality with established brands having variety of product offerings.
Bargaining power of suppliers: The bargaining power of suppliers of raw materials, components and technologies used in brain devices is moderate. Suppliers need to ensure uninterrupted supply of quality materials to established medical device manufacturers.
Threat of new substitutes: The threat of new substitutes for existing brain devices is high due to continuous innovation taking place in digital health and related technologies. New inventions may disrupt existing technologies used in brain devices.
Competitive rivalry: The competitive rivalry is high among major players due to their international presence, new product development and acquiring smaller companies to gain additional capabilities and market share.
Geographical Regions
In terms of value, North America region accounted for largest share in the global brain health devices market in 2022 due to high healthcare expenditure and growing incidence of neurological disorders. Rapid adoption of advanced technologies and presence of leading industry players in the region is driving the market.
The Asia Pacific region is expected to witness fastest growth during the forecast period from 2023 to 2030. This is attributed to rising aging population, growing healthcare investments, increasing disposable income and expanding medical tourism in countries such as China, India and Japan. In addition, entry of foreign companies and improving reimbursement scenarios will propel the regional market.
In Europe, major markets include Germany, United Kingdom, France and Italy. Favorable government policies regarding innovation and research funding, along with increasing awareness about brain health issues are supporting the regional market growth.
Latin America and Middle East & Africa are emerging markets for brain health devices backed by growing medical infrastructure and improving access to healthcare. However lack of awareness and high cost of advanced devices pose challenges for adoption in Africa.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
