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The global brain health devices market comprises devices used for the diagnosis and treatment of various neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and stroke. Brain health devices help in early diagnosis and treatment of neurological conditions. Devices such as electroencephalogram (EEG) machines, magnetoencephalography (MEG) machines, intracranial pressure monitors, and transcranial magnetic stimulators are used for monitoring brain health and activity, diagnosis, and treatment of various neurological diseases and disorders. The growing geriatric population susceptible to neurological disorders and increasing investment in research and development of advanced brain monitoring devices are major factors contributing to the growth of the market.
The global brain health devices market is estimated to be valued at US$ 9,070.5 million in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The increasing prevalence of neurological disorders is a major driver augmenting the growth of the brain health devices market. According to the World Health Organization (WHO), neurological disorders accounted for more than 10% of the global disease burden in 2015.
The growing geriatric population also plays a vital role as neurological disorders are most prevalent in the elderly population. As per the United Nations, the number of people aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. Moreover, increasing investment by major players for the development of technologically advanced brain health monitoring devices also contributes to the market growth. For instance, in January 2022, Neuralink raised $205 million in funding to advance its brain-computer interface technology to treat neurological conditions. However, the high cost associated with brain health devices such as MEG and PET imaging systems may hamper market growth to some extent over the forecast period.
Segment Analysis
The global brain health devices market is dominated by the electroencephalography segment, which held around 33% share of the total market in 2023. EEG devices are widely used for diagnosis of sleep disorders, epilepsy, coma, encephalopathies, brain death and other brain disorders. They offer accurate, non-invasive and painless method to record electrical activity of the brain. The increasing cases of neurological disorders like epilepsy and easy availability and usage of EEG devices is driving the growth of this segment.
Pest Analysis
Political: Governments across various countries are increasing funding for brain research which is promoting innovations and developments of new brain health devices. Favorable regulatory policies are also supporting the market growth.
Economic: Rising healthcare expenditures, growing affordability, and improving reimbursement policies are fueling the adoption of advanced brain health devices globally.
Social: Increasing incidence of neurological disorders like Alzheimer’s, Parkinson’s disease, stroke etc. along with growing awareness about brain health is driving the demand for effective diagnostic and monitoring devices.
Technological: Introduction of portable, easy to use and wireless brain monitoring devices integrated with AI and cloud computing are enhancing the medical outcomes. Development of novel EEG technologies for early diagnosis is also boosting the market.
Key Takeaways
The global brain health devices market is expected to witness high growth at a CAGR of 7.7% during the forecast period of 2023 to 2030. Regionally, North America dominated the market and held around 40% of the total market share in 2023 owing to growing incidence of neurological disorders, supportive reimbursement policies, and rapid adoption of advanced healthcare technologies in the region.
Key players operating in the brain health devices market 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.
Key players are focusing on new product launches and enhancing their existing portfolio to cater to the rising demand. For instance, in 2022 Medtronic received FDA clearance for its next-generation Neurostimulator called Intellis rechargeable SCS system to treat chronic pain.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
