The Global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2018 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.
A) Market Overview:
Brain health devices are medical devices used for diagnosing, monitoring, and treating various brain disorders. These devices play a crucial role in the assessment and management of conditions such as sleep disorders, epilepsy, brain tumors, traumatic brain injuries, Alzheimer’s disease, and others. They provide real-time data and aid in early detection, prevention, and treatment planning. Brain health devices also help to improve patient outcomes and enhance overall quality of life.
B) Market Key Trends:
One key trend in the brain health devices market is the rising awareness about brain disorders and increased focus on brain health. With the growing aging population and the prevalence of neurological disorders, there is a rising demand for innovative and advanced brain health devices. Additionally, technological advancements such as wearable devices and brain-computer interfaces are further driving market growth. These devices offer non-invasive and personalized solutions for brain health monitoring and treatment.
For example, Advanced Brain Monitoring Inc. developed the Sleep Profiler, a wearable device that can identify various sleep disorders and provide valuable insights to improve sleep quality. This device uses advanced algorithms to analyze brainwave activity, eye movement, and muscle tone to provide accurate results.
C) Porter’s Analysis:
The threat of new entrants:
The brain health devices market is highly competitive with the presence of established players and high entry barriers. The cost of research and development, as well as obtaining regulatory approvals, acts as a deterrent for new entrants.
Bargaining power of buyers:
Buyers in the brain health devices market have moderate bargaining power. They have a wide range of options to choose from and can negotiate for better prices and services.
Bargaining power of suppliers:
Suppliers in the brain health devices market have low bargaining power. This is due to the presence of multiple suppliers and the availability of substitute products.
The threat of new substitutes:
The threat of new substitutes in the brain health devices market is low. Currently, there are no effective alternatives to these devices for diagnosing and monitoring brain disorders.
The brain health devices market is highly competitive with the presence of key players such as GE Healthcare, Philips Healthcare, and Siemens Healthineers. These players are focused on research and development activities to launch innovative products and gain a competitive edge.
D) Key Takeaways:
The global brain health devices market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period. This growth is attributed to increasing awareness about brain disorders and the rising demand for advanced brain health devices.
North America is the fastest-growing and dominating region in the brain health devices market. This is due to the presence of well-established healthcare infrastructure, increasing research and development activities, and a high prevalence of brain disorders in the region.
Key players operating in the global brain health devices market include CAS Medical Systems Inc., Advanced Brain Monitoring Inc., Covidien PLC, Cadwell Laboratories Inc., Elekta AB, GE Healthcare, Masimo Corporation, Natus Medical Inc., Integra LifeSciences Holdings Corporation, NeuroWave Systems Inc., Philips Healthcare, Nihon Kohden Corporation, and Siemens Healthineers. These players focus on strategic partnerships, acquisitions, and product launches to strengthen their market position and expand their product portfolio.
In conclusion, the global brain health devices market is set to witness significant growth due to the rising awareness about brain disorders and the increasing demand for advanced brain health devices. The market is highly competitive, and key players are investing in research and development to launch innovative products and gain a competitive edge in the market. North America is expected to be the fastest-growing region in the market, driven by a well-established healthcare infrastructure and high prevalence of brain disorders in the region.