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Brain health devices are medical devices used for diagnosis and treatment of various neurological disorders such as Alzheimer’s disease, dementia, epilepsy, Parkinson’s disease, and traumatic brain injuries. Brain health devices help in monitoring brain activities, detecting abnormalities, and optimizing treatment. Devices such as electroencephalogram (EEG), magnetoencephalogram (MEG), transcranial magnetic stimulator (TMS), and intracranial pressure monitors are commonly used for diagnosis and monitoring of brain health. 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 key trends:
One of the major drivers for the brain health devices market is the rising geriatric population and increasing prevalence of neurological disorders. As per WHO data, the number of people aged 65 years and above is expected to increase from 703 million in 2019 to 1.5 billion in 2050 globally. The elderly population is more susceptible to neurological disorders such as Alzheimer’s disease and dementia. Advancements in devices used for brain monitoring such as advanced EEG machines, non-invasive brain stimulators, and portable transcranial Doppler ultrasounds for detecting blood clots offers safe and effective solutions for early detection and treatment of neurological conditions. Miniaturization of devices enabling point-of-care testing and home healthcare is further expected to support the growth of the market during the forecast period.
SWOT Analysis
Strength: Brain health devices can help monitor and diagnose brain related disorders more effectively with improved accuracy compared to traditional diagnostic techniques. They provide quantitative data about brain structure and activity.
Weakness: Brain health devices are expensive and their use require trained professionals. Availability of trained manpower could be a challenge especially in developing regions. Interpreting complex brain scan data also requires expertise.
Opportunity: Rising incidence of neurological disorders worldwide presents an opportunity for wider adoption of brain health devices. Furthermore, technological advances can help make these devices more affordable and user-friendly over time.
Threats: Strict regulatory approvals and reimbursement policies could delay market entry of new products. Economic slowdowns may impact the spending on medical devices by hospitals and healthcare facilities.
Key Takeaways
The global Brain Health Devices market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: North America presently dominates the market due to presence of major players and higher healthcare spending. The region is anticipated to maintain its lead position during the forecast years as well.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
