Global Brain Health Devices Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Neurological Disorders and Growing Geriatric Population

Brain Health Devices Market

 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:

The global Brain Health Devices market consists of various devices and technologies used for the diagnosis, treatment, and monitoring of neurological disorders. These include devices such as EEG (Electroencephalography), MEG (Magnetoencephalography), TCD (Transcranial Doppler), NIRS (Near-Infrared Spectroscopy), and others. These devices play a crucial role in understanding brain function, diagnosing brain-related disorders, and guiding treatment strategies. They are widely used in hospitals, diagnostic centers, research institutes, and home care settings.

 

B) Market Dynamics:

The market for Brain Health Devices is primarily driven by two major factors. Firstly, the increasing prevalence of neurological disorders such as epilepsy, Alzheimer's disease, Parkinson's disease, and sleep disorders is contributing to the growing demand for brain health devices. These devices aid in accurate diagnosis, effective monitoring, and personalized treatment planning for patients.

 

Secondly, the growing geriatric population is another significant driver for the market. The aging population is more prone to neurological disorders such as dementia and stroke, leading to a higher demand for brain health devices.

 

For example, according to the World Health Organization (WHO), around 50 million people worldwide have dementia, and this number is expected to triple by 2050. This rising burden of neurological disorders is fueling the adoption of brain health devices.

 

C) Market Key Trends:

One key trend in the brain health devices market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI-based algorithms and ML models are being developed to enhance the accuracy and efficiency of brain health devices. These technologies enable real-time data analysis, prediction of disease progression, and personalized treatment planning.

 

For instance, BrainScope, a medical neurotechnology company, has developed an AI-based technology called BrainScope One. This device uses EEG technology along with machine learning algorithms to aid in the assessment of traumatic brain injury (TBI) and concussion.

 

D) SWOT Analysis:

Strength:

1. Increasing prevalence of neurological disorders

2. Growing geriatric population

 

Weakness:

1. High cost of brain health devices

2. Limited awareness among healthcare professionals and patients

 

Opportunity:

1. Technological advancements in brain health devices

2. Growing demand for home healthcare services

 

Threats:

1. Stringent regulatory requirements for product approval

2. Competition from alternative diagnostic methods and treatments

 

E) Key Takeaways:

1.       The global Brain Health Devices market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing prevalence of neurological disorders and growing geriatric population.

2.       North America is the fastest-growing and dominating region in the market due to the high burden of neurological disorders and advanced healthcare infrastructure.

3.       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.

 

In conclusion, the global Brain Health Devices market is experiencing significant growth due to the increasing prevalence of neurological disorders and the growing geriatric population. The integration of AI and ML technologies is a key trend in the market, enhancing the accuracy and efficiency of brain health devices. However, high costs and limited awareness remain challenges for market growth. Key players are focusing on technological advancements to capitalize on the opportunities in this market.