According to Coherent Market Insights, the worldwide brain monitoring market was worth US$ 3,170.4 Mn in 2021 and is predicted to reach US$ 5,092.7 Mn by 2028, growing at a CAGR of 7.1% during the period of 2022-2028. The market is expanding rapidly due to the rising prevalence of brain disorders and an aging population worldwide. Additionally, there is a growing demand for brain monitoring devices and an increase in research and development activities that are expected to drive market growth. However, the stringent regulatory approval process for devices and a shortage of trained personnel to operate monitoring devices may impede market expansion.
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Global Brain Monitoring Market: Regional Insights
Based on geography, the global brain monitoring market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North American region is projected to dominate the market during the forecast period, driven by the high prevalence of brain disorders like Parkinson’s disease and a growing aging population. Brain monitoring methods enable scientists and doctors to investigate human activities, brain-computer interfaces, and brain disorders. The Parkinson’s Foundation estimates that almost one million individuals in the United States suffer from PD (Parkinson’s disease), and this number is expected to rise to 1.2 million by 2030. Parkinson’s is the second most frequent neurodegenerative ailment following Alzheimer’s disease.
Europe is anticipated to experience strong growth in the global brain monitoring market owing to the increasing incidence of brain disorders and an aging population. For example, Parkinson’s Europe reports that over 1.2 million individuals in Europe are currently living with Parkinson’s disease (PD), and this figure is expected to double by 2030. Parkinson’s is also a highly personal condition that varies from person to person, necessitating a personalized approach to treatment and care. The European Parkinson’s Disease Association (EPDA), also known as Parkinson’s Europe, is the sole European umbrella organization dedicated to Parkinson’s disease.
Global Brain Monitoring Market Drivers:
Increased prevalence of brain illnesses will boost market expansion.
The increasing prevalence of brain disorders worldwide is projected to be a major factor driving the growth of the global brain monitoring market during the forecast period. Brain monitoring is frequently utilized to assess various brain disorders. Parkinson’s disease is a prime example, with disability and death rates rising faster than for any other brain disorder. According to the World Health Organization (WHO), the worldwide incidence of PD has doubled in the last 25 years, and global estimates in 2019 suggest that around 8.5 million individuals have PD.
Global geriatric population growth will support market expansion.
The rising global geriatric population is another driver of growth in the global brain monitoring market. According to the WHO, more than 20% of individuals over the age of 60 are affected by mental or neurological disorders, accounting for 6.6% of all disability in people over the age of 60. By 2030, one out of every six individuals worldwide will be 60 years old or older, and by 2050, the global population of individuals aged 60 and older will double to 2.1 billion. This has resulted in an increased demand for brain monitoring worldwide.
Global Brain Monitoring Market Opportunities:
The increasing demand for brain monitoring devices globally is expected to offer significant growth opportunities for market players. Brain monitoring devices are utilized to diagnose and monitor abnormal brain activity, as well as to monitor neural and electrical activity in the brain. In January 2022, iMediSync unveiled its first therapeutic device, iSyncWave, which incorporates both EEG brain mapping and light-emitting diode therapy. The device employs high-quality dry EEG sensors that automatically adjust to various sizes and shapes, maintaining 10 to 20 system locations and equipped with a matching sex/age naturally occurring radioactive material database.
The rise in research and development activities worldwide is anticipated to create profitable growth prospects for market players in the global brain monitoring market. For instance, in November 2022, EMOTIV and X-trodes announced a collaboration on a new, first-of-its-kind solution for simultaneous measurement of brain and physiological signals outside of laboratory settings. Wearable electrode patches offer unparalleled precision for researchers studying brain and physiological signals outside of the laboratory, extending the possibilities for real-world clinical studies. As a result, this is expected to contribute to the growth of the global brain monitoring market.
Expanding therapeutic applications is a recent trend
The demand for non-invasive and minimally invasive brain monitoring devices is increasing rapidly due to the expanding therapeutic applications. For example, wearable brain sensors can differentiate cognitive states in various neurodegenerative conditions. Wireless headsets are now available, enabling readings to be taken in a completely non-invasive manner and in some cases, allowing patients to be assessed from the comfort of their homes. This trend is expected to continue throughout the forecast period, contributing to the growth of the market.
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Another trend is more awareness of neurodegenerative diseases.
Alzheimer’s disease is a prevalent cause of dementia in older adults, while PD is a widespread progressive neurodegenerative disease. It is crucial to raise awareness of these disorders. The Alzheimer’s Association observes Alzheimer’s & Brain Awareness Month every June, while April is dedicated to Parkinson’s Disease Awareness Month. This trend is expected to persist over the forecast period, contributing to the growth of the global brain monitoring market.
Global Brain Monitoring Market Restraints:
Stringent rules and regulations to hinder growth of the market
The strict regulatory framework for device approval is anticipated to be a major hindrance to the growth of the global brain monitoring market. The medical devices are classified by the U.S. Food and Drug Administration (FDA) based on their level of risk, including low-risk Class I, moderate-risk Class II, and high-risk Class III. For example, the non-electroencephalogram (EEG) physiological signal-based seizure monitoring system is categorized as Class II by the FDA.
Lack of skilled personnel to hamper the market growth
The shortage of qualified personnel to operate brain monitoring devices is another factor that is impeding the growth of the global market. A lack of skilled or well-trained personnel is a significant issue facing the market, particularly in developing and underdeveloped countries. Therefore, there is a growing demand for highly skilled and trained personnel globally.
Global Brain Monitoring Market Segmentation:
Product, Application, End User, and Geography are the segments used to group the global brain monitoring market study.
The global brain monitoring market is segmented by product into several types, including Magnetoencephalograph, Electroencephalograph Cerebral Oximeters, Functional Magnetic Resonance Imaging, Intracranial pressure Monitoring Devices, and Other Product Types. The Magnetoencephalograph segment is expected to lead the market during the forecast period, owing to the increased adoption of magnetoencephalography. This technology is an advanced method of recording and evaluating the brain’s active function.
The brain monitoring market is expected to witness significant growth in the Functional Magnetic Resonance Imaging (fMRI) segment due to the increasing adoption of this technology. fMRI is a diagnostic tool used to examine the areas of the brain responsible for vital functions, diagnose the impact of conditions such as stroke or other diseases, and aid in the treatment of brain-related disorders.
The Parkinson’s disease segment is anticipated to hold the largest share of the market during the forecast period based on application. This growth can be attributed to the rising incidence and prevalence of Parkinson’s disease across the globe. The market is also segmented into other applications such as traumatic brain injury, epilepsy, dementia, sleep disorders, among others.
The Traumatic Brain Injury Epilepsy segment is also anticipated to experience substantial growth in the coming years due to the prevalence of traumatic brain injuries. The rising incidence of traumatic brain injuries globally has resulted in an increased demand for monitoring techniques.
The Hospitals segment is expected to hold the dominant share in the market during the forecast period. This can be attributed to the increasing incidence of neurodegenerative disorders and growing awareness of these conditions among the general population, leading to higher patient footfall in hospitals for diagnosis and treatment. The Diagnostic Centers segment is also expected to witness significant growth due to the increasing demand for brain monitoring services in outpatient settings.
Global Brain Monitoring Market: Key Developments
The U.S. Food and Drug Administration (FDA) granted Compumedics Limited’s Orion LifeSpan Magnetoencephalography (MEG) single Dewar system 510(K) certification in February 2020.
The FDA-approved deep brain stimulation device, which employs a surgically implanted medical stimulator to send electric pulses directly to the brain, was introduced by Medtronic in the United States in October 2019.
To increase its selection of neurosurgery products, Integra LifeSciences purchased privately held Rebound Therapeutics in September 2019.
Nihon Kohden introduced the aireeg WEE-1200 wireless electroencephalogram (EEG) system in March 2018, which is designed to provide patients with greater comfort and convenient access to real-time data during long-term epilepsy monitoring, intensive care, and routine EEG environments.
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Leading industry players’ insights on the global brain monitoring market
The global market for brain monitoring is characterized by intense competition, driven by the increasing demand for such devices worldwide. Consequently, companies in the industry are striving to introduce innovative products to the market.
Among others, Nonin Medical Inc., Cadwell Laboratories, Elekta AB, Integra LifeSciences, Koninklijke Philips NV, Masimo Corporation, Medtronic PLC, Natus Medical Incorporated, Nihon Kohden Corporation, Advanced Brain Monitoring Inc., and Compumedics are some of the key players in the highly competitive global brain monitoring market.
*Definition: The utilization of brain monitoring techniques enables researchers and physicians to investigate various aspects of human activities, brain disorders, and brain-computer interfaces. Moreover, brain monitoring assists clinicians in determining the appropriate dosage of medication to cater to the individual needs of patients.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Brain Monitoring Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Brain Monitoring Industry Impact
Chapter 2 Global Brain Monitoring Competition by Types, Applications, and Top Regions and Countries
2.1 Global Brain Monitoring (Volume and Value) by Type
2.3 Global Brain Monitoring (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Brain Monitoring Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Brain Monitoring Market Analysis
Chapter 6 East Asia Brain Monitoring Market Analysis
Chapter 7 Europe Brain Monitoring Market Analysis
Chapter 8 South Asia Brain Monitoring Market Analysis
Chapter 9 Southeast Asia Brain Monitoring Market Analysis
Chapter 10 Middle East Brain Monitoring Market Analysis
Chapter 11 Africa Brain Monitoring Market Analysis
Chapter 12 Oceania Brain Monitoring Market Analysis
Chapter 13 South America Brain Monitoring Market Analysis
Chapter 14 Company Profiles and Key Figures in Brain Monitoring Business
Chapter 15 Global Brain Monitoring Market Forecast (2023-2030)
Chapter 16 Conclusions
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