According to a new report published by Allied Market Research, titled,"Brain Monitoring Market by Product Type, Procedure, and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"The global brain monitoring market generated $3,850 million in 2017, and is projected to reach $6,595 million by 2025, growing at a CAGR of 6.9% from 2018 to 2025. The electroencephalography devices segment accounted for more than one-fifth of the total market share in 2017.
Brain monitoring is a neuro-diagnostics device used to monitor and diagnose the brain abnormalities by exploring the structure and function of the brain. These devices are used to monitor neurological disorders such as Alzheimers, Parkinsons, epilepsy, dementia, multiple sclerosis, sleep disorder, brain tumor, and others. Increase in incidence of neurological disorders and rise in awareness of diseases boost the demand for brain monitoring devices all across the world.
The global brain monitoring devices market has witnessed an exceptional growth in the past few years. The increase in the geriatric population and rise in prevalence of chronic diseases contribute toward the market growth. In addition, advancements in technology is another factor expected to boost the market growth during the forecast period. However, stringent government regulations and unfavorable reimbursement policies are projected to hamper the market growth during the forecast period. Conversely, untapped markets in the developing countries is expected to offer remunerative opportunities for the market players in the near future.
Based on product type, the market is segmented into electroencephalography (EEG) devices, magnetoencephalography (MEG) devices, transcranial Doppler (TCD) devices, intracranial pressure (ICP) monitors, cerebral oximeters, magnetic resonance imaging (MRI) devices, computerized tomography (CT) devices, positron emission tomography (PET) devices, sleep monitoring devices, electromyography (EMG) devices, and accessories. The EEG segment was the major revenue contributor in 2017, and is anticipated to continue this trend during the forecast period, owing to the increase in demand for diagnosis of critical disorders such as epilepsy. In addition, it has further influenced companies to focus on the development of brain monitoring EEG devices.
Depending on application, the market is categorized into epilepsy, dementia, Parkinsons disease, Huntington's disease, headache disorders, stroke, traumatic brain injuries, sleep disorders, and other diseases. Patients suffering from Parkinsons disease need regular checkups due to lack of treatment. This increases the demand for brain monitoring devices.
North America is expected to remain dominant throughout the forecast period attributable to its well-developed healthcare industry, presence of leading manufacturers in the region, and high adoption rate of brain monitoring devices. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, due to increase in number of geriatric population and rise in purchasing power of countries in the region.
The report provides a comprehensive analysis of the key players operating in the global brain monitoring market, namely, Advanced Brain Monitoring, Inc., CAS Medical Systems, Inc., Compumedics Ltd., General Electric Company (GE Healthcare), Koninklijke Philips N.V. (Philips Healthcare), Medtronic Plc., Natus Medical Incorporated, Neural Analytics, Inc., and Siemens AG.
The other players in the value chain include Cadwell Laboratories, Neurosoft Limited, Elekta A.B., InfraSacn, Inc., and BrainScope Company, Inc., and others.
Key Findings of the Brain Monitoring Market:
- Based on product type, the electromyography devices segment is expected to experience rapid growth in the market, and is projected to grow at a highest CAGR of 8.0% from 2018 to 2025.
- Depending on procedure, the invasive segment holds the highest share in 2017, and is anticipated to continue this trend during the forecast period.
- By application, the traumatic brain injuries segment was the major revenue contributor in 2017, and is anticipated to continue this trend during the forecast period.
- U.S. generated the highest revenue in the global brain monitoring market in 2017, accounting for more than two-fifths of the global market in 2017.
- LAMEA is estimated to grow at a CAGR of 8.9% during the forecast period.
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