Published Date : 22 Jun 2023
The global brain monitoring devices market size was evaluated at USD 6.66 billion in 2022 and is expected to attain around USD 9.2 billion by 2030, growing at a CAGR of 4.11% from 2022 to 2030.
North American region has dominated the market in the past due to the good amount of infrastructure in the healthcare sector. Constant research and development in this region will also lead to the growth of the market. High amounts of funds are received from private companies as well as the government in various nations of North America which will lead to increased use of these devices and it will also lead to the introduction of technologically advanced devices in the coming years. The number of patients suffering from Parkinson's disease, Huntington's disease, epilepsy, cerebral palsy and accidents has also increased significantly in the North American region due to which the need for brain monitoring devices will grow significantly during the forecast period. Favorable reimbursement policies and the number of companies that provide insurance are available largely in the North American region.
The Asia Pacific region is expected to reach at strongest CAGR during the forecast period. Government initiatives taken in the Asia Pacific region, especially in the countries like Japan, China and India have increased in recent years and these initiatives have played an instrumental role in increasing awareness regarding the availability of various devices used for the monitoring of the brain and this will also lead to increased adoption of the technology advanced devices in the hospitals as well as the diagnostic centers.
Brain Monitoring Devices Market Report Scope:
|Market Revenue in 2023||USD 6.94 Billion|
|Projected Forecast Revenue in 2030||USD 9.2 Billion|
|Growth Rate from 2022 to 2030||CAGR of 4.11%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Growing crystals of neurological disorders has led to an increased demand for brain monitoring devices in recent years. The adoption of technologically advanced brain monitoring devices has grown significantly in developed nations as well as developing nations across the world. Parkinson's disease, Huntington's disease, epilepsy, dementia, multiple sclerosis, cerebral Plassey and headaches are some of the diseases that have led to increased adoption of these devices to a great extent. The growing geriatric population is another reason why the market growth will be increased in the coming years.
Neurodegenerative disorders psychiatric disorders and developmental disorders are some of the reasons that will drive the market growth for brain monitoring devices in the coming years. As the number of deaths occurring due to various diseases associated with the brain have increased across the globe the need for these devices will also increase. The number of accidents taking place and the injuries to the head caused due to such accidents will lead to increased adoption and need for these procedures. As the cases of chronic conditions have also increased especially in the countries like the United States of North America the need for these devices will increase. Many cardiac procedures need devices for understanding the functioning of the brain as the surgeries performed due to heart conditions may hamper the functioning of the brain.
As the amount of cost incurred on acquiring the devices used for brain monitoring is extremely high the market growth will be hampered to a great extent. Performing the procedures or activities through the use of these devices are also expensive in many nations and the unfavorable reimbursement policies in developing nations will hamper the growth of the market. in most of the developing nations, the healthcare facilities are not developed and the adoption of advanced equipment is also less. As the maintenance of these devices increases the amount of expenses for the hospitals or the diagnostic centers the adoption of such devices will be limited.
Major opportunities will be provided for the growth of this market due to the introduction of noninvasive or minimally invasive devices used for brain monitoring. In visual procedures are painful risky and extremely complex. Brain tissues are sensitive and the direct intervention will cause unnecessary complications. Most of the doctors as well as the patients are highly inclined toward the use of noninvasive or minimally invasive procedures. Some of the alternatives or options available in the market are TCD devices ICP monitors and magnetic resonance imaging Most of these alternatives available in the market are extremely reliable. Initiatives taken by the government in most of the regions are extremely beneficial for the introduction of innovative devices or the use of novel devices. Research projects and activities conducted by the government for the use of these devices and the monitoring of brain functions will also help in creating awareness regarding the availability of these devices.
Unfavorable reimbursement policies in developing nations will prove to be a major challenge in the growth of the market. The expensive procedures are another challenge that the industry faces.
Major Key Players:
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