Global Brain Monitoring Market Growing Dynamically: Projected to Grow at a CAGR of 5.8% in the Forecast Period
Published | 20 August 2021
Due to the increasing aging population and the growing prevalence of neurological disorders, the global brain monitoring market is expected to grow significantly in the near future. Also contributing to market growth is the increase in applications for brain monitoring in clinical trials...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global brain monitoring market was worth USD 6.2 billion in the year 2020. The data generated by the study further reveals that the market is estimated to grow at a CAGR of 5.8%, earning revenue of around USD 9.3 billion by the end of 2027. The global brain monitoring market is gaining substantial traction due to factors such as the rising prevalence of neurological diseases among all age groups, the adoption of advanced medical technologies, and the development of healthcare infrastructure in emerging economies. However, the high cost of brain monitoring devices, along with strict government policies may hamper the market growth.
High Demand for Minimally Invasive Surgeries Estimated to Boost the Market duringthe Forecast Period
With the development of non-invasive and minimally invasive surgeries and the increasing demand for brain monitoring devices, the industry has seen a significant uptick in demand. In minimally invasive surgeries, such as brain surgeries, monitoring devices are increasingly being used to ensure accuracy. Examples include MRI scanners, CT scanners, and cerebral oximeters. This is estimated to prominently influence the growth of brain monitoring devices over the coming years.
Rising Prevalence of Neurological Disorders Due to Poor Lifestyle Favoring Market Growth
One of the major factors pulling the demand for brain monitoring devices is the growing prevalence of neurological disorders caused by lifestyle and environmental factors. Neurological diseases are becoming more common in the younger population, primarily as a result of work and career fatigue. The risk of neurological disorders can also be increased by road accidents or other head injuries. Moreover, the stigma surrounding brain disorders makes the conditions worse.As a result of these factors, there are millions of cases of neurological disorders worldwide, and they are increasing at a rapid rate.
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The Hospital Segment Will Drive Significant Demand for Brain Monitoring Devices in the Forecast Period
Based on end-users, the global brain monitoring market is classified into hospitals, neurology centers, ambulatory surgery centers (ASCs) & clinics, diagnostic centers, and others. Among all the segments, hospitals have a high demand for brain monitoring devices. The reason for this is that brain monitoring is a complex process, which relies on advanced equipment, specialist skills, and knowledge usually found in the hospital setting rather than elsewhere. Further, since neurological diseases are common in most countries and regions, hospitals make the diagnosis and treatment of such diseases more accessible. However, with the mushrooming of neurology centers that deal specifically with neurological disorders, the hospital segment is expected to continue growing at a significant rate throughout the forecast period.
Global Brain Monitoring Market - Regional Insights
Geographically, the global brain monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the global brain monitoring market because of the high adoption of advanced medical technology in healthcare facilities, along with the high concentration of key industry participants. The Asia-Pacific region, however, is projected to witness the highest CAGR during the forecast period owing to the expansion of healthcare infrastructure in the APAC countries. Furthermore, the rising prevalence of neurological disorders and awareness surrounding such disorders are also some of the major factors propelling the demand for the brain monitoring market.
Impact of COVID-19 on the Global Brain Monitoring Market
The global brain monitoring devices witnessed a sudden slump during the initial phase of the COVID-19 pandemic. When COVID-19 was declared a pandemic, all healthcare facilities started focusing on managing and treating patients affected by the disease. In response, the market for respiratory devices, X-ray scanners, and remote monitoring devices grew dramatically. Yet the market for brain monitoring devices declined due to a temporary suspension of diagnosis and treatment for neurological disorders. However, the brain monitoring market will experience greater growth opportunities in the post-COVID-19 period, as poor lifestyle factors are expected to contribute to an increase in neurological disorders in the foreseeable future.
The leading market players in the global brain monitoring market are Compumedics, Nonin Medical Inc., Natus Medical Incorporated, Koninklijke Philips NV, Medtronic PLC, Cadwell Laboratories, Integra Lifesciences Holding Corporation, Advanced Brain Monitoring Inc., Nihon Kohden Corporation, Elekta AB, Masimo Corporation, CAS Medical Systems, Inc., Neurowave Systems, Inc., and other prominent players.
The presence of market giants like Medtronic PLC, Phillips, and Integra Lifesciences makes the market highly consolidated. However, many regional companies are emerging with great potential to give stiff competition to the global players. Additionally, the companies essentially focus on innovating and advancing their devices and products to stay ahead in the competition.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global brain monitoring market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global brain monitoring market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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