VANCOUVER, BC, Feb. 14, 2023 /PRNewswire/ -- The brain monitoring market size reached USD 5.80 Billion in 2021 and is expected to register a CAGR of 6.5% during the forecast period, according to latest analysis by Emergen Research. One key factor driving market revenue growth is increasing number of clinical trials resulting in more advanced technologies coming into the market. For instance, on 04 November 2022, the US Food and Drug Administration (FDA) has given its approval to Neurosteer's single-channel electroencephalogram (EEG) brain monitoring technology. Given the regulatory approval, a variety of therapeutic settings can now utilize the inconspicuous multi-purpose EEG System. Pharmaceutical firms are now validating the brain monitoring system through clinical trials and employing it for patient screening as well as medication efficacy testing.
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Drivers:
Demand for brain monitoring has significantly increased over the years owing to rising prevalence of traumatic brain injuries. The largest numbers as well as rates of hospitalizations and fatalities from Traumatic Brain Injuries (TBI) occur in individuals 75 years of age and older. Approximately 32% of TBI-related hospitalizations and 28% of TBI-related fatalities occur in this age range. Males are almost twice more probable than females to require hospitalization and are three times as probable to pass away from a TBI. Monitoring a patient with a TBI is generally done to stop further brain damage, especially cerebral ischemia.
Restraints:
There are numerous issues and difficulties facing the brain monitoring industry. High cost of brain monitoring procedures is one such factor. For instance, a form of medical imaging scan called magnetic resonance imaging (MRI) creates precise images of various bodily regions to aid in the diagnosis of illnesses. An MRI can cost anywhere between USD 400 to USD 12,000 on average, based on health insurance, region, supplementary drugs, the practitioner, and body area examined. Authorized MRIs are frequently covered by health insurance. Consumers could still have to pay for things like deductibles, coinsurance, or copays.
Growth Projections:
The brain monitoring market is expected to register a CAGR of 6.5% over the forecast period and revenue is projected to increase from USD 5.80 Billion in 2021 to USD 10.30 Billion in 2030. Tailored treatment possibilities in various diseases such as epilepsy stand as a growing opportunity for rapid development, driving demand for brain monitoring. For instance, the ongoing recording of brain activity in the clinic or at home by a new generation of long-term brain monitoring devices has the potential to significantly enhance the treatment of epilepsy patients. Researchers will eventually be able to optimize and tailor treatment for each patient using the Wyss Center's Epios system owing to new technology. On 29 September 2021, the Wyss Center announced that their Epios Cloud software has received the Class I medical device CE (Conformité Européenne) designation. The web-based Epios Cloud program allows for the online processing, archiving, and analysis of neural signals, including the ultra-long-term information collected by a new generation of remote brain monitoring devices.
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Current Trends and Innovations:
The brain monitoring industry is undergoing gradual change as a result of new technology and innovations. For instance, in order to assess how an individual's mental health conditions change over time, researchers have created portable brain monitoring equipment. The gadget will assist in gathering and analyzing data to be used as an objective assessment of depression by utilizing a component known as electroencephalography (EEG), which analyzes patterns of electrical activity in the brain. Furthermore, on 20 October 2022, to guarantee that severely sick patients receive the best treatment possible, NCH Healthcare System announced the beginning of a new initiative called Ceribell Rapid Electroencephalogram Brain Monitoring. The Rapid EEG is an innovative early warning device that offers a significant marker for brain health. The technique was created to solve the shortcomings of traditional EEG in order to evaluate individuals at risk of seizures considerably faster.
Strategic Initiatives:
Major companies included in the market report are Natus Medical Incorporated, Nihon Kohden Corporation, Koninklijke Philips N.V., General Electric, Siemens Healthcare GmbH, Compumedics Limited, Medtronic, Edwards Lifesciences Corporation, Advanced Brain Monitoring, Inc., Drägerwerk AG & Co. KGaA.
- On 03 March 2022, a leading provider of consumer neurotechnology and meditation products, Interaxon Inc., announced the release of their VR Software Development Kit (SDK) and a new EEG headband that is compatible with all popular VR head-mounted displays (HMDs). This new headband is based on Interaxon's Muse S, their second-generation EEG meditation and sleep headband. Using their award-winning biosensing technology in VR and AR applications, Interaxon hopes to offer strategic collaboration prospects for advancements in brain health with this launch.
- On 14 November 2022, in order to develop a new method for the simultaneous brain as well as physiological measurement that can be applied outside of the lab setting, EMOTIV, a bioinformatics company that uses electroencephalography (EEG) to advance understanding of the human brain, and X-trodes, a business that provides wireless healthcare monitoring solutions to the home environment, have announced their collaboration.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 5.80 Billion |
CAGR (2022-2030) | 6.5 % |
Revenue Forecast to 2030 | USD 10.30 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2021-2030 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Product, procedure, medical condition, end-use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
Key Companies Profiled | Natus Medical Incorporated, NIHON KOHDEN CORPORATION, Koninklijke Philips N.V., General Electric, Siemens Healthcare GmbH, Compumedics Limited, Medtronic, Edwards Lifesciences Corporation, Advanced Brain Monitoring, Inc., Drägerwerk AG & Co. KGaA |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented brain monitoring market on the basis of product, procedure, medical condition, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2030)
- MRI Scanners
- CT Scanners
- EEG Devices
- PET Scanners
- Sleep Monitoring Devices
- Cerebral Oximeters
- EMG Devices
- ICP Monitors
- MEG Devices
- TCD Devices
- Accessories
- Electrodes
- Wet Electrodes
- Dry Electrodes
- Needle Electrodes
- Sensors
- Pastes & Gels
- Caps
- Batteries
- Cables
- Others
- Others
- Procedure Outlook (Revenue, USD Billion; 2019-2030)
- Invasive
- Non-Invasive
- Medical Condition Outlook (Revenue, USD Billion; 2019-2030)
- Traumatic Brain Injury
- Stroke
- Dementia
- Headache Disorders
- Sleep Disorders
- Parkinson's Disease
- Epilepsy
- Huntington Disease
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Neurology Centers
- Ambulatory Surgery Centers & Clinics
- Diagnostic Centers
- Others
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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