The brain monitoring market is undergoing a dynamic transformation, propelled by the healthcare industry's focus on early detection and prevention of neurological disorders. This report by Future Market Insights, Inc. unveils the key trends shaping this market and the opportunities they present for stakeholders.
NEWARK, Del., Feb. 6, 2024 /PRNewswire/ -- The brain monitoring market size is poised to cross US$ 6.7 billion in 2024 and is likely to attain a valuation of US$ 12.5 billion by 2034. The sales of brain monitoring systems are projected to develop at a CAGR of 6.5% from 2024 to 2034.
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The industry's growing emphasis on timely detection and avoidance of neurological illnesses is redefining business approaches in the brain monitoring sector. Businesses prioritizing research and development to enhance early detection skills are positioning themselves as industry leaders in a market driven by an increasing consciousness of proactive healthcare. By forging partnerships with pharmaceutical companies, academic institutions, and healthcare systems, this trend gives businesses a competitive advantage in the market and establishes them as leaders in preventive neurology.
As consumer interest in cognitive health and performance enhancement grows, consumer-grade brain monitoring gadgets are emerging to take advantage of this trend. Businesses that provide easy-to-use at-home monitoring systems are capitalizing on the growing number of people concerned about their health. This trend helps organizations navigate the competitive environment of consumer-oriented neurotech by fostering relationships with fitness and wellness brands, direct-to-consumer sales methods, and subscription-based revenue models. These initiatives create a diverse income stream.
The inclination towards amalgamating several modalities for brain monitoring, such as merging EEG with fMRI or NIRS, denotes a tactical transition towards all-encompassing data gathering. Businesses using multi-modal techniques are positioned as pioneers in offering a comprehensive understanding of brain function, which is crucial for use in clinical and research contexts. With the help of this trend, companies may set themselves apart from the competition, work together with suppliers of imaging technology, and meet the increasing need for integrated solutions that provide deeper insights into neurological health.
"Successfully navigating the changing brain monitoring market requires a deep grasp of the numerous healthcare demands, constant innovation, regulatory compliance, and strategic partnerships that align with new health trends. A comprehensive approach that prioritizes adaptation, innovative problem-solving, and a commitment to sustainability is essential for successfully navigating this volatile environment." Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Report
- The global brain monitoring market size expanded at an 8.1% CAGR through 2034.
- The devices segment is projected to rise at a 6.3% CAGR through 2034.
- The invasive procedure segment is expected to develop at a 6.1% CAGR through 2034.
- The brain monitoring industry in Japan is anticipated to develop at a 7.6% CAGR through 2034.
- The market size in the United Kingdom is estimated to surge at a 5.1% CAGR through 2034.
- The market for brain monitoring in South Korea is expected to thrive at an 8.3% CAGR through 2034.
- The market size in the United States is projected to rise at a 6.8% CAGR through 2034.
Competitive Landscape
An active rivalry distinguishes the brain monitoring market between well-established industry leaders, cutting-edge startups, and multinational healthcare technology conglomerates. With a broad range of brain monitoring systems, leading companies like GE Healthcare, Koninklijke Philips, and Medtronic dominate the industry owing to their global reach and strong R&D departments. These market leaders frequently establish industry standards, engage in strategic partnerships, and keep a strong supply of cutting-edge technology on hand to remain ahead of the curve.
Key Players in the Brain Monitoring Market
- Natus Medical Incorporated
- Medtronic plc
- Koninklijke Philips N.V.
- GE Healthcare
- Siemens Healthineers
- Compumedics Limited
- BrainScope Company, Inc.
- NeuroWave Systems Inc.
- Nihon Kohden Corporation
- Cadwell Industries, Inc.
- Elekta AB
- Advanced Brain Monitoring
- CAS Medical Systems, Inc.
- NCC Medical Co., Ltd.
- Neurosoft
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Recent Developments
- In January 2024, researchers at the University of California, San Diego (UCSD) developed a brain implant that can provide high-resolution insights into deep cerebral function without invasive procedures. The finding, reported in Nature Nanotechnology, is a significant step toward constructing a minimally invasive brain-computer interface (BCI) that can reveal new insights into the brain's workings.
- In September 2023, NTT Communications Corporation (NTT Com), the NTT group's ICT solutions and international communications division, announced the beginning of a trial of 'Brain Health Check Plus,' 1 a dial-up navigation service that leverages AI capability to identify early indicators of cognitive impairment.
Brain Monitoring Market Segmentation
By Products:
- Devices
- Melectroencephalography (EEG) Devices
- Magnetoencephalography (MEG) Devices
- Transcranial Doppler (TCD) Devices
- Intracranial Pressure (ICP) Monitors
- Cerebral Oximeters
- Magnetic Resonance Imaging (MRI) Devices
- Computerized Tomography (C.T.) Devices
- Positron Emission Tomography (PET) Devices
- Sleep Monitoring Devices
- Electromyography (EMG) Devices
- Accessories
- Electrodes
- Sensors
- Pastes & gels
- Caps
- Cables
- Batteries
- Others
By Procedure:
- Invasive
- Non-invasive
By Application:
- Traumatic brain injury (TBI)
- Stroke
- Dementia
- Headache disorders
- Sleep disorders
- Parkinson's disease
- Epilepsy
- Huntington's disease
- Other diseases
By End User:
- Hospitals
- Neurology Centres
- Clinics & ASC
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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