Brain Health Devices Market is Estimated to Witness High Growth Owing to Opportunity in Monitoring and Managing Neurological Disorders

Brain health devices are medical devices used for monitoring, diagnosis, and treatment of neurological disorders. Some key brain health devices include electroencephalography (EEG) devices, intracranial pressure (ICP) monitors, magnetoencephalography (MEG) devices, transcranial magnetic stimulation (TMS) devices, and functional magnetic resonance imaging (fMRI) devices. EEG devices are widely used for diagnosis of epilepsy and sleep disorders. ICP monitors help in continuous monitoring of pressure inside the skull which aids in management of traumatic brain injury or brain tumor. MEG and fMRI devices provide functional and anatomical information about the brain which assist in diagnosis and treatment of various neurological conditions. Rising prevalence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and stroke is expected to drive the demand for effective monitoring and treatment modalities like brain health devices. The global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity: The growing number of neurological disorders poses a major healthcare challenge. Currently, there are over 1 billion people suffering from neurological disorders worldwide. Neurological disorders are the leading cause of disability and a major contributor to the global disease burden. Effective monitoring and management of these disorders can help improve quality of life for millions of patients. Brain health devices provide reliable tools for continuous monitoring of brain activity and functions. This aids clinicians in early diagnosis, detecting relapse or progression of the disease, and modifying treatment plans accordingly. Rising investments in development of advanced diagnostic and monitoring technologies present significant growth opportunities for brain health devices market in coming years.

Porter’s Analysis
Threat of new entrants: The brain health devices market requires high R&D investment and regulatory compliance which acts as a barrier for new entrants.

Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of devices whereas large hospitals can negotiate on price and quality.

Bargaining power of suppliers: A few large companies dominate the supply of specialized components and technologies giving them substantial bargaining power.

Threat of new substitutes: Alternatives like digital biomarkers and neurological assessment apps pose potential threat.

Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation, quality and expansion to newer regions.

SWOT Analysis
Strength: Advanced technologies, rising healthcare spending, growing aging population driving demand.

Weakness: High device costs, lack of skilled professionals, reimbursement issues in some countries.

Opportunity: Untapped regions, incorporation of AI and data analytics, home healthcare expansion.

Threats: Stringent regulations, data privacy concerns, reimbursement cuts, intellectual property risks.

Key Takeaways
The global Brain Health Devices Market is expected to witness high growth over the forecast period supported by rising neurological disorders, increasing aging population and favorable reimbursement scenario in developed countries.

Regional Analysis: North America dominates currently due to regulatory approvals and availability of advanced healthcare infrastructure while Asia Pacific is anticipated to exhibit fastest growth with growing healthcare expenditures in major countries.

Key players operating in the Brain Health Devices market are BrainScope Company, Inc., Bio-Signal Group Corp., Cadwell Industries, Inc. Advanced Brain Monitoring, Inc., Compumedics Ltd., Elekta, DePuy Synthes, Electrical Geodesics, Inc., Medtronic, GE Healthcare, MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems Inc., Nihon Kohden Corporation, and Philips Healthcare. Major companies are focusing on new product launches and obtaining regulatory clearances to expand their portfolio and geographic presence. For instance, in 2023, BrainScope received FDA clearance for its handheld device to assess brain health.