1. Health

Brain Health Devices Market Driven by Increasing Incidence of Neurological Disorders

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The brain health devices market has seen substantial growth in recent years. Brain health devices such as electroencephalography (EEG) devices, magnetoencephalography (MEG) devices, transcranial doppler (TCD) devices and intracranial pressure (ICP) monitors help diagnose several neurological conditions by evaluating brain signals and activities. EEG devices measure and record electrical impulses of neurons present in the brain using electrodes placed on the scalp. MEG devices measure the magnetic fields produced by electrical currents in the brain. TCD uses ultrasound technology to measure blood flow velocity through the brain's arteries and veins. ICP monitors inserted through burr holes measure the pressure inside the skull. These brain health devices play a vital role in early detection and management of neurological disorders like epilepsy, dementia, traumatic brain injury and stroke.

The Global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.

Key Takeaways
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.

Growing geriatric population and rising prevalence of neurological disorders like Alzheimer's disease, Parkinson's disease, epilepsy and traumatic brain injuries are fueling the demand for brain health devices across the globe. According to WHO, 60-70 million people suffer from epilepsy worldwide. Approximately 50 million people have Alzheimer's disease globally.
Technological advancements are enabling miniaturization and portability of brain health devices. Wireless and cloud-based features are improving accessibility and ease of use. AI-powered features are enhancing accuracy and precision of brain signal analysis offered by these devices.

Market Trends
Personalized medicine is emerging as a key trend in the brain health devices market. Brain mapping and analysis capabilities of these devices are helping deliver customized treatment plans for patients. Growing popularity of ambulatory and home healthcare is augmenting the demand for portable and wearable brain monitoring devices for remote patient monitoring.
Adoption of hybrid brain monitoring devices integrating multiple technologies like EEG, MEG is gaining traction. Hybrid devices provide comprehensive brain profiling capabilities with improved accuracy. Integration of digital technologies like AI, IoT and augmented reality is opening new growth avenues by making brain health solutions more effective and affordable.

Market Opportunities
Untapped potential in developing regions owing to limited accessibility and affordability of brain health devices presents lucrative growth prospects. Favorable regulations and initiatives to strengthen healthcare infrastructure in emerging nations will boost the market expansion.
Growing R&D to develop innovative solutions like non-invasive brain computer interface devices based on EEG/MEG technology holds promise. Application of brain health devices expands beyond neurology to psycho-physiology research, psychology and cognitive studies offering significant opportunities.

Impact of COVID-19 on Brain Health Devices Market
The outbreak of COVID-19 has significantly impacted the growth of the brain health devices market. Due to lockdowns and social distancing measures imposed worldwide, diagnostics and treatment of brain disorders saw a considerable decline at the start of the pandemic. Hospitals focused more on treating COVID-19 patients which reduced the number of neurology related appointments and elective surgeries. This led to a slowdown in the adoption of brain monitoring devices.

However, as restrictions ease globally, the market is recovering steadily. With rising cases of post-COVID neurological complications such as stroke, headache, decreased attention span etc. the demand for brain health monitoring is increasing. Moreover, the need to remotely diagnose and monitor patients through digital health solutions is also driving the market. Many players are launching telehealth integrated brain devices to enable virtual neurology consultations and remote patient monitoring. They are also focusing on developing devices suitable for home healthcare to minimize patient visits to hospitals and clinics. Overall, the long-term growth prospects of the market remain positive as the risk of neurological problems continues to raise awareness about brain health screening and management.

In terms of geography, North America currently dominates the brain health devices market in terms of value. This is attributed to the rising prevalence of neurodegenerative diseases, growing geriatric population, high healthcare spending and presence of major players in the region. However, Asia Pacific is projected to be the fastest growing market during the forecast period owing to increasing healthcare investments, expanding medical infrastructure and growing awareness about brain disease diagnosis and treatment. China and India especially are expected to offer lucrative opportunities for players operating in the brain health devices sector. The rising patient population and demand for advanced care in these developing Asian countries will significantly drive the regional market.

Europe currently holds the second largest share in the global brain health devices industry. This can be credited to the well-developed healthcare system and supportive reimbursement scenario in countries like Germany, France and the UK. Favorable government initiatives to promote digital health also contribute to the large market size. Meanwhile, Latin America and Middle East & Africa provide ample opportunities for market participants due to improving access to diagnostics and a gradual rise in healthcare expenditures over the coming years. With growing medical needs, these emerging regions indicate strong growth potential for brain health devices.

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