The brain health devices market involves products and services for monitoring brain activities and treating neurological conditions. Brain health devices include EEG systems, MEG systems, ICU monitoring devices, cerebral and tissue oxygen monitors, and neurostimulation devices. These devices help diagnose neurological disorders like epilepsy, Alzheimer's, Parkinson's, stroke, migraine, sleep disorders through non-invasive imaging of brain activity. The global demand for brain health devices has increased owing to the rising geriatric population and growing incidence of neurological ailments.
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 2023-2030.
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. These companies are investing in R&D to develop advanced devices with improved portability, mobility and higher precision for clinical decision making.
The increasing incidence of neurological disorders like Alzheimer’s and stroke attributed to sedentary lifestyle and aging population is creating growth opportunities for early disease diagnosis and treatment monitoring through brain health devices. Governments across regions are supporting market growth through favorable reimbursement policies for brain health devices and services.
The global expansion of key players through strategic acquisitions and partnerships with local medtech companies as well as healthcare provider networks in emerging economies of Asia Pacific, Latin America, Middle East and Africa is positively impacting market growth. Advanced economies like United States and Europe are major revenue generators for brain health devices currently however emerging regions are expected to provide high growth opportunities during the forecast period.
Market Drivers
The key driver for the growth of brain health devices market is the rising prevalence of neurological disorders worldwide. According to WHO, neurological disorders affect over 1 billion people globally with migraine alone affecting nearly 15% people. The high and growing incidence of conditions such as Alzheimer's disease, Parkinson's disease, epilepsy, stroke is fueling the demand for brain health devices for diagnosis and ongoing monitoring of these conditions and treatment effectiveness. This is propelling R&D investments by players for advanced devices which can aid early-stage and efficient disease management. Other factors driving the brain health devices market include growing geriatric population vulnerable to neurological disorders, increasing healthcare spending, and availability of reimbursements.
PEST Analysis
Political: The Brain health devices market is positively impacted due to growing awareness and policies support for improving healthcare services. Regulations related to manufacturing standards ensure patient safety.
Economic: Rising per capita income and healthcare spending capabilities fuel demand for advanced medical technologies in developed regions. Developing economies witness increasing investment in the healthcare infrastructure and services.
Social: A growing aging population and increased incidence of neurological disorders drive the need for effective diagnostic and therapeutic solutions. Consumers seek advanced treatment options.
Technological: Manufacturers focus on developing innovative and non-invasive products incorporating cutting-edge techniques like AI integration. Connectivity capabilities support enhanced monitoring and management of medical conditions.
The regions of North America and Western Europe hold the major share of the overall brain health devices market value owing to established healthcare infrastructure and greater awareness levels. The rising healthcare expenditures further boost the adoption of advanced medical technologies in countries like the US and Germany.
The Asia Pacific region shows high-growth potential due to its large patient pool coupled with growing medical tourism across countries such as India and China. There is increased availability of low-cost treatment options and improved access to healthcare services. The growing middle-class demographics with increasing disposable incomes also contributes to market development.
