According to a new report made available by Radiant Insights, Inc.; the brain monitoring equipment market in the United States is projected to earn good revenue by 2022). It is expected to grow at a significant CAGR over the forecast period (from 2016 to 2022). Rising incidence of brain disorders such as multiple sclerosis, Alzheimer’s, and epilepsy is the key market driver. High demand from intensive care units is projected to further support the growth in the forthcoming years.
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Brain monitoring equipment can analyze abnormal brain waves. They assist in the neural and electrical activity within the brain. This can provide accurate readings to aid in medical diagnosis and course of treatment. The market is expected to witness steady rise in revenue in the forthcoming years. Revenue in the market has been sluggish due to the 2011 recession. However, technological advancements can cause positive impact on the global market.
Advancements in brain monitoring devices have led to their implementation in post and perioperative settings. For instance, Cortical Dynamics Ltd., a specialist in these devices launched the Brain Anesthesia Monitor to check the effect of anesthesia on patients during presurgery. This could reduce insurance claims related to intra-operative awareness during surgeries. Portability is a feature that could reduce the prices of these devices. Rise in geriatric populace and consumer awareness can further contribute to market growth during the forecast period.
The brain monitoring equipment market in the United States is segmented on the basis of types, applications, and regions. By types, the market is divided into Electroencephalography (EEG), Electromyography (EMG), Intracranial Pressure (ICP) monitors, Transcranial Doppler (TCD), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET), Magnetoencephalography (MEG), Computerized Tomography (CT), cerebral oximeters, and sleep monitoring devices.
EEG devices are expected to dominate the overall market till 2022. Applications in the treatment of epilepsy and sleep disorders are anticipated to drive the market. MRI may exhibit a high CAGR on account of technological advantages over the years to come. Applications in staging and diagnosis of neurological disorders are expected to further support the demand in the forthcoming years.
Major market applications encompass clinics & ambulatory surgery centers, hospitals, and others. Hospitals may lead the market on account of demand during the forecast period. Easy access to latest medical technologies is the key driver. High capacity to manage the inflow of patients as well as rapid installation of advanced brain monitoring equipment can further impel the expansion. Demand for cerebral oximeters and ICP monitors on account of growing cases of hypoxia can contribute to future market growth.
Geographically, the brain monitoring equipment market is fragmented into the Midwest, West, Southwest, South, Middle Atlantic, and New England. Recently, Neuronetrix, a Kentucky-based company, received FDA approval for its portable EEG device dubbed ‘Cognision System’. This device allows doctors to undertake patient tests in a clinical setting. In addition, it is also found successful in testing the effects of trial drugs that can be beneficial for brain disorders.
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Major players operating in the United States market for brain monitoring equipment are Advanced Brain Monitoring, Natus Medical Incorporated, Siemens Healthineers, Philips Healthcare, and Medtronic Public Limited Company. Acquisitions and product innovations are the chief business expansion strategies incorporated by most companies to sustain market competition.
Philips Healthcare recently completed its acquisition of Electrical Geodesics to extend its product portfolio. Its existing imaging technology could play a major role in shaping future products. The combination of clinical informatics and mapping tools can allow the company to provide better solutions targeting patient care.
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