Brain Health Devices Market:
Brain health devices or brain monitoring devices include EMG, CT scan, EEG, MEG, MRI, TCD devices, ICP monitors, cerebral oximeters and other implantable brain devices are used to know the position of the patient suffering from neurological disorders like epilepsy, stroke, dementia, Parkinson’s disease, sleep disorder, brain tumor, etc. are being widely used to control and monitor brain activity and also to analyze the anesthesia and sedative effect. The prevalence of neurological disorders and knowledge of the disease and treatment is responsible for driving the importance of brain health devices.
In 2015, the global brain health devices market was valued at US$ 7,438.0 Mn and is expected to reach US$ 14,586.9 Mn by 2024 according to the latest market research. From 2016 to 2024, it has a probability of expanding at a CAGR of 7.4%. In 2015, the neurological disorder constituted approximately 6.3% of the global disease burden, among which more than half of the burden on DALY (disability-adjusted life years) is contributed by cerebrovascular disease, 12% by Alzheimer’s and other dementias and 8% each for epilepsy and migraine according to WHO.
The key factors for increasing the demand for the brain health devices market are traumatic brain injury (TBI), stroke and cardiac procedures. The increase in the geriatric population, the technological advance that takes place in the devices for functionality and efficiency also plays an important role. This device ranks in the high adoption rate of the new technically advanced monitoring devices in the market.
The global market for brain health devices is segmented by type of product, procedure, application, and end-users. The Product type includes health devices and accessories. The Procedure type includes invasive and non-invasive. And the Application type includes Epilepsy, Brain Injuries, Parkinson’s disease, Sleep Disorders, Tumors, Stroke, and Others. End-users type include hospitals, neurological centers ambulatory surgical centers, ambulances, and others. The influx of patients is more in hospitals compared to other health service providers. The installation and maintenance costs are easily managed by hospitals.
The global brain health devices market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America occupies the dominant position in the market, for the product approvals from the U.S. North American countries also ranks in Food and Drug Administration. The market for brain health devices in Asia and the Pacific is expected to witness significant growth during the forecast period due to the high demand for technologically advanced products for the control of brain dysfunctions, together with the increasing prevalence of neurological disorders in both developed and developing countries.
The current report on the global market for brain monitoring devices provides an analysis of the trends that are expected to affect market prospects for 2019-2025. The factor that has the potential to influence the market and contribute to its growth or decline is the new trend. It is considered that the global brain monitoring devices market will grow at a CAGR of around 9% during the forecast period. Health informatics deals with the recovery, communication, processing, storage, restoration and use of health information.
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