Brain Monitoring Market to Witness Widespread Expansion During 2020
The increasing incidence of neurological disorders, rising awareness about neurodegenerative diseases, growth in the number of traumatic brain injuries, and technological advancements are major factors driving the demand for brain monitoring devices. On the other hand, the shortage of trained professionals to effectively operate brain monitoring devices and unfavorable reimbursement policies are restraining the growth of this market.
Demand for non-invasive brain monitoring modalities is high, owing to its better convenience, safety, and cost-effectiveness as compared to invasive brain monitoring devices. This has further encouraged manufacturers to increasing investments in non-invasive devices and technologies to cater to consumer demand. A portable brain injury scanner is a great addition to the brain monitoring industry. This is expected to further drive growth of the brain monitoring market during the forecast period (2016–2024).
Based on end user, the brain monitoring market is segmented into hospitals, neurology centers, clinics and ambulatory surgical centers (ASCs), ambulances, and other end users. In 2016, the hospitals segment is expected to dominate the global brain monitoring market. Hospitals have access to all kinds of equipment for proper diagnosis and also the inflow of patients is considerably higher in hospitals as compared to other healthcare settings. Moreover, hospitals have a better capacity to afford the high installation and maintenance costs of these complex devices. As a result, the adoption of brain monitoring devices is higher in hospitals as compared to other healthcare settings.
The global brain monitoring market is also segmented on the basis of application into epilepsy, dementia, Huntington’s disease, Parkinson’s disease, stroke, traumatic brain injuries, headache disorders, sleep disorders, and others. Hospitals, neurological centers, diagnostic centers, ambulatory surgical centers, and others is the segmentation of the global market of brain monitoring on the basis of end user. Hospitals are the major end users, as they have a considerably high patient flow, high investment capacity, and wide availability of healthcare resources to effectively serve the patient’s need.
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Based on procedure, the brain monitoring devices market is segmented into invasive and noninvasive devices. In 2016, the noninvasive devices segment is expected to account for the largest share. Noninvasive brain monitoring is much easier, quicker, safer, and cost-effective than invasive methods. Hence, the demand for noninvasive brain monitoring modalities is increasing among medical practitioners and patients. This demand had fueled R&D activities for the development of more accurate and easy to use noninvasive wearable devices that do not require skilled professionals for handling. These are some factors driving the market for noninvasive brain monitoring devices. In addition, a number of market players are focusing on the development of noninvasive brain monitoring devices; this is expected to support market growth during the forecast period.
Plethora of untapped opportunities in emerging economies
The World Health Organization (WHO) has devised a Mental Health Action Plan 2013-2020 with certain objectives in order to provide comprehensive responsive mental health and social care services to the global population. Neurological disease burden is especially high in emerging economies, which has resulted in renewed efforts by government and non-government agencies to tackle this menace. Market players can gain significant growth in Asia Pacific, Middle East, Latin America and Africa regions for their brain monitoring modalities and services, provided they focus on development of low-cost products and strengthen collaborations with healthcare facilities. Developed world, including North America and Western Europe require more advanced monitoring devices to be compatible with rapidly changing technology. This entails research and time for commercialization, until which market players can cash in on sales of their existing products in emerging global economies. This creates highly lucrative opportunities for players in the global brain monitoring market and these factors are expected to be prevalent through the forecast period (2016–2024).
Some of the major players in the global brain monitoring market are BrainScope Company, Inc., Neural Analytics, GE Healthcare, InfraSacn, Inc., Elekta A.B., Siemens Healthineers, Philips Healthcare, Natus Medical, Medtronic, Neurosoft Limited, and Cadwell Laboratories.
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