The brain health devices market consists of various devices used to monitor and diagnose brain-related issues such as brain activity monitors, electroencephalogram (EEG), intracranial pressure monitors, and transcranial Doppler devices. These devices help detect neurological disorders at an early stage to enable timely intervention. The growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and epilepsy is driving the demand for effective diagnostic and monitoring solutions. Brain injuries from trauma or strokes also necessitate monitoring of brain activity and functions using specialized medical devices. Brain health devices offer non-invasive insights into brain functionalities and help clinicians make informed treatment decisions.
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:
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.
Key opportunities:
- Rising awareness regarding brain health issues and availability of reimbursement for neurodiagnostic procedures will drive the adoption of advanced brain health devices.
- The untapped potential in emerging markets in Asia Pacific and Latin America provides lucrative growth opportunities for established as well as budding players.
Global Expansion:
- GE Healthcare recently launched two new MRI systems, SIGNA Premier and SIGNA Architect in India to increase accessibility of high-quality brain imaging technology in the country.
- Philips has collaborated with various hospitals in Europe and the US to install neurological monitoring and therapy devices targeting stroke and epilepsy management.
Market Drivers
- Increasing incidence of neurological disorders is a key factor propelling the growth of the brain health devices market. Currently, over 70 million people are affected by epilepsy worldwide.
- Favorable regulatory environment supporting new product approvals coupled with promising pipeline of devices is anticipated to drive the market.
Market Restraints
- High cost of advanced neuromonitoring devices restricts patient access and adoption rates in developing regions.
- Lack of comprehensive insurance coverage and reimbursement policies for brain health devices in certain countries hinder market potential.
Segment Analysis
The brain health devices market encompasses three key sub segments: Electroencephalography (EEG) devices, Magnetoencephalography (MEG) devices, and intracranial pressure (ICP) monitoring devices. The dominant sub segment within this market is EEG devices with a market share of around 60% in 2024. This is because EEG devices are extensively used for monitoring brain activity in conditions like epilepsy, sleep disorders, and neurological conditions. They provide critical insights into brain functioning in a non-invasive manner and are widely adopted across healthcare settings.
Global Analysis
Regionally, North America dominates the brain health devices market with the highest revenue share of around 40% in 2024. This is owing to growing incidence of neurological disorders, favourable reimbursement policies, rising geriatric population susceptible to such conditions, and high acceptance of advanced medical devices in the region. The Asia Pacific region is poised to be the fastest growing market during the forecast period driven by factors such as improving healthcare infrastructure, increasing disposable incomes, rising medical tourism, and growing awareness regarding brain health issues.
