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May-2022

Global Brain Monitoring Market Size Is Estimated To Grow At A CAGR Of 7.22% From 2022 to 2027

Geographically, North America led the brain monitoring market in 2021.

As per our research report, the global brain monitoring market size is forecasted to be growing at a CAGR of 7.22% from 2022 to 2027 and worth USD 9.18 billion by 2027 from USD 6.48 billion in 2022.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/brain-monitoring-market

More than 239.1 million confirmed cases had been recorded worldwide as of October 12, 2021. (Source: Worldometers). SARS-COV-2 (the virus that causes COVID-19) primarily affects the respiratory system; COVID-19 has caused few neurological problems. The need for remote patient monitoring and patient engagement solutions has risen dramatically in response to the outbreak's urgency. To provide optimal treatment, most hospitals and healthcare facilities are actively attempting to spread patient monitoring to home care settings or other temporary setups. COVID-19, in contrast to brain monitoring devices, has resulted in a considerable increase in demand for ventilators, with manufacturers focusing their efforts on meeting that need. The pandemic is expected to have a negative impact on the brain monitoring market due to hospitals' increased attention to building COVID-19-specific ICUs and the temporary halt of manufacturing and manufacturing in key afflicted areas around the world.

MARKET DYNAMICS:

The global prevalence and incidence of dementia, epilepsy, Parkinson's disease, Huntington's disease, headache disorders, multiple sclerosis, neuro infections, stroke, and cerebral palsy have increased. Brain problems have surged to the top of the worldwide morbidity list, including developmental, behavioral, and neurodegenerative conditions. By 2050, nearly 20% of the world's population will be over 65 years old due to an increase in elderly individuals. According to the American Medical Association, at least 60% of persons aged 65 will have multiple chronic conditions by 2030.

As it requires direct involvement with delicate brain tissue, invasive monitoring is a complex, unpleasant, and hazardous procedure. As a result, non-invasive or minimally invasive brain monitoring devices have a high preference among doctors and patients. As a result, non-invasive ICP monitors, TCD devices, tympanic membrane displacement procedures, optic nerve sheath diameter, CT/MRI, and fundoscopy, which are reliable alternatives to invasive techniques, have seen a rapid increase in demand for their advantages, compelling market players to develop and commercialize such products.

The high cost of brain monitoring operations and devices is a key restraint on the global industry, particularly in underdeveloped countries with lax reimbursement rules. The procedures involving brain monitoring equipment are often expensive, and the devices themselves are highly complicated. For instance, the typical cost of a conventional EEG is USD 200–700; however, comprehensive monitoring might cost up to USD 3,000. An ICP monitor costs around USD 340–500, and a dual-channel TCD costs around USD 3,000–3,200. On the other hand, a single MEG system costs around USD 2.5–3 million. Healthcare facilities, especially in nations where high-tech medical equipment is widely used, find it challenging to obtain MEG devices due to their exorbitant cost. Furthermore, maintenance and other related indirect costs raise the overall cost of ownership of these devices, restricting their adoption.

Due to economic constraints, small hospitals and freestanding ASCs are less likely to invest in costly and complex equipment; this is especially true in developing nations. Because of the high expense of these procedures and the inadequate reimbursement situation, only a tiny percentage of patients in underdeveloped countries can afford them. As a result, hospitals are hesitant to invest in new or technologically advanced devices, limiting the market for brain monitoring.

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KEY MARKET INSIGHTS:

  • Based on the end-user, in 2021, the hospital segment held the most significant proportion of the global brain monitoring market. Brain monitoring is a demanding procedure that necessitates costly and complicated technology and equipment typically found in hospitals. In addition, hospitals receive significantly more patients than small clinics and other end users. Furthermore, brain monitoring devices impose a significant financial burden on healthcare facilities regarding maintenance expenditures; hospitals, more than other end-users, can tolerate these costs. As a result, most brain monitoring devices are used in hospitals, which account for the majority of this market segment.
  • Geographically, North America now dominates the brain monitoring market and is projected to remain so for a few more years. The United States had the largest share of the global market for brain monitoring in 2021. According to the National Institute of Mental Health (NIMH), one out of every four American individuals has a diagnosable mental condition each year, with approximately 6% having a significant disability. According to the same source, the annual expense of major mental illness in the United States surpasses USD 317 billion. The market in the United States has grown due to factors such as favorable reimbursement policies and increasing technology improvements (such as the creation of mobile EEG devices, real-time monitoring, and alarms).
  • Companies playing a significant role in the global brain monitoring market profiled in this report are Natus Medical, Inc., Nihon Kohden Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Compumedics, Ltd., Medtronic, CAS Medical Systems, Inc., Drägerwerk AG & Co. KGaA, Advanced Brain Monitoring, Masimo Corporation, Spiegelberg GmbH & Co. KG., Cadwell Industries and NeuroWave Systems, Inc.

Recent Market Developments:

  • Masimo and MS Westfalia GmbH (MSW) will expand their partnership in February 2020 to include Masimo SedLine Brain Function Monitoring, O3 Regional Oximetry, and the Oxygen Reserve Index (ORiTM) in the MSW Modular Point-of-Care Hybrid Jenny.
  • Medtronic plc, a global leader in medical technology, and Medicrea, a pioneer in the transformation of spinal surgery through artificial intelligence, predictive modeling, and patient-specific implants, announced today that they have entered into a tender offer agreement for all outstanding shares of Medicrea.
  • Rhythmlink International, LLC is thrilled to announce an intriguing new investment in December 2020. Chalgren Enterprises, a California-based medical device maker, has been acquired, adding to their already broad line of brain and nervous system monitoring products.
  • In December 2019, Raumedic, a medical technology company, introduced the Raumed Home ICP, a novel home-use gadget for intracranial pressure (ICP) monitoring. The product was created for patients with hydrocephalus, a disorder in which the brain accumulates excessive cerebrospinal fluid (CSF).

This report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/brain-monitoring-market/customization

SEGMENTS ANALYZED UNDER THIS REPORT:

By Product:

  • Magneto encephalography
  • Electroencephalograph
  • Cerebral Oximeters
  • Functional Magnetic Resonance Imaging (fMRI)
  • Intracranial Pressure Monitoring Devices

By Application:

  • Parkinson’s Disease
  • Traumatic Brain Injury
  • Epilepsy
  • Dementia
  • Sleep Disorders

By End-User:

  • Hospitals
  • Diagnostic Centres

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
Automotive

WRITTEN BY: Market Data Forecast

Market Data Forecast