The Brain Health Devices Market is Rising due to Increasing Incidences of Target Disorders
The Brain Health Devices Market is estimated to be valued at US$ 15.10 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Brain health devices include wearable devices and handheld devices for monitoring brain activity and diagnosing target disorders. These devices help diagnose neurological conditions like sleep disorders, epilepsy, migraines, Alzheimer’s, Parkinson’s and other dementias early and non-invasively through continuous monitoring of brain signals. The growing prevalence of neurological & sleep disorders and the subsequent increase in demand for effective diagnostic and monitoring devices are propelling the brain health devices market.
Key players operating in the Brain Health Devices Market Size are Medtronic plc, Natus Medical Incorporated, Advanced Brain Monitoring, Inc., ElectroCore LLC, Neuropace, Inc., Integra LifeSciences Corporation, Boston Scientific Corporation, LivaNova PLC, Masimo Corporation, Magstim, Soterix Medical Inc., Cadwell Industries, Inc., Cogmedix, Inc., Emotiv, Compumedics Limited, NeuroSky, Mindmaze, Philips Healthcare. Key players are focused on developing innovative devices with advanced features and expanded indications to gain a competitive edge in the market.
Key Takeaways
Key players:
Key players operating in the brain health devices are Medtronic plc, Natus Medical Incorporated, Advanced Brain Monitoring, Inc., ElectroCore LLC, Neuropace, Inc., Integra LifeSciences Corporation, Boston Scientific Corporation, LivaNova PLC, Masimo Corporation, Magstim, Soterix Medical Inc., Cadwell Industries, Inc., Cogmedix, Inc., Emotiv, Compumedics Limited, NeuroSky, Mindmaze, Philips Healthcare.
Growing demand:
The increasing prevalence of neurological disorders like Alzheimer's disease, Parkinson's disease, epilepsy and sleep disorders is driving the demand for brain health devices globally. Continuous monitoring solutions can help in early detection and timely intervention.
Global expansion:
Major players are focusing on expanding their global footprint through partnerships and distribution agreements to tap new growth opportunities. Regions like Asia Pacific and Latin America with a large patient pool and growing medical infrastructure present lucrative business opportunities.
Market Key Trends
Wearables for neurological monitoring is a key trend in the brain health devices market. The Brain Health Devices Market Size and Trends wearable brain monitoring devices are portable, comfortable to wear for long duration and enable continuous, real-time and ambulatory monitoring of brain activity and various vital signs. This provides valuable insights into disease progression and therapeutic response over extended periods compared to devices requiring hospital visits.Devices are being integrated with artificial intelligence capabilities for automated interpretation of brain signals and early detection of anomalies indicative of diseases.
Porter’s Analysis
Threat of new entrants: Low cost of production and lack of intellectual property rights barriers will enable new players to enter the market. However, the presence of major players with strong brand recognition and distribution networks pose a challenge for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in the fragmented brain health devices market due to the availability of various product options from different brands. However, switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used in brain health devices production such as silicon, semiconductors, and metals are commoditized.
Threat of new substitutes: Substitutes like CT scans and MRIs pose a limited threat currently due to their higher costs, inconvenience, and invasiveness compared to brain health devices. However, technological advancements may increase substitute threats in the future.
Competitive rivalry: The global brain health devices market is highly competitive due to the presence of major multinational players. Players compete based on technological innovations, device efficacies, and strategic collaborations.
Geographical Regions
North America holds the major share of the global brain health devices market and is expected to continue its dominance during the forecast period. Rising incidence of neurological disorders, supportive reimbursement policies, technologically advanced healthcare infrastructure, and increasing R&D investments by key players drive the North American market. Asia Pacific is poised to be the fastest-growing market for brain health devices from 2024 to 2031 fueled by growing healthcare expenditures, expanding medical tourism industries, and increasing awareness about neurological conditions in developing countries. China and India are projected to emerge as major markets in Asia Pacific during the forecast timeline. Europe holds the second-largest share globally led by advanced economies like Germany, UK, and France that are hubs for neurology research and development.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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