Global Brain Monitoring Market Research Report: Forecast (2024-2030)

Market Definition

Brain monitoring involves observing and recording brain activity using techniques like electroencephalography (EEG), functional magnetic resonance imaging (fMRI), and magnetoencephalography (MEG). It's used in medical settings to diagnose and monitor conditions such as epilepsy, sleep disorders, and brain injuries, as well as in research to study brain function and cognition.

Market Insights & Analysis: Global Brain Monitoring Market (2024-30):

The Global Brain Monitoring Market size was valued at USD 3.3 billion in 2023 and is estimated to grow at a CAGR of around 7.4% during the forecast period, i.e., 2024-30. The market for brain monitoring is rapidly expanding due to various factors, such as an uptick in the occurrence and recognition of neurological disorders, a surge in traumatic head injuries, and heightened utilization within clinical testing. Furthermore, there's a mounting need for equipment that provides minimal or non-invasive procedures that expand therapeutic options while newly developed healthcare sectors present incremental prospects.

Besides, sickle-cell diseases and cardiac ailments contribute greatly to brain and nervous issues that make matters worse, and some heart procedures also disturb typical brain activity, thus requiring devices that can observe such functioning accurately. Also, to promote innovation in medical devices, multiple government endeavors focus their efforts on facilitating research & development to comprehend how our brains function.

Additionally, IARPA partners with this venture and directs its attention towards crafting non-intrusive neural intervention tools meant for improving cognitive aptitudes associated with logical reasoning as well as problem-solving capacity.

Global Brain Monitoring Market Driver:

Rising Frequency & Occurrence of Neurological Disorders – As the occurrence of neurological disorders worsens with age, it's crucial to closely monitor brain and nervous system functionality. Globally, there is an upward trend of neurological disorders comprising dementia, epilepsy, Parkinson's disease, Huntington's disease, and cerebral palsy, which lead to augmented mortality rates linked with psychiatric or developmental problems. The contributing factor to the surge revolves around a rapidly rising elderly population, accounting for over 20% of individuals worldwide aged above 65 years by the year 2030, as estimated by the American Medical Association. With aging comes chronic age-related illnesses affecting roughly 60% before hitting this threshold even before the anticipated period within three years (2024).

Global Brain Monitoring Market Opportunity:

Growing Need for Devices That Are Non-invasive or Minimally Invasive – Due to the complexity of invasive monitoring techniques and their inherent risks from interaction with delicate brain tissue, non-invasive or minimally invasive options are much preferred by both healthcare professionals and patients. As a result, there has been an uptick in demand for ICP monitors, TCD devices, tympanic membrane displacement procedures, optic nerve sheath diameter assessments as well as CT scans/MRIs and fundoscopy, which offer considerable benefits over traditional methods that require invasiveness. This increased interest is now driving Brain Monitoring Market players towards creating new products, designed specifically around this need for more accessible solutions.

Global Brain Monitoring Market Challenge:

High Cost of Complex Brain Monitoring Procedures & Devices – The primary hindrance that restricts The Global Brain Monitoring Market, especially in developing countries with insufficient reimbursement policies, is the substantial cost linked to surgeries & devices necessary for such procedures. The intricate nature of these advanced tools results in considerable expenses. For instance:

• The acquisition of MEG systems proves challenging even in advanced medical technology countries since its single unit may be as expensive as around USD 2.5–3 million, thus making the purchase difficult for healthcare facilities due to their costly nature.

The overall cost of owning these devices is largely increased by the high initial prices, maintenance, and other indirect expenses. This has limited their widespread adoption due to budgetary constraints primarily affecting small hospitals and independent Ambulatory Surgery Centers (ASCs), especially in developing nations. The financial burden faced by healthcare facilities also causes hesitation towards adopting new or technologically advanced systems, thereby restricting growth within the Brain Monitoring Industry.

Global Brain Monitoring Market Trend:

Integration of Artificial Intelligence (AI) – By incorporating AI algorithms into brain monitoring devices, their ability to analyze, interpret, and predict data has been substantially improved. This advancement provides valuable solutions for accurate diagnosis & personalized treatment recommendations, as well as the real-time tracking of patient's neurological health conditions.

In contrast with traditional approaches, AI processing can effortlessly handle massive amounts of complex information derived from intricate sources such as EEG signals or neuroimaging scans. Furthermore, they are adept at identifying patterns in a cerebral activity that may go unnoticed by humans - hence contributing towards better analysis and comprehension concerning nervous system illnesses while elevating diagnostic precision to a new level altogether.

Global Brain Monitoring Market (2024-30): Segmentation Analysis

The Global Brain Monitoring Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Medical Condition:

• Traumatic Brain Injuries
• Stroke
• Dementia
• Headache Disorders
• Sleep Disorders
• Epilepsy
• Parkinson's Disease
• Huntington's Disease
• Other Therapeutic Applications

The biggest share of the Brain Monitoring Market is attributed to Traumatic Brain Injuries. Medical experts recognize that traumatic brain injury (TBI) claims the highest percentage in this field, largely due to its increasing incidence worldwide. With greater incidents reported across different regions globally, there has been a proportional rise in demand for management and care solutions such as brain monitoring devices. This trend greatly contributes to TBI's prominence and market share expansion within the industry.

Based on End-Users:

• Hospitals
• Neurological Centers
• Diagnostic Centers
• ASCS & Clinics
• Others

The Hospital sector was the primary end-user of brain monitoring technology, dominating in terms of market share. This segment held the largest portion within the Global Brain Monitoring Industry due to its access to costly and high-tech equipment necessary for complex procedures. Given their capacity to treat larger patient numbers compared with smaller clinics or other users, hospitals are crucial stakeholders when it comes to utilizing this cutting-edge medical technology. The expenses for maintaining brain monitoring devices are substantial & impact healthcare facilities, with hospitals better equipped to manage such costs. Therefore, it is primarily within hospitals that these devices prevail & hold a greater share of the market in this segment.

Global Brain Monitoring Market (2024-30): Regional Projection

Geographically, the Global Brain Monitoring Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America holds the highest percentage of market share in the Global Brain Monitoring Market, owing to various underlying reasons. Primarily, there has been a surge in neurological diseases worldwide that necessitates sophisticated brain monitoring technologies. Secondly, an upswing is witnessed in clinical trials based on innovative ways of monitoring cerebral activity within this region alone. Lastly, medical insurance policies & reimbursement coverage available specifically within the US also play a pivotal part in enhancing individuals' access to advanced neurotechnology products overall.

In conclusion, these elements collectively add weightage to North America's dominant presence as far as dominating statistical graphs globally relating to neuroscience industries are considered today.

Global Brain Monitoring Industry Recent Development:

• 2023: The Neuromaster G1 intraoperative neuromonitoring (IONM) system by Nihon Kohden launched the innovative One View feature, which integrates neurological data within the IONM software alongside critical patient information, such as anesthesia and vital sign readings, including temperature, SpO2, heart rate, and others.
• 2022: Medtronic is embarking on a daring endeavor to revolutionize the field by unveiling the Medtronic Neurovascular Co-lab, an inventive process & forum for novel approaches to managing stroke healthcare.

Gain a Competitive Edge with Our Global Brain Monitoring Market Report

• Global Brain Monitoring Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Brain Monitoring Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.