Global Brain Monitoring Market - Segmented by Type of Product, Modality, End User, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global brain monitoring market is expected to register a CAGR of 8.2% during the forecast period, 2018 to 2023. As the increasing global population presents a huge demand for brain monitoring, more technological advancements can be expected during the forecast period, which will contribute to the growth of the global market.
Rise in the Number of Incidences of Brain Disorders
Brain disorders, including developmental, psychiatric, and neurodegenerative diseases, represent an enormous burden in terms of human suffering and economic cost. Neurological diseases contribute significantly to morbidity and mortality, worldwide. Globally, stroke is the second leading cause of death, after ischemic heart disease. Traumatic brain injury (TBI) is another major contributor to the global disease burden, with 14.8 million TBI cases recorded, globally. In Europe, 35% of the disease burden is estimated to be attributable to brain disorders. Millions of Americans suffer from a variety of mental and neurological health conditions, every year. Over 40 million American adults (1 in 5) have at least one mental health condition. Hence, the increasing prevalence of brain disorders and increasing innovations in diagnostic procedures are boosting the brain monitoring market’s growth. Further, the increased aging population and ease of use and portability of devices are driving the brain monitoring market.
Lack of Skilled Personnel to Handle Devices
In spite of investment in innovative device manufacturing, one factor that is holding back few countries is the lack of skilled labor. Lack of highly trained personnel is one of the critical challenges faced by the brain monitoring market, which hampers the market growth in most of the developed and under-developed countries. Other factors, such as regulatory approval costs, are also hindering the market growth.
North America to Dominate the Market
North America dominates the market for brain monitoring, accounting for the highest market value in 2017 and is expected to witness an estimated CAGR of over 7.5% during the forecast period. Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. The increasing investments in R&D activities, production, and rising indigenous production are propelling the market in Asia-Pacific.
Key Developments in the Market
February 2018: Elekta's Leksell Gamma Knife Icon Radiosurgery System received clearance from China Food and Drug Administration (CFDA).
January 2018: Masimo got FDA approval for Home Use of Rad-97, which offers noninvasive and continuous monitoring.
Major Players: NATUS MEDICAL, MEDTRONIC, INTEGRA LIFESCIENCES CORPORATION, COMPUMEDICS, NIHON KOHDEN CORPORATION, MASIMO CORPORATION, ELEKTA, ADVANCED BRAIN MONITORING INC., AND CADWELL LABORATORIES INC., amongst others.
Reasons to Purchase the Report
Current and future brain monitoring market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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