Brain health devices are medical devices used for monitoring and diagnosing various brain-related conditions, such as brain injury, Alzheimer’s disease, Parkinson’s disease, epilepsy, and other neurological disorders. Some examples of brain health devices include electroencephalography (EEG) devices, magnetoencephalography (MEG) devices, intracranial pressure (ICP) monitors, transcranial doppler (TCD) devices, cerebral oximeters, and functional magnetic resonance imaging (MRI) devices. These devices help in non-invasive detection of brain activity through changes in the electromagnetic fields created by electrical pulses in the brain. The global brain health devices market is witnessing growth due to increasing incidences of neurological disorders, such as strokes, Alzheimer's disease, and Parkinson's disease. The introduction of advanced brain monitoring technologies and patient-friendly devices is also boosting the adoption of brain health devices across healthcare settings.
The 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 from 2023 to 2030.
Key Takeaways
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. The rising prevalence of neurological disorders is a key factor fueling the demand for brain health devices globally. According to WHO, over 50 million people worldwide suffer from epilepsy. Around 50 million people suffer from dementia, with nearly 10 million new cases every year. The adoption of brain health devices is increasing across geographies due to expanding healthcare infrastructure, accessibility to advanced technologies, and growing awareness about neurological conditions. Several companies are expanding their global footprint to tap the opportunities in emerging markets. For instance, Natus Medical acquired Embla Systems to strengthen its sleep diagnostics business in Europe and Australia.
Market Drivers
The growing global geriatric population is one of the major drivers of the brain health devices market. Older individuals are more prone to developing neurological conditions such as strokes, dementia, and Alzheimer's disease with increasing age. As per the UN estimates, the number of people aged 60 years and above is expected to reach 2 billion by 2050 from 1 billion in 2020. Rising healthcare expenditure is also fueling the adoption of high-cost brain monitoring devices worldwide. According to the World Bank, global per capita healthcare spending grew at a CAGR of 5.4% between 1995 and 2015. Furthermore, increasing investments by market players for development of advanced technologies, such as non-invasive neural implants and brain interfaces, are creating new growth avenues within the brain health devices domain.
Impact of geopolitical situation on Brain Health Devices market growth and geographical regions
The brain health devices market is witnessing several geopolitical challenges that are slowing its growth in recent times. The ongoing Russia-Ukraine conflict and economic sanctions imposed by Western nations on Russia are disrupting supply chains and increasing raw material costs for many players. As Russia and Ukraine are major suppliers of metals like aluminum, palladium and nickel that are key components of brain health devices, restrictions on trade are hurting availability and pushing prices up. This is negatively impacting production volumes and profit margins of players.
Furthermore, rising geopolitical tensions between the U.S. and China are hindering collaborations and technology transfers between players based in these two countries. This is delaying new product development plans and launches for some companies. Additionally, the recent shift towards nationalism and protectionist policies being followed by many countries poses challenges to the globalized and interconnected nature of supply and demand networks in this industry. Players will need to diversify their supplier base, localize more production and collaborate more with regional partners to mitigate geographical risks in the coming years.
North America region holds largest share of Brain Health Devices market in terms of value
North America currently accounts for the largest share of the global brain health devices market in terms of value. Advanced healthcare infrastructure, rising awareness about brain health, growing geriatric population susceptible to neurological disorders and favorable reimbursement policies are some factors driving increased adoption of brain health devices in the region. The U.S. represents the largest market, while Canada is projected to offer lucrative opportunities owing to focus on prevention and early diagnosis. Going forward, players should focus on partnerships with hospitals and clinics to increase penetration in this high potential region.
Asia Pacific emerging as fastest growing region for Brain Health Devices market
Among regions, Asia Pacific is slated to register fastest growth in the brain health devices market during the forecast period. Factors such as increasing healthcare spending, growing incidence of neurological conditions, rising medical tourism, rapid economic development and expanding base of private healthcare facilities are fueling market growth. China, India and Japan account for a major share of the Asian market currently. However, other Southeast Asian countries like Indonesia, Malaysia, Philippines and Vietnam are expected to provide new growth avenues for players due to their huge unmet need. To capitalize on Asia Pacific's potential, companies should enhance local manufacturing, offer discounted pricing and launch awareness campaigns in these emerging markets.
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