Brain Health Devices Market
Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)
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Brain Health Devices Market Receives Impetus from Rising Preference for Minimally Invasive Interventions
The global market for brain health devices, also known as brain monitoring devices, is growing rapidly on the back of evolving smart technologies for minimally invasive treatments. Brain health devices market is predominantly formed by cerebral oximeters, magneto encephalograms, electromyography (EMG) devices, deep brain stimulation systems (brain pacemaker), and other implantable brain devices.
Rise in the number of patients suffering from neurological disorders viz. Parkinson’s and Alzheimer’s is another strong factor fuelling the global brain health devices market. As per Parkinson’s Disease Foundation, annual number of Parkinson’s affected patients in the U.S. alone was as high as 60,000 in 2017. A PubMed article published in March 2020 stated - by 2050, Alzheimer's dementia may affect 13.8 million Americans aged 65 or above.
Increasing preference for minimally invasive treatment options is driving the demand for brain health devices in global market. Research finds that lack of clear benefit from open surgery in cases of intracerebral haemorrhage (ICH) is fuelling interest in minimally invasive techniques.
Improving Rate of Diagnosis Augurs Well for Brain Health Device Sales
Developments in neurodiagnostics are contributing to the brain health devices market growth. Increasing emphasis of patients on early disease diagnosis and growing number of diagnostic centers and hospitals are favouring the overall momentum of the market. Growing patient awareness about neurological diseases, coupled with increasing support from governments, non-government bodies, and healthcare providers regarding awareness, diagnostics, and treatment are bolstering market growth.
The National Institute of Neurological Disorders and Stroke, an institute founded within the National Institutes of Health (Spain) to carry out research work about the brain and nervous system and to reduce the burden of neurological disease. The market is also expected to be driven by regulatory approval for advanced and innovative devices. For instance, GE Healthcare in April 2019, received the clearance for its deep learning apex computed tomography device from the U.S. Food and Drug Administration. Deep learning image reconstruction (DLIR) is a next generation alternative that employs a deep neural network (DNN) to generate TrueFidelity CT image.
The three most common and frequently used technologies are functional magnetic resonance imaging (fMRI), magnetoencephalography (MEG), and electroencephalography (EEG). The myriad of benefits these technologies offer is bolstering the growth of brain health devices market worldwide.
Devices Surge in Sales with Boom in Demand for Innovative Portable Devices and Wearables
As the need for early diagnosis along with availability of innovative wearable and portable home-based monitoring devices continues to soar, it will bolster the demand for brain health devices. The devices category registered dominance in the product segment in 2019. The same trend will continue in the near future owing to surging demand related to neurodegenerative, neurological, psychotic, and sleep disorders.
Hospitals Remain Top Consumers of Brain Monitoring Devices
Looking at the expensive price points of brain monitoring devices, hospitals will clearly contribute the lion’s share in market with the highest installation rate. Moreover, with advanced technologies, their complex operability restricts adoption at clinics and other small healthcare facilities. Greater patient flow in hospitals enable hospital authorities to bear the burden of expensive maintenance, which will continue to make hospitals the prime user of these devices.
The hospital set-up has experts and trained staff who is skilled in effectively using the devices and interpreting the observations. Hospitals, compared to small clinics and other healthcare providers, are thus likely to continue their lead in the global market for brain health devices.
North America to Stay Ahead in the Competition
North America is expected to lead the global market owing to the dominant presence of key players. Increasing number of product approvals from the U.S. Food and Drug Administration (FDA) will also bolster growth in this region. IRRAflow, an integrated closed medical device system by IRRAS AB recently received clearance from the FDA. The system enables cerebrospinal fluid (CSF) management and accurate and continuous monitoring of intracranial pressure (ICP). The wearable brain devices market will continue to expand, led by Google and Microsoft. The technology giants are focusing more on the development of digital brain health tools.
The market in Asia Pacific is expected to witness increased competition, as this region has many emerging economies that are investing in research and development activities to invent technologically advanced brain dysfunction management devices. Rising number of patients in this region will further boost the market growth. For instance, the dementia India 2017 report stated that India was recorded as the second largest place with incidence of dementia. The report stated 4.1 million dementia cases in 2017, which alone augments the regional demand.
Government Incentives for Innovative Device Development Encourage Key Players to Enhance Product Portfolio
Key players are investing in R&D activities to cater to the ever-increasing medical needs and eventually expand their geographical reach. The way neurotechnology innovation is occurring, wearable brain devices are made available of-the-shelves; and companies are also selling the same directly to consumers.
Numerous government bodies are providing incentives for development of new and innovative devices for patients. For instance, BRAIN initiative launched in 2013 in US encouraged research and development activities related to the functioning of the brain. The Advanced Research Activity joined BRAIN for developing non-invasive neural intervention devices for problem solving and optimizing reasoning.
Masimo in March 2019 received CE Mark approval for its SedLine brain function monitor for the paediatric patients ranging from 1 to 18 years old. This product is known to assess functioning of brain when the patient is under anaesthesia. Nihon Kohden, in March 2018, launched a wireless elestroencephalogram (EEG) system that can deliver real time data during a long-term monitoring of epilepsy, routine EEG and intensive care.
Some of the key players operating in the global brain health devices market are Advanced Brain Monitoring Inc., CAS Medical Systems Inc., Covidien PLC, Cadwell Laboratories Inc., Elekta AB, GE Healthcare, Integra LifeSciences Holdings Corporation, Masimo Corporation, Natus Medical Inc., NeuroWave Systems Inc., Nihon Kohden Corporation, Philips Healthcare, and Siemens Healthineers.