The brain health devices market has emerged as an essential segment of the healthcare industry owing to various factors such as rising geriatric population, increasing prevalence of neurological diseases and growing awareness regarding brain health monitoring.
The global brain health devices market is estimated to be valued at US$ 15.10 billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2024 to 2031.
Brain health devices refer to medical equipment that are used for monitoring and treatment of brain related conditions such as epilepsy, Alzheimer’s disease, Parkinson’s disease, depression and sleep disorders among others. Some of the key Brain Health Devices Market Insights include electroencephalography (EEG) devices, sleep monitoring devices, neurostimulators and other devices. These devices help in early diagnosis of neurological conditions, effective treatment of patients and offer constant monitoring of brain activity which helps in better management of diseases. With rising cases of neurological disorders mainly triggered by growing geriatric population, there is a growing need for easy to use, non-invasive and affordable brain monitoring solutions globally.
Key Takeaways
Key players operating in the brain health devices market 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.
The global Brain Health Devices Market Regional Analysis market offers lucrative opportunities for manufacturers with the introduction of innovative devices with improved efficacy and accuracy. Growing R&D investments by players for development of at-home use and portable brain monitoring devices will further drive the market growth over the forecast period.
Major players are focusing on geographies with high target population base such as North America, Asia Pacific and Europe for global expansion through new product launches, collaborations and acquisitions. Market players are developing low-cost devices for use in middle and low income countries with significant patient pool suffering from neurological conditions.
Market Drivers
The key drivers of the brain health devices market are rapidly ageing global population which is more susceptible to neurological diseases, rising prevalence of neurological disorders such as Alzheimer’s, Parkinson’s and epilepsy, growing awareness regarding brain health and new product launches with enhanced features. According to WHO, the number of people aged 65 years and above is projected to grow from about 524 million in 2010 to nearly 1.5 billion in 2050 globally. This demographic shift is expected to significantly drive the demand for brain health devices over the coming years.
PEST Analysis
Political: The brain health devices market is regulated by various government bodies like the U.S. Food and Drug Administration (FDA). Government funding for neurological disorders provides support for R&D activities in this market.
Economic: Rising disposable incomes and increasing healthcare spending across major markets drives the demand for technologically advanced medical devices. However, budget constraints in developing regions act as a restraint.
Social: Growing awareness about neurological diseases and availability of treatment options widens the potential customer base for brain health devices. Product innovations catering to unmet needs strengthens social acceptance.
Technological: Emerging technologies like cloud-based platforms, artificial intelligence, and remote monitoring capabilities enhance data collection and analysis. Bluetooth and wireless connectivity adds to the convenience of usage.
The United States accounts for the largest share of the global brain health devices market in terms of value. This can be attributed to the presence of major market players, rising incidence of neurological disorders, growing healthcare expenditure, and high reimbursement rates in the country.
Asia Pacific is projected to be the fastest growing regional market during the forecast period. This is driven by increasing patient population, improving healthcare infrastructure, rising income levels, and expanding medical tourism in major Asian countries like China and India.
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