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(Medical-NewsWire.com, January 29, 2020 ) The report "Brain Monitoring Market by Product (Device, MRI, CT, PET, EEG, EMG, MEG, TCD, ICP, Electrode, Paste, Gel, Battery, Cable, Invasive), Disease (TBI, Stroke, Dementia, Epilepsy, Headache, Sleep) & End User (Hospital, Clinic, ASC) - Global Forecasts to 2024", is projected to reach USD 11.6 billion by 2024 from USD 8.7 billion in 2019, at a CAGR of 6.1% during the forecast period.
The increasing incidence and prevalence of neurological disorders, rising awareness of neurodegenerative disorders, growing incidence of traumatic brain injuries, and the increasing applications of brain monitoring in clinical trials are driving the growth of this market. On the other hand, factors like the dearth of trained professionals to effectively operate brain monitoring devices and unfavorable reimbursement policies are restraining the growth of this market.
“The accessories segment is expected to grow at the highest CAGR during the forecast period.”
On the basis of product, the brain monitoring market is segmented into devices and accessories. Accessories include electrodes, sensors, pastes and gels, caps, cables, and batteries. This product segment is expected to register a higher CAGR over the forecast period. The growing population, increasing incidence of neurological disorders, technological advancements, and the rising adoption of novel accessories are expected to propel the growth of this market.
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“The hospitals segment is expected to account for the largest market share in 2019.”
Based on end users, the global brain monitoring devices market is segmented into hospitals, neurological centers, diagnostic centers, ASCs/clinics, and other end users. Brain monitoring is a complex process, and the devices involved are expensive and complicated to use. Hospitals have access to all kinds of equipment for proper diagnosis and also the inflow of patients is considerably higher in hospitals as compared to other healthcare settings. Moreover, hospitals can afford the high installation and maintenance costs of these complex devices. As a result, the adoption of brain monitoring devices is higher in hospitals as compared to other healthcare settings.
“North America is expected to command the largest share of the brain monitoring market in 2019.”
On the basis of region, the global brain monitoring market is divided into North America, Europe, Asia, and the RoW. North America is expected to hold the largest share of the global brain monitoring market in 2019, while Asia is projected to be the fastest-growing region in the forecast period. Growth in the market in Asia can be attributed to the growing geriatric population, the availability of low-cost labor and skilled manpower, increase in disposable incomes, rising prevalence of neurodegenerative disorders, and increasing government emphasis on healthcare reforms in the region.
The prominent players in the brain monitoring market are Advanced Brain Monitoring (US), Nihon Kohden Corporation (Japan), Natus Medical, Inc. (US), Philips Healthcare (Netherlands), GE Healthcare (US), Siemens Healthineers (Germany), Compumedics, Ltd. (Australia), Medtronic (Ireland), CAS Medical Systems, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Masimo Corporation (US), Spiegelberg GmbH & Co. KG (Germany), Cadwell Industries (US), NeuroWave Systems, Inc. (US), Nonin Medical, Inc. (US), Integra LifeSciences Corporation (US), Neurosoft (Russia), and Rimed (US).
The brain monitoring market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. These players have adopted various growth strategies, such as product launches, expansions, acquisitions, and collaborations & agreements, to further expand their presence in the market.
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