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Smart brain healthcare devices are driven by growing awareness of cognitive decline and mental health disorders. These innovative devices help address the challenges of an aging global population at risk for conditions like Alzheimer’s disease and dementia through personalized monitoring and therapy. Brain health devices allow for early detection of issues and continuous evaluation of treatment effectiveness through technology like EEG, MRI, and sensor-based analytics. By facilitating remote patient care and precision diagnostics, these tools are transforming approaches to brain health management.
The global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Wearable brain health devices are gaining prominence due to their portability and ability to passively collect large volumes of physiological data. Companies are introducing varieties of headbands, helmets, and sensor-embedded clothing that non-invasively track metrics like brain waves, head movement, and heart rate variability. The insights gleaned from extended monitoring periods in real world settings offer deeper understanding of an individual’s cognitive patterns and risks. Additionally, ambient assisted living technologies that integrate brain monitoring with environmental sensors and automation are emerging to provide enhanced remote care for aging adults and those with memory impairment. These expanding options are empowering individuals to proactively manage their brain health with continuous diagnostic assistance available anytime, anywhere.
Porter’s Analysis
Threat of new entrants: The brain health devices market requires significant R&D investments and regulatory approvals which create high entry barriers for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power for specialized medical devices, but large hospitals and institutions can negotiate on price and contracts.
Bargaining power of suppliers: A few large companies dominate the supply of core technologies like sensors and computing hardware, giving them some influence on pricing and terms.
Threat of new substitutes: New technologies for non-invasive brain monitoring may emerge, but existing devices have strong brand loyalty and compatibility with existing infrastructure.
Competitive rivalry: The market has prominent global players and intense competition to develop innovative products and services.
Key Takeaways
The global Brain Health Devices Market is expected to witness high growth over the forecast period. North America is currently the dominant regional market for brain health devices due to advanced healthcare infrastructure and growing geriatric population susceptible to neurological disorders.
Regional analysis: North America is the largest market for brain health devices owing to the increasing government support for neurotechnology research and presence of major players. Europe is the second largest regional market supported by favorable regulations and reimbursement coverage for neurological treatments. Asia Pacific is projected to grow at the fastest rate during the forecast period with improving access to advanced healthcare in countries like China and India.
Key players: 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.
Cadwell Industries, Inc. is a leading provider of electroencephalogram devices with a wide geographic presence. Medtronic is a major player known for its neurostimulators and surgical navigation systems for brain therapies. GE Healthcare focuses on clinical neuroscience solutions including MRI and PET imaging systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
