The brain monitoring market is growing mainly due to rising geriatric population. According to a recent study report published by the Market Research Future, the brain monitoring market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).
Brain monitoring is defined as the process of studying and reporting the brain functioning. Brain monitoring devices are used in case of various diseases such as epilepsy, Huntington’s disease, headache disorders, dementia, Parkinson’s disease, strokes, sleep disorders, traumatic brain injuries, and other. According to the World Health Organization (WHO), nearly 50 million people worldwide have epilepsy, making it one of the most common neurological diseases globally. It is also stated that about three fourths of people with epilepsy are living in low- and middle- income countries do not get proper treatment.
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Notably, rising prevalence of neurological disorders is the primary driver for brain monitoring market. Neurological disorders are on rise worldwide. According to a study published in Neurology India journal in 2014, it is found that out of total population of India, around 30 million people were suffering from neurological disorders in India.
Other push factors such as, increasing geriatric population, rising prevalence of lifestyle diseases, escalating adoption of adoption rate of remote monitoring devices, increasing healthcare expenditure, preference towards minimally invasive procedures, technological advancements, and reimbursements and growing health insurance are also fuelling the growth of the market. The increase in geriatric population worldwide has direct impact on Brain Monitoring Market. As older adults are found to be more vulnerable towards various neurological health issues. As per the 2016 facts suggested by the WHO, it is found that neuropsychiatric disorders account for 6.6% among the older adults.
Despite these drivers, high cost of devices, lack of awareness among people, lack of skilled physicians, complications associated with devices are expected to hinder the growth of the market.
Key Players:
GE Healthcare (UK), Koninklijke Philips N.V. (The Netherlands), Welch Allyn (US), Nihon Kohden (Japan), Spacelabs Healthcare (US), CompuMed, Inc. (US), Schiller (Switzerland), CardioNet (US), Medtronic plc (Ireland), CAS Medical Systems, Inc. (US), Natus Medical Inc. (US), and Electrical Geodesics Incorporated (US) are some of the prominent players at the forefront of competition in the brain monitoring market and are profiled in MRFR Analysis.
Brain Monitoring Market – Competitive Analysis
The brain monitoring market is currently dominated by various players. Due to rising prevalence of neurological disorders various existing and new marketers are continuously coming up with innovative products to control this condition. The global brain monitoring market is currently dominated by numerous players.
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GE Healthcare is one of them by holding a strong share in the market. The company is a global leader that develops and manufactures brain monitoring devices. The prime emphasis of the company is on production of innovative products. Product portfolio of company includes MAC 800, MAC 2000 Resting ECG System, MAC 5500 HD, CardioDay 2.5 Holter ECG, SEER 1000, SEER 12 Digital Holter ECG Recorder, CASE* Exercise Testing System, and others. On November 28, 2017, GE Healthcare acquired UK based company, Puridify to bring improvements in the process development phase and small-scale manufacturing for variety of biopharmaceutical applications. Further, the company has also invested heavily in various research and development activities to bring innovative products in the market and to cater to the unmet market needs.
In today’s dynamic environment, many businesses are on the hunt for companies in the same industry for horizontal mergers, and acquisitions. Integration among companies offer various benefits such as diversification of products and services, selling of products to larger market, reduction in the cost of production, and the amount of external competition.
On August 31, 2016, Koninklijke Philips N.V., entered a strategic collaboration with Qualcomm Technologies, Inc. to offer care providers enhanced, connected care solutions and services within a secure global ecosystem.
On Aug. 17, 2017, HeartSciences, the US based company, announced the European launch of high sensitivity electrocardiograph Testing Device i.e. MyoVista. The device measures the heart’s energy with each heartbeat using an advanced signal processing named as Continuous Wavelet Transform (CWT).
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