Brain Monitoring Market Size, Share & Trends Analysis Report By Product (Electroencephalography Devices, Magnetoencephalography Devices, Cerebral Oximeters, Magnetic Resonance Imaging Devices, Computerized Tomography Devices, Transcranial Doppler Devices, Intracranial Pressure Monitors, Sleep Monitoring Devices, Electromyography Devices, Positron Emission Tomography Devices, Accessories), By Medical Condition (Traumatic Brain Injury (TBI), Stroke, Dementia, Headache Disorders, Sleep Disorders, Parkinson’s Disease, Epilepsy, Huntington's Disease, Other Medical Conditions), By Application (Parkinson's Disease, Traumatic Brain Injury, Epilepsy, Dementia, Stroke), By End-User (Hospitals, Neurology Centers, Diagnostic Centers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The brain monitoring market size was valued at USD 5.84 billion in 2022. It is projected to reach USD 10.04 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2023-2031). Factors such as rapidly rising prevalence of neurological disorders and rising demand for non-invasive procedures for brain monitoring, significantly drives the brain monitoring market demand by 2031.

Brain monitoring devices are used to track and diagnose neurological disorders by studying the shape and functionality of the brain. This method includes the use of various brain imaging instruments to monitor brain processes, such as electroencephalography devices, intracranial pressure sensors, and magnetoencephalography. Furthermore, these methods help map neuronal and electrical activity in the brain. At present, there is a rise in demand from healthcare professionals for electroencephalography instruments. Brain monitoring helps clinicians monitor the status of the brain under the effect of anesthesia by acquiring bilateral data and analyzing EEG signals. The adoption of the product may be hindered by poor reimbursement schemes and government laws. However, the rapidly expanding healthcare industry and the rising incidence of traumatic brain injuries will contribute to market expansion.

Market Dynamics

What are the primary factors driving the brain monitoring market?

Rapidly Rising Prevalence of Neurological Disorders

The increasing prevalence of neurological disorders, such as epilepsy, dementia, stroke, Parkinson's disease, and Alzheimer's, is driving the need for brain monitoring devices. According to the WHO statistics, in September 2019, about 50 million people across the world were affected by dementia, and nearly 10 million new cases are registered every year. It is also predicted to increase by up to 75 million by 2030. Further, more than 50 million people have epilepsy, and approximately 80% of people with epilepsy live in low- and middle-income countries. The American Academy of Neurology states that stroke is the third leading cause of death and Alzheimer's ranked 6th in the U.S. Statistics from the same source suggest that with at least 60,000 new cases identified annually, Parkinson's affects almost 1 million Americans every year.

Rising Demand for Non-invasive Procedures for Brain Monitoring

The desire for minimally invasive procedures is on the rise since they are less traumatic and expedite patient recovery. Non-invasive brain monitoring technology contributes significantly to minimally invasive neurosurgery techniques. The increasing prevalence of minimally invasive procedures is projected to increase demand for these items.

What are the main factors that will slow down the brain monitoring market?

Complex Procedures Involved with Brain Monitoring Devices

Due to the complexity and expense of the procedures required in using these devices, the market for brain monitoring devices will experience sluggish growth in the next years. Due to the unfavorable reimbursement rules in some developing nations, the high cost of these procedures will impede the long-term expansion of the brain monitoring market. Long-term market growth will be restricted by the numerous indirect costs associated with these devices' maintenance.

What are the future opportunities for the brain monitoring market?

Increasing Technological Advancements

The advent of wireless brain sensors has created lucrative opportunities for the market in the coming years. Implantation of sensors in the brain, along with safety concerns associated with the use of these sensors, has been a concern. Nonetheless, recent advancements have resolved such divergences. In 2016, researchers developed a biocompatible brain implant that can monitor brain injury completely. Further, the device is capable of complete dissolution into the surrounding soft tissue after the requirement is over. These sensors are made of green electronic natural materials that are fully biodegradable and biocompatible and designed to work for smaller time duration and then completely dissolve into the cerebrospinal fluid over about a day when immersed. For safety concerns, in animal testing phases, no inflammations were located, conforming to the complete biocompatibility of the device. In 2020, Neuralink revealed reports of effective wireless sensor implantation on pigs. The objective was to implant wireless brain-computer interfaces that treat several neurological conditions using AI.

In 2022, a new non-invasive imaging approach will be developed to assist surgeons in planning epilepsy procedures. Magnetoencephalographic (MEG) imaging can be used to generate a dynamic map of the entire brain during a seizure, according to a team from the University of Melbourne in Australia and the University of Birmingham.

Regional Analysis

The global brain monitoring market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The U.S. currently leads the North American market for brain monitoring, and its stronghold is expected to sustain for a few more years, mainly due to the rising prevalence of neurological disorders. It has been estimated that one in every four American adults suffers from a diagnosable psychiatric illness in any given year, according to the U.S. National Institute of Mental Health (NIMH), and about 6% suffer from severe disabilities. The same source has also reported that in the U.S., the overall burden of severe mental disease reaches about USD 317 billion a year. Per year, about 70,000 people in the U.S. suffer from stroke, of which 23.0% of strokes are fatal or cause permanent disability.

Europe is expected to witness dynamic growth in the brain monitoring industry during the forecast period. This can be attributed to the increasing demand for non-invasive procedures for parkinson's disease and other neurological disorders in the region. Currently, Europe has the highest percentage of the population over 65, and these numbers are predicted to increase dramatically (3% per year), which will increase the number of people with mental illnesses. Using brain monitoring technologies, which play a significant part in their diagnosis, it is possible to prevent and treat a variety of neurological conditions.

Asia-Pacific is expected to witness significant brain monitoring market growth during the forecast period. Concerning minimally invasive approaches, the presence of a large target audience and high unmet needs is expected to present substantial growth opportunities for the key players operating in the industry. Moreover, due to low-cost amenities, an increase in the number of clinical trials, and strong R&D investments by global industry players are high-impact market drivers.

The LAMEA region is expected to witness moderate growth in the global brain monitoring market during the forecast period. Dubai Police are utilizing technology to evaluate a suspect's brain activity to see if he or she remembers the crime scene. The crime-fighting tool, known as brain fingerprinting, is one of the most recent innovations and is currently being tested in the UAE.

Segmental Analysis

The global brain monitoring market is segmented by product, application, and end-user.

Based on product, the global market is bifurcated into electroencephalography devices, magnetoencephalography devices, cerebral oximeters, magnetic resonance imaging devices, computerized tomography devices, transcranial doppler devices, intracranial pressure monitors, sleep monitoring devices, electromyography devices, positron emission tomography devices, and accessories.

The electroencephalography devices segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. Electroencephalography (EEG) devices record electrical activity in the scalp triggered by the firing of brain nerves. The device assists in the evaluation of the brain's electrical activity. The signals captured are digitalized and amplified and then sent for data analysis and retrieval to a smartphone or computer. Individuals may also use this system to track their feelings and mood to maximize their health and productivity. In neurology, the key diagnostic application of EEG is in the case of epilepsy, as epileptic activity can produce clear abnormalities in a standard EEG study. Also, EEG is used in the diagnosis of coma, encephalopathy, and brain death.

The magnetoencephalography devices segment is expected to witness a higher CAGR. Magnetoencephalography (MEG) is the measuring of the magnetic field produced by neuronal electrical activity. Typically, it is paired with magnetic resonance imaging to create magnetic source imaging.

Based on the application, the global market is bifurcated into parkinson's disease, traumatic brain injury, epilepsy, dementia, stroke, and others.

The traumatic brain injury segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. Traumatic brain injuries cause chronic or temporary impairment of the brain due to a hit, knock, or shock to the head. Sports incidents, crashes, bullet wounds, domestic violence, and road traffic collisions are significant causes of TBIs. TBI is one of the leading causes of morbidity and mortality globally and is a significant public health issue. Each year, around 1.5 million Americans suffering from TBI are treated, according to a report published by the CDC in 2020.

The parkinson's disease segment is expected to grow at a significant rate. Parkinson's disease is a progressive ailment that affects the neurological system and nerve-controlled portions of the body. Symptoms develop gradually. The initial sign may be a scarcely perceptible tremor in one hand. In addition to tremors, this disease can also produce stiffness or a slowdown of movement.

Based on end-user, the global market is bifurcated into hospitals, neurology centers, and diagnostic centers.

The hospital segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. These operations are sophisticated and costly, necessitating the use of high-technology goods, which are typically found in hospitals. In addition, the expansion of hospitals in a number of countries is anticipated to drive market demand over the projection period.

The neurology segment is expected to grow at a significant rate due to the expanding trials of the most recent and innovative monitoring equipment, as well as the presence of professional physicians who offer patients suitable counseling.

Impact of covid-19

The outbreak of the COVID-19 pandemic has kept individuals quarantined in their homes worldwide for most of 2020. To stop the spread of the disease, governments have restricted movement and forbidden travel around the world. This has undoubtedly caused people to want to escape from isolation and to enjoy life as before. Governments also appear to lift travel bans and ease travel restrictions from 2021 due to the falling GDP and the disruption of big and small businesses. As individuals begin to travel again during this period, the tourism industry can expect to see a dramatic increase in bus ticketing, which was affected in terms of both income and employment rates earlier this year.

Recent Developments

• In September 2022, Medtronic partnered with Titan Medical to develop robotic surgical devices.
• In April 2022, Natus Medical got acquired by ArchiMed for approximately USD 1.2 billion.