The global brain monitoring systems market is expected to witness substantial growth in the coming decade, driven by a rising prevalence of neurological disorders and advancements in technology, according to a recent market analysis report.
The report forecasts the market to surge at a Compound Annual Growth Rate (CAGR) of 5.5% from 2023 to 2033, reaching a staggering US$ 8.5 billion by 2033. This signifies a significant increase from its US$ 5.0 billion valuation in 2023.
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Key factors driving market growth:
- Rising incidence of neurological disorders: The increasing prevalence of neurological conditions like epilepsy, stroke, traumatic brain injuries, and neurodegenerative diseases is a primary driver of the market. Brain monitoring systems play a crucial role in diagnosing and managing these conditions.
- Growing recognition of early diagnosis and monitoring: The medical community increasingly acknowledges the importance of early diagnosis and continuous monitoring for improved patient outcomes. Brain monitoring systems provide valuable data that aids in early detection and facilitates better treatment decisions.
- Technological advancements: Advancements in brain-computer interfaces (BCIs), electroencephalogram (EEG) devices, and functional magnetic resonance imaging (fMRI) are propelling the market forward. These innovations enable more efficient, accurate, and non-invasive brain monitoring.
This market expansion presents exciting opportunities for companies involved in the development, manufacturing, and distribution of brain monitoring systems. As the demand for these systems rises, companies that can offer innovative, user-friendly, and cost-effective solutions are expected to thrive in this growing market.
Key Points:
- The United States market leads the market in terms of market share. It is likely to cross a value of 2.7 billion by 2033. The regional market is expected to thrive at a CAGR of 6.4% between 2023 and 2033.
- The China market is the leading space in terms of CAGR. It thrives at a CAGR of 7.6% during the forecast period. The market is likely to reach a value of US$ 905.9 million by 2033.
- EEG systems are likely to thrive in the product category due to the early detection of abnormalities. It is expected to thrive at a CAGR of 6.2% during the forecast period.
- The standalone segment tops the modality tally with a CAGR of 5.1% between 2023 and 2033, as it functions while detecting it more efficiently and effectively.
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Competitive Landscape:
The key players focus on creating customized brain monitoring solutions that work on different sects of the brain while monitoring the small details and developments in the brain and consciousness. The vendors create different BMS devices for different age groups and patients. The companies also merge, acquire, and partner with other companies to increase the supply chain and distribution channel.
The key players in the market include Neurosoft, Natus Medical Incorporated, Medtronic PLC, Integra Lifesciences, and Compumedics Neuroscan.
Recent Development:
- Neurosoft has launched its neuromonitor which is a cerebral function monitor with a touchscreen interface. The monitoring device comes with clinical applications such as suspected cerebral function abnormality and hypoxic-ischemic encephalopathy (HIE).
- Natus Medical Incorporated has introduced its natus brain monitor as a next-generation advanced amplifier for EEG and long-term monitoring and ICU studies.
- Medtronic PLC adds its bispectral index (BIS) monitoring system that applied state-of-the-art technology to processes the direct measurement of patient’s brain vitals.
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Key Segments:
Brain Monitoring Systems Market by Product:
- fNIRS
- EEG Systems
- MEG Systems
- MRI Systems
- Others
Brain Monitoring Systems Market by Modality:
- Portable/Handheld Brain Monitoring Systems
- Standalone Brain Monitoring Systems
Brain Monitoring Systems Market by End User:
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Pediatric & Neonatal Intensive Care Units
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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