Growth Boosting Factors:
The brain monitoring market is mainly driven by factors such as the increasing incidence and prevalence of neurological disorders, rising awareness of neurodegenerative diseases, growth in the number of traumatic brain injuries, and increasing applications of brain monitoring in clinical trials. The increasing demand for non-invasive and minimally invasive devices, the expanding therapeutic applications of brain monitoring devices, and the growing healthcare market in emerging economies are also expected to provide opportunities for growth for players in the market.
Expected Revenue Gains:
The global brain monitoring market size is estimated to be USD 8.0 billion by 2026, from USD 5.8 billion in 2021, at a CAGR of 6.5%.
Overview of This Study:
This study involved four major activities in estimating the size of brain monitoring market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Global Industry Segmentation:
By product, the global brain monitoring market is categorized into devices and accessories. The devices segment held the largest share 74.9% of the brain monitoring market in 2020. This is mainly due to the rising incidence of neurological, neurodegenerative, psychotic, and sleep disorders, the need for early diagnosis, the availability of innovative portable and wearable home-based monitoring devices, and increasing patient awareness.
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The brain monitoring devices market is further segmented into magnetic resonance imaging (MRI) scanners, computed tomography (CT) scanners, electroencephalograph (EEG) devices, positron-emission tomography (PET) scanners, sleep monitoring devices, cerebral oximeters, electromyography (EMG) devices, intracranial pressure (ICP) monitors, magnetoencephalography (MEG) devices, and Transcranial Doppler (TCD) devices.
The MRI scanners segment held the largest share 39.6% of the brain monitoring market in 2020.MRI is a premium and sensitive imaging test for brain imaging, used in routine clinical practice. Moreover, it provides superior images with high contrast between normal and pathologic tissues. MRI is also widely used for the medical diagnosis and staging of diseases like cancer. Its advantages over other technologies and growing applications in the diagnosis and staging of neurological disorders have driven the growth of the MRI scanners segment.
Geographical Growth Dynamics:
Based on the region, the global brain monitoring market is divided into North America, Europe, the Asia Pacific, and the Rest of the World. North America held the largest share 38.0% of the global brain monitoring market in 2020, while the Asia Pacific is projected to be the fastest-growing region in the forecast period. The high growth rate of the market in the Asia Pacific region can be attributed to 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.
Hospitals accounted for the largest share 57.8% of the end user segment of the brain monitoring market.
Based on end-users, the global brain monitoring devices market is segmented into hospitals, neurology centers, diagnostic centers, ASCs & clinics, and other end users. The hospital segment held the largest share 57.8% of the global brain monitoring market in 2020. Brain monitoring is a complex process, requiring expensive and advanced devices and equipment that are mainly found in hospitals.
Hospitals also see a considerably larger inflow of patients as compared to small clinics and other end users. Additionally, brain monitoring devices pose a considerable burden in terms of maintenance expenses on healthcare facilities; hospitals, more than other end-users, can bear such costs. Hence, brain monitoring devices are mostly used in hospitals, which consequently account for the largest share of this market segment.
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