Global Brain Monitoring Market – Overview
The brain monitoring market is escalating mainly due to growing geriatric population. As per the recent 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 forecast to demonstrate a spectacular growth by the year 2022, surpassing its previous growth records in terms of value with a striking CAGR during the forecast period (2017 – 2022).
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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, headache disorders, dementia, Parkinson’s disease, strokes, sleep disorders, traumatic brain injuries, Huntington’s disease, and others. According to the data suggested by World Health Organization (WHO), nearly 50 million individuals worldwide have epilepsy, making it one of the most common neurological disorder globally. It is also stated that about three fourths of people with epilepsy are living in low- and middle- income countries, and do not get proper treatment.
Notably, rising prevalence of neurological disorders is the primary factor driving the brain monitoring market. Neurological disorders are on rise worldwide. On considering a 2014 study published in the Neurology India journal, it is found that out of total population of India, around 30 million individuals were suffering from neurological disorders in India.
Other push factors such as, increasing aging population, technological advancements, rising prevalence of lifestyle associated diseases, escalating adoption rate of remote monitoring devices, increasing healthcare expenditure, growing preference towards minimally invasive treatments, and favourable amendments in reimbursement policies, and growing health insurance are also fuelling the growth of the market. The increase in aging population worldwide has direct impact on the market. As older adults are more vulnerable towards various neurological health issues. As per the 2016 statistics suggested by the WHO, it is found that neuropsychiatric disorders account for nearly 6.6% among the older adults.
Despite these drivers, high cost of monitoring devices, lack of awareness among people, lack of skilled physicians, complications associated with the devices are expected to hinder the growth of the market.
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Global Brain Monitoring Market – Competitive Analysis
The brain monitoring market is currently dominated by various players. Due to rising prevalence of neurological conditions, and increasing demand various existing and new marketers are consistently coming up with technologically advanced products to control this condition. The brain monitoring market is dominated by numerous players.
GE Healthcare is one of them by holding a prominent share in the market. The company is a global leader that develops, and manufactures multiple brain monitoring devices. The prime emphasis of the company is on the production of innovative products. The product portfolio of GE Healthcare includes MAC 2000 Resting ECG System, SEER 12 Digital Holter ECG Recorder, MAC 800, and others.
On November 28, 2017, GE Healthcare completed the acquisition of the 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 R&D activities to bring innovative products in the market and to cater to the unmet market needs.
In today’s dynamic environment, many businesses are looking for companies in the same industry for horizontal mergers, and acquisitions. Integration among companies offer various benefits such as selling of products to larger market, diversification of products and services, reduction in the external competition, and cost of production.
On Aug. 17, 2017, HeartSciences, announced the European launch of its high sensitivity electrocardiograph Testing Device, MyoVista. The device measures the heart’s energy with each heartbeat with the help of an advanced signal processing named as Continuous Wavelet Transform (CWT).
On August 31, 2016, Koninklijke Philips N.V., entered a strategic agreement with Qualcomm Technologies, Inc. to offer enhanced, connected care solutions and services within a secure global ecosystem to their providers.
GE Healthcare (UK), Welch Allyn (US), Spacelabs Healthcare (US), Koninklijke Philips N.V. (The Netherlands), CompuMed, Inc. (US), Schiller (Switzerland), CardioNet (US), Nihon Kohden (Japan), Medtronic plc (Ireland), Natus Medical Inc. (US), Electrical Geodesics Incorporated (US), and CAS Medical Systems, Inc. (US), are the leading players profiled in MRFR Analysis, and at the forefront of competition in the brain monitoring market.
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