Brain Monitoring Systems Market to Display Growth at a CAGR of 6.4% by 2028
Brain monitoring systems are used for analysis and monitoring abnormal activities inside of brain. The abnormality or disorder of the brain can occur due to many reasons which includes traumatic injury to the brain, foreign material infections, and abnormality in vascular muscles, tumor, and other conditions. Additionally, these injuries lead to various symptoms such including brain paralysis, temporal/permanent sensation loss, tremors, bradykinesia, muscle weakness and pain in body. Brain disorders are also related to enormous burden to human suffering along with exorbitant costs required for its diagnosis and treatment. In order to combat these diseases, a numerous brain monitoring systems are currently available in the market monitoring brain waves, brain tumors and others abnormal brain activities successfully.
Wide range of brain monitoring systems are flooded in the market namely, e Standard Electroencephalography (EEG) Systems, Magnetic Resonance Imaging (MRI) Systems and other emerging systems such as Functional Near-Infrared Spectroscopy (fNIRS) and others. These brain monitoring systems monitor wide range of brain functions including velocity of blood flow in the veins and arteries in during epilepsy, both waves of electrical and neural activity, brain pressures, traumatic brain injury and brain death. Earlier, brain monitoring systems were not given due importance during routine checkups as well as in preoperative and postoperative procedures. Increase in incidence of post-surgical cerebrovascular accidents have also triggered the need for more enhanced and automated brain monitoring systems. Hence, brain monitoring devices are being incorporated extensively in the hospitals, clinics and infantry ICUs for assessing the activity of sedatives and anesthesia.
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The global brain monitoring systems market is anticipated to grow significantly both in developed and developing regions owing to rise in incidences of brain disorders, neurological disorders, sleep disorders and other factors. According to National Institute of Mental Health, about 1 in 4 adults suffer from brain disorders every year in US, with almost 6% of the population suffer from serious disabilities. Additionally, technological advancements such as high throughput and ease in availability will further drive the overall growth of the global brain monitoring market.
Macroeconomic indicators such favorable government policies for start-up companies in emerging nations, government funding and support for development of new innovative medical devices and favorable reimbursement policies are also anticipated to propel the growth of the brain monitoring systems market.
On the grey side, over the years, some of the major restraints in global brain monitoring systems market have been the high device costs, product recalls and safety concerns. For instance, In August 2016, the GE Healthcare recalled GE SIGNA Creator (1.5 T) and SIGNA Explorer (1.5 T) MRI devices to address safety concerns under FDA class-II regulations, "An incorrect RF Power Monitor Function, resulted in higher than expected thermal dose to the patient and higher than expected localized heating".
The report offers a comprehensive taxonomy of brain monitoring systems market based on product type, modality, end user and region. Based on product type, the brain monitoring systems market is segmented into fNIRS, EEG Systems, MEG Systems, MRI Systems and other brain monitoring systems. The EEG systems segment accounted for 50.1% of the global brain monitoring systems market in 2017. The brain monitoring systems market based on modality can be classified into portable/handheld systems and standalone systems. Based on end users, the global brain monitoring systems market is segmented into hospitals, ambulatory surgical centers, clinics and pediatric & neonatal intensive care units. The brain monitoring systems market has been analyzed across regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APECJ), China, Japan and MEA. North America is projected to be dominant regional market for brain monitoring systems due to increasing favorable reimbursement for invasive brain monitoring systems and treatment. Western Europe and Latin America are anticipated to be the second and third highest market for global brain monitoring systems. China, North America and Japan in global brain monitoring systems market are anticipated to witness top three fastest growing market during the forecast period respectively.
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The report tracks some of the key companies operating in the global ostomy drainage bags market, including Nihon Kohden Corporation., Electrical Geodesics, Inc. (Koninklijke Philips N.V.), Siemens Healthcare GmbH, Hitachi Ltd Natus Medical Incorporated, Medtronic plc. Compumedics Ltd, Neurosoft, EB Neuro S.p.A, and Ricoh Company Ltd among others.