Overview of This Study:
The study involved four major activities in estimating the current size of the Brain Monitoring market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and sub-segments.
COVID-19 impact on the global Brain Monitoring market:
The state of urgency to combat the outbreak has led to a significant increase in the demand for remote monitoring and patient engagement solutions. Most of the hospitals/healthcare facilities are currently trying to expand patient monitoring to homecare settings or other temporary setups with an aim to provide optimal care. COVID-19 has led to a significant surge in the demand for ventilators, and manufacturers are currently focusing their efforts to meet the increasing need for ventilators, including other respiratory devices, in contrast to brain monitoring devices. The pandemic is likely to have an adverse impact on the brain monitoring business particularly due to the focus of hospitals in setting up COVID-19 specific ICUs (intensive care units) along with the temporary suspension of production and manufacturing sites in major affected regions across the globe.
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Driver: Increasing incidence and prevalence of neurological disorders
The global incidence and prevalence of neurological disorders, such as dementia, epilepsy, Parkinson’s disease, Huntington’s disease, headache disorders, multiple sclerosis, neuroinfections, stroke, and cerebral palsy, have increased significantly over the years. Brain disorders, which include a combination of developmental, psychiatric, and neurodegenerative diseases, are a growing cause of morbidity across the globe. This can primarily be attributed to the growing geriatric population (by 2050, more than 20% of the global population is expected to be aged over 65 years). The American Medical Association (AMA) estimates that at least 60% of individuals aged 65 years and above will be living with more than one chronic condition by 2030.
Hospitals accounted for the largest share 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 of the global brain monitoring market in 2019. 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.
North America accounted for the largest share of the global brain monitoring market
North America, Europe, the Asia Pacific, and the Rest of the World. North America held the largest share of the global brain monitoring market in 2019, 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.
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Some of the leading players in the Brain Monitoring market include Natus Medical, Inc. (US), Nihon Kohden Corporation (Japan), Philips Healthcare (Netherlands), GE Healthcare (US), Siemens Healthineers (Germany), Compumedics, Ltd. (Australia), Medtronic (Ireland), CAS Medical Systems, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Advanced Brain Monitoring (US), Masimo Corporation (US), Spiegelberg GmbH & Co. KG (Germany), Cadwell Industries (US), NeuroWave Systems, Inc. (US), Nonin Medical, Inc. (US), Integra LifeSciences Corporation (US), Neurosoft (Russia), and Rimed (US).