The brain monitoring market is witnessing tremendous growth across the globe due to the factors such as increasing incidence and prevalence of neurological disorders, rising awareness about neurodegenerative diseases, technological advancements in brain monitoring devices and growing incidence of traumatic brain injuries. Key players in the market are focusing on focusing partnerships, agreements, collaborations and new product launches to grow in the market.
On the basis of product, the brain monitoring market is segmented into devices and accessories. The devices segment commands the largest share of this market while the accessories segment offers lucrative growth opportunities and represents a new revenue pocket for the brain monitoring market. Some of the factors like Increasing incidence of neurological, neurodegenerative, psychotic, and sleep disorders; the need for early diagnosis; availability of innovative portable and wearable home-based monitoring devices; and increasing patient awareness are responsible for the large share of this market. The high growth of the accessories segment is attributed to the increasing demand for brain monitoring devices, increasing development and increasing adoption of novel accessories and increasing demand for disposable accessories.
On the basis of procedure, the brain monitoring market is segmented into noninvasive and invasive. The noninvasive segment is poised to grow at the highest CAGR during the forecast period as they are easier, quicker, safer, and cost-effective than invasive methods and also eliminate the risk of complications like hemorrhage and infections.
North America dominates the brain monitoring market. Europe represents the second-largest market; however, it is growing at a lower rate mainly due to the competition from developing markets of Asia. The Asian market is expected to register the highest CAGR owing to factors such as increasing aging population, 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.