Brain Monitoring Market Will Reach USD 10,192 Million by 2030, Says P&S Intelligence
NEW YORK, March 29, 2023 /PRNewswire/ -- The global brain monitoring market value is projected to be USD 10,192 million by 2030, growing at a CAGR of 6.50%, according to P&S Intelligence.
This can be ascribed to the growing count of individuals with neurological conditions, who need their brain activity monitored on a regular basis. As per the U.S. National Library of Medicine, there are over 600 neurological illnesses.
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Electroencephalography Equipment Is Highest Revenue Generator
In 2022, electroencephalography held the largest market share, and it is also projected to be in the leading spot till 2030. This can be credited to the growth in the demand for advanced technologies for monitoring the electrical activity in the brain, to make neurological diagnoses.
The benefit of some of the advanced systems launched recently is that they allow skilled doctors to take EEG readings irrespective of their location. This can enhance test availability for hospitals without their own equipment or experts.
Electrodes Are Most-Extensively Sold Components
In 2022, electrodes are the best-selling accessories for brain monitoring equipment, and their sales are projected to witness a CAGR of 6.9% in the coming few years. This can be credited to the research being done in order to improve the safety, technology, and efficiency of electrodes.
Brain Monitoring Widely Performed for Traumatic Brain Injuries
On the basis of application, in 2022, the TBI category dominated the market with a 28% share, owing to the growing occurrence of such accidents throughout the world. Around 70 million individuals around the world get a TBI per annum.
Furthermore, the growing government investments in TBI R&D are projected to support the development of this category. For example, General Dynamics Information Technology received a contract worth USD 84 million in December 2022 to conduct research on TBIs.
Likewise, governments are spending on AI to identify the best approach for people suffering from strokes. With such strong public aid, the majority of the patients suffering from a stroke in the U.K. are profiting from faster treatments and better outcomes.
Browse detailed report on Brain Monitoring Market Growth, Development and Demand Forecast Report, 2030
North America in Greatest Need of Brain Monitoring Equipment
North America is dominating the market, credited to the surge in the occurrence of neurological illnesses, acceptance of progressive technologies for neurological diagnosis and monitoring, and growth in the elderly populace.
Additionally, the increasing knowledge regarding the early recognition of neurodegenerative illnesses, including Huntington's, Alzheimer's, and Parkinson's, is boosting the growth of the market in this continent.
Brain Monitoring Study Volume Burgeoning in India
Home to a vast patient pool, India's demand for brain monitoring technologies is skyrocketing. By 2030, over 7.5 million people in the country are expected to get an Alzheimer's diagnosis. Hence, the government is engaging major medical device manufacturers to offer solutions for efficient and long-term encephalopathic monitoring.
Brain Monitoring Market Segmentation Analysis in the Report
Brain Monitoring Market Analysis by Product
- Device
- By modality
- MRI
- CT
- EEG
- PET
- Sleep monitoring devices
- Cerebral oximeters
- EMG
- ICP monitors
- MEG
- TCD
- By procedure
- Invasive
- Non-invasive
- Accessories
- By type
- Electrodes
- Sensors
- Pastes & gels
- Caps
- Cables
- Batteries
- Others
- By usability
- Disposable
- Reusable
Brain Monitoring Market Analysis by Application
- Traumatic Brain Injury
- Stroke
- Dementia
- Sleep Disorders
- Parkinson's Disease
- Epilepsy
- Huntington's Disease
Brain Monitoring Market Analysis by End User
- Hospitals
- Neurology Centers
- Ambulatory Surgery Centers (ASCs) & Clinics
- Diagnostic Centers
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