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The brain health devices market is driven by the increasing prevalence of neurological disorders such as Alzheimer’s disease and dementia. Brain health devices such as electroencephalography (EEG) devices, magnetoencephalography (MEG) devices, and transcranial magnetic stimulation (TMS) devices help neurologists and doctors to analyze brain function and activity effectively, aiding timely diagnosis and treatment of various neurological conditions. These devices capture real-time recordings of neural impulses and brain activities through electrodes placed on the scalp or sensors integrated into a wearable cap. The captured brainwave data helps clinicians in understanding brain irregularities and design targeted therapies.
The global Brain Health Devices Market is estimated to be valued at US$ 9,070.5 million in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Technological advancements in brain monitoring devices have led to the development of wearable and portable brain health devices in recent years. For instance, BrainCo has developed an FDA-cleared neuroheadset called Dreem which reads EEG signals and measures brainwave patterns to aid healthier sleeping. Also, Neurable has created a non-invasive brain-computer interface headset which can decode neural signals related to intentions, allowing control of digital devices and augmented reality systems using just thoughts. Such cutting-edge technologies are expanding diagnostics capabilities and enabling continuous remote monitoring of brain conditions.
Porter’s Analysis
Threat of new entrants: Low- to medium-cost investment and specialised approach serves as barriers for new entrants.
Bargaining power of buyers: Large buyer base and focus on affordability increases buyers’ negotiating power.
Bargaining power of suppliers: Important technologies and patents owned by a few major players increases suppliers’ bargaining power.
Threat of new substitutes: Increasing demand for alternative technologies for neuro-monitoring poses threat of substitutes.
Competitive rivalry: Global presence of some key players along with regional players leads to intense competition.
Key Takeaways
The global Brain Health Devices market is expected to witness high growth.
Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific is expected to be the fastest growing market owing to increase in healthcare expenditure and raising awareness.
Key players: Key players operating in the Brain Health Devices market are BrainScope Company, Inc., Bio-Signal Group Corp., Cadwell Industries, Inc. Advanced Brain Monitoring, Inc., Compumedics Ltd., Elekta, DePuy Synthes, Electrical Geodesics, Inc., Medtronic, GE Healthcare, MEG International Services Ltd, Natus Medical, Inc., Neurowave Systems Inc., Nihon Kohden Corporation, and Philips Healthcare.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
