Brain Health Devices Market to Surpass US$ 16.3 Billion by 2026 - Coherent Market Insights

Published On : Jul 18, 2019

The global brain health devices market, By Device Type (Magnetic Resonance Imaging, Magneto Encephalogram, Computed Tomography, Transcranial Doppler Device, and Others), by application (Stroke, Dementia, Epilepsy, Dyslexia, and Others), by end user (Hospitals, Specialty Clinics, and Others), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 9,070.5  million in 2018, and is projected to exhibit a CAGR of 7.7%, during the forecast period (2019-2026), as highlighted in a new report published by Coherent Market Insights.

Increasing number of regulatory approvals for the launch of brain health devices is expected to propel growth of the global brain health devices market. For instance, in March 2019, NeuroCatch Inc. received a Health Canada medical device license for its NeuroCatch Platform, which is a rapid neuro-physiological brain function assessment system. With the Health Canada medical device license, company is able to make the NeuroCatch Platform available for brain-focused clinicians and researchers in Canada.

Moreover, increasing prevalence of neurological conditions such as epilepsy, dementia, and Parkinson’s disease are expected to increase demand for brain health devices which, in turn, is expected to contribute to the market growth. For instance, according to the World Health Organization (WHO), in May 2019, around 50 million people across the globe were diagnosed with dementia. According to the WHO estimation, on a global scale, 10 million new cases of dementia diagnosed every year.

Furthermore, according to global burden of Parkinson’s disease (published in the Neurology Lancet), in 2016, 6.1 million people were diagnosed with Parkinson's disease around the world.

Browse 23 Market Data Tables and 19 Figures spread through 157 Pages and in-depth TOC on "Brain Health Devices Market, By Device Type (Magnetic Resonance Imaging, Magneto Encephalogram, Computed Tomography, Transcranial Doppler Device, and Others), by application (Stroke, Dementia, Epilepsy, Dyslexia, and Others), by end user (Hospitals, Specialty Clinics, and Others), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026"

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Increasing number of product launches by key players in the brain health devices market are driving growth of the brain health devices market. For instance, in June 2018, NeuroPace, Inc. launched its Next Gen RNS System for the treatment of refractory epilepsy. The RNS System is a type of brain-computer interface intended to treat epileptic seizures by continuously monitoring brain waves, recognizing patient’s seizure onset fingerprint, and automatically responding with imperceptible electrical pulses before seizures occur.

However, increasing number of product recalls are expected to hamper growth of the brain health devices market. For instance, in September 2018, the U.S. Food and Drug Administration (FDA) issued a product recall notice for the Neuro Omega System including the Drive Headstage unit, developed by Alpha Omega Engineering, due to a risks related to improper electrode connection, which could cause the device to adopt high electrical stimulation and damage brain tissue. Moreover, in the same year, the U.S. FDA issued a product recall notice for NeuroBlate System, developed by Monteris Medical, Inc. owing to issues such as unintended heating which can result in brain damage and death.

Thus, product recalls are estimated to hinder growth of market and result in higher production costs for manufacturers as they have to discard whole production batch following product defects.

About Coherent Market Insights:

  • The global brain health devices market is expected to expand at a CAGR of 7.7% during the forecast period (2019–2026), owing to increasing focus on technological innovations by key players to provide better patient outcomes. For instance, in January 2019, Boston Scientific Corporation launched its Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems featuring the Vercise Cartesia Directional Lead. The new system has been designed to control the range, shape, position and direction of electrical stimulation to treat symptoms of Parkinson's disease (PD) through highly-personalized therapy.
  • Increasing acquisitions by key players are expected to drive growth of the global brain health devices market. For instance, in August 2015, Medtronic plc. acquired Medina Medical, developer of Medina Embolization Device (TM). With this acquisition, Medtronic has strengthened its hemorrhagic stroke product portfolio. The Medina Embolization Device (TM) is an intrasaccular 3D mesh implant that fills the inside of a brain aneurysm.
  • Major players operating in the global brain health devices market include 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.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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