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Brain Health Devices Market to Surpass US$ 26.50 Bn by 2031

Brain Health Devices Market to Surpass US$ 26.50 Bn by 2031 - Coherent Market Insights

Publish In: Jul 22, 2024

Global brain health devices market is estimated to witness high growth, owing to aging population and rise in neurological disorders

Global brain health devices market is estimated to be valued at USD 15.10 Bn in 2024, exhibiting a CAGR of 8.5% over the forecast period (2024-2031). Increasing geriatric population worldwide who are more prone to brain health issues like Alzheimer's, Parkinson's and other neurological disorders can drive the market growth. Furthermore, technological advancements in devices and rising awareness about brain fitness can also drive the market growth.

Global brain health devices market growth is primarily driven by the following factors:

Aging Population: As per WHO, the world's population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. The aged population is more vulnerable to neurological disorders like Alzheimer's disease, dementia and other brain related issues that boosts demand for brain health monitoring devices.

Rise in Neurological Disorders: According to WHO, neurological disorders are rapidly increasing and affects over 1 billion people worldwide. Rising prevalence of diseases like Alzheimer's, Parkinson's, epilepsy, traumatic brain injury can boost demand for continuous brain monitoring devices for treatment and management of such disorders. Early diagnosis of these conditions through advanced devices can help improve the quality of life of patients.

Increasing Prevalence of Neurological Disorders Drives Market Growth

Global brain health devices market growth is driven by rising incidence of neurological disorders. According to the World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide and are one of the leading causes of disability. Growing burden of these conditions - Alzheimer's and other dementias are estimated to affect over 50 million people globally and the number is projected to triple by 2050. Due to aging population and improved lifestyle-related risk factors, there has been high prevalence of conditions such as dementia, Parkinson's disease, stroke, epilepsy, and traumatic brain injuries. This growing patient pool boosts demand for innovative brain health devices that can help in early diagnosis, treatment monitoring, and management of such disorders.

Surge in Investments for Brain Health Device Innovation

Rising funding and investments aimed at promoting innovation in brain health devices can drive the market growth. Both private sector organizations and government bodies are increasingly supporting research and development activities in this domain. In recent years, venture capital investments in brain technology startups have grown considerably. For instance, as per the report published by Brookings Institute, global venture funding in neurotechnology had increased from US$123 million in 2008 to over US$ 1.5 billion in 2018. Several medical device companies are also aggressively pumping resources into development of novel brain monitoring solutions including neurostimulators, brain computer interfaces, and digital biomarkers. This influx of capital allows medical technology players to launch more innovative products at a faster pace, thus, driving the market growth. Rising investments reflects high commercial potential of brain health devices.

Reimbursement Hurdles Hamper Market Adoption

Global brain health devices market growth can be hampered by complex reimbursement framework. Since neurological disorders often require long-term treatment and management, costs of different brain health devices can be quite high. However, lack of favorable reimbursement policies leads to low financial access for patients. For example, while deep brain stimulation therapies for Parkinson's symptoms have proven efficacy, many people still cannot afford the procedure due to inadequate insurance coverage. Reimbursement restrictions also apply for digital biomarkers and some home-use brain monitoring devices. This can hamper the adoption of new brain health technologies. Widespread variability in reimbursement guidelines across different global regions can also hamper the market growth.

Strict Regulatory Approvals Delay Market Launch

Stringent regulations governing medical devices and digital health solutions can hamper the market growth. Brain health devices often undergo extensive and time-consuming premarket approval procedures before receiving regulatory clearances for commercialization. Given their invasive nature and interaction with brain functions, neurological devices are subject to particularly rigorous safety and efficacy evaluations. For instance, approval timeline for new deep brain stimulation devices usually ranges from 12-18 months. Similarly, digital tools that diagnose or influence brain health also need to meet tough cybersecurity and privacy standards. Meeting all regulatory requirements entails heavy costs, which small companies find difficult to bear. Regulatory delays can defer the availability of novel products in the market by several years. Strict oversight, while crucial to ensure patient safety, can hamper quicker innovation in brain device technology.

Growing Use of Digital Technologies Spurs Opportunities

Rapid digitization of healthcare through connectivity, artificial intelligence, sensors, and cloud-based solutions can provide major growth opportunities for the global brain health devices market. Technologies that leverage advanced data analytics on digital biomarkers open up the possibility of early disease detection via non-invasive means. Telehealth models allow remote monitoring of brain-related conditions using digital tools. Powered by AI, digital biomarkers and brain computer interfaces can enhance efficacy of neurological treatments over time through continuous, passive data collection. The integration of digital capabilities in traditional devices like neurostimulators ushers innovative device-data hybrid solutions. This fusion of medical devices with digital innovations can  disrupt and augment the existing brain health products landscape to create new revenue pools.


Key Development

  • In September 2023, NTT Communications Corporation (NTT Com), a part of the NTT group that focuses on ICT solutions and international communications, introduced a trial for "Brain Health Check Plus", a service using AI to detect early cognitive decline signs. The trial, which started on September 21, 2023, aligns with World Alzheimer's Day and aims to reduce the impact of dementia on individuals, families, and businesses by offering a fee-based navigation service.
  • In November 2022, Neurosteer Inc. received FDA clearance for its Neurosteer single-channel EEG brain monitoring platform. This clearance allows the versatile system to be used across various clinical environments. The platform provides continuous brain monitoring in intensive care units (ICUs) for critical interventions and facilitates early detection of pre-symptomatic cognitive decline, including Alzheimer's, Parkinson's, and dementia, within a physician's office. It supports rapid and cost-effective screening of individuals potentially affected by neurodegenerative disorders in pharmaceutical drug trials.
  • In February 2022, Masimo obtained the U.S. FDA clearance for its SedLine brain function monitoring system for pediatric patients aged 1-17 years, along with the SedLine Pediatric EEG Sensor. This clearance extends the benefits of SedLine to all patients one year old and above in the U.S.
  • In April 2021, NeuraMetrix was chosen by Boston University (BU) School of Medicine to contribute its innovative digital biomarker for detecting and monitoring brain diseases as part of BU's Precision Brain Health Initiative

Key Players: Medtronic plc, Natus Medical Incorporated, Advanced Brain Monitoring, Inc., ElectroCore LLC, Neuropace, Inc., Integra LifeSciences Corporation, Boston Scientific Corporation, LivaNova PLC, Masimo Corporation, Magstim, Soterix Medical Inc., Cadwell Industries, Inc., Cogmedix, Inc., Emotiv, Compumedics Limited, NeuroSky, Mindmaze, Philips Healthcare.

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