The brain monitoring systems market is projected to expand at a healthy pace with global sales exceeding US$ 3.5 Bn by end of 2019, as per the latest research study by FMI. A range of broad factors, including the government funding for development of advanced medical devices, and favorable healthcare reimbursements are key sales influencers of brain monitoring devices.
The FMI report finds that rising prevalence of brain aneurysm and chronic brain injuries have necessitated adoption of brain monitoring systems expediting early and effective treatment. According to the Brain Aneurysm Foundation, nearly 6 million individuals in the U.S. suffer from unruptured brain aneurysm. In the wake of such alarming statistics, the adoption of brain monitoring systems is surging at an impressive rate for revolutionizing patient care.
As per the study, demand for brain monitoring systems significantly took off in parallel with convergence of technology and healthcare, which translated into a massive influx of advanced medical devices with high functionality.
“Rising inclination toward non-invasive procedures is inducing a shift toward devices facilitating seamless observation and identification of neurons without involvement of invasive neurosurgery, such as brain monitoring systems,” says FMI report
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The study opines EEG machines to gain significant momentum as widely-preferred brain monitoring systems, with revenues estimated to surpass US$ 1.5 Bn in 2019. Focus on delivering effective treatment via early detection of abnormalities have led the adoption of EEG machines, as these enable beneficial interventions with minimum chances of neurological complications. Simple platforms, effective report generator, and streamlined assessment tools are key attributes of EEGF machines that have driven their preference among patients and physicians alike.
Brain monitoring systems continue to witness significant demand from Hospitals (ICUS and adult care), with revenue expected to cross US$ 1 Bn in 2019. In response to high demand from hospitals, EEG machine manufacturers are implementing novel product development strategies, to realize enhanced profit margins.
Convergence of IOT with Brain Monitoring Space – A Key Trend Fostering Functionality with Better Connectivity
Penetration of IoT in the medical devices and systems landscape shows no signs of abating, evolving as a promising breakthrough that could result in connected ecosystems for brain monitoring devices with enhanced functionalities. IoT continues to play a major role in redefining interactions among various components of a brain monitoring system, thereby resulting in reduced costs, improved outcomes, and enhanced patient experiences. This trend is further complemented by on-going research efforts by prominent universities. For instance, a cohort of researchers at the Wits University of South Africa developed a way to connect human brains with internet on a real-time basis.
The transition toward miniaturized and portable models is gaining swift momentum in the brain monitoring systems landscape, as patients actively seek for advanced devices with new modalities, such as Functional Near-Infrared Spectroscopy (fNIRS), which enable real-time monitoring. The research study by FMI finds that future adoption of such upgraded versions will remain significant among physicians, as these facilitate seamless capture, storage, and processing of neurological information.
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Major players are making headway with strategic partnerships, acquisitions, and mergers to attain competitive advantages and access a wide-range range of resources and expertise. For instance, Philips acquired Electrical Geodesics, Inc. in 2017 with an objective to establish a new integrated neurological imaging, mapping and therapy guidance portfolio. Partnerships as such are foreseen to help in organic growth of the market players via collaborative innovations.
The FMI report covers assessment and forecast of the brain monitoring systems market for the period of 2018 to 2028. According to the report, the brain monitoring systems market is expected to grow at a CAGR of over 6% through 2028.
Competitive Landscape
This section of the report features profiles of key players operating in the brain monitoring systems market based on their market shares, differential strategies, brain monitoring systems product offerings, marketing approach and company dashboard.
Examples of some of the key players featured in this report include
Nihon Kohden Corporation., Electrical Geodesics, Inc. (Koninklijke Philips N.V.), Siemens Healthcare GmbH, Hitachi Ltd Natus Medical Incorporated, Medtronic plc. Compumedics Ltd, Neurosoft, EB Neuro S.p.A, and Ricoh Company Ltd among others.
The key manufacturers of brain monitoring systems are focusing on marketing strategies to increase both their product portfolio as well as geographical presence. The company’s manufacturing brain monitoring systems are focused on pricing strategies in order to lead in the market for brain monitoring systems.
Some other key market strategies followed by brain monitoring systems manufacturers include distribution & collaboration agreements to increase product reach, partnering with local as well as global retailers, and long-term partnerships with ambulatory surgical centers, clinics, hospitals and other distributor channels such as neonatal and pediatrics ICUs
Key Segment
Based on product type
fNIRS
EEG Systems
MEG Systems
MRI Systems
other brain monitoring systems
Based on modality
Portable/Handheld Systems
Standalone Systems
Based on end-users
hospitals
ambulatory surgical centers
clinics
pediatric & neonatal intensive care units
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Based on region
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
China
Japan
MEA