The brain monitoring market was valued at USD 6,159 million in 2022, which is expected to reach USD 10,192 million by 2030, progressing with a CAGR of 6.50% during 2022–2030. This is due to the rise in the number of people suffering from neurological diseases, such as traumatic brain injuries (TBIs), strokes, Parkinson’s disease, dementia, and epilepsy.
Moreover, the increase in the geriatric population is a key driver of the demand for brain monitoring, as neurological disorders, such as Parkinson’s and Alzheimer’s disease, are widely common in this demographic. By 2030, 1 in 6 people in the world will be aged 60 years or over. Further, by 2050, the world’s population of people aged 60 years and older will two times this number, while the number of persons aged 80 or more will triple between 2020 and 2050, to reach 426 million.
In November 2022, SonderMind Inc. announced the acquisition of a neurosciences company, Total Brain, to enhance the mental wellbeing of people. By acquiring Total Brain, SonderMind Inc. will be able to reach people who want to improve their mental wellness as part of their own self-care, assist therapists in achieving better results, by using measurement-based care techniques with expanded client information; provide enterprise customers with population mental health reporting tools, and offer comprehensive mental and behavioral health solutions to health plans and health system partners.
Moreover, in July 2022, ARCHIMED completed its acquisition of Natus Medical Incorporated, a provider of devices to diagnose and treat disorders of the brain and neural pathways. Following the signing of the agreement, Natus’s shareholders received USD 33.50 in cash for each share of the company’s common stock. This acquisition will allow ARCHIMED to improve the quality of life of patients suffering from brain and neural pathway disorders.
By end user, hospitals held the largest share in 2022. The brain is the most-complex organ of the body, and its monitoring is a tough process, thus requiring advanced devices, which are generally found in hospitals. Further, most patients prefer hospitals for serious brain-related conditions, such as Parkinson’s disease, TBI, strokes, dementia, and epilepsy.
North America accounted for the largest revenue share, of 39%, in the brain monitoring market in 2022. This can be attributed to the increase in the prevalence of neurological disorders and the recent developments in brain monitoring technologies.
For instance, in October 2022, the London Health Sciences Centre (LHSC), home to the biggest Epilepsy Monitoring Unit (EMU) in Canada, installed advanced EEG devices for epilepsy research and diagnosis; the devices will provide faster reporting and better, more-in-depth imagery.
Due to the rising prevalence of neurological illnesses, the increasing elderly population, and the recent advances in technology, India is predicted to hold a sizable market share in the APAC region. Around 7.6 million Indians are expected to receive an Alzheimer's diagnosis by 2030, which hints at lucrative prospects for the market growth here.
The Indian government strongly encourages the launch of medical devices and setup of manufacturing facilities. For instance, the Production Linked Incentive (PLI) Scheme of the Indian government allowed Wipro GE Healthcare to open its new manufacturing facility in Bengaluru, India, in March 2022. The new facility, known as the Wipro GE Medical Device Manufacturing factory (MDM), will develop CT machines, ultrasound scanners, patient monitoring solutions, ECG machines, and ventilators.
Moreover, Stryker announced the operationalization of its new R&D center, the Stryker Global Technology Centre (SGTC), at Gurgaon's International Tech Park in June 2022. The 150,000-square-foot facility will assist the company's objective to improve healthcare, by fostering innovation both domestically and internationally.
Hence, the increase in R&D activities is expected to aid the growth of the industry in this region. For instance, in March 2022, the Indian Institute of Technology (IIT) Madras established the Sudha Gopalakrishnan Brain Centre for large-scale multi-disciplinary efforts to map human brains at the cellular level.
The major players in the brain monitoring market are Natus Medical Inc., Nihon Kohden Corporation, Koninklijke Philips N.V., GE Healthcare, Siemens Healthcare GmbH, Edwards Lifesciences Corporation, Drägerwerk AG & Co. KGaA, Masimo Corporation, Cadwell Industries Inc., and Spiegelberg GmbH & Co. KG.