views
The global Brain Health Devices Market is estimated to be
valued at US$ 9,070.5 Million in 2022, and is expected to exhibit a CAGR of 7.7% over the forecast period 2019-2026, as highlighted in a new
report published by Coherent Market Insights.
Market Overview:
Brain health devices are designed to help diagnose, treat, and monitor brain-related disorders such as Alzheimer's disease, epilepsy, Parkinson's disease, and others. These devices offer several advantages such as non-invasiveness, portability, and ease of use. With the growing prevalence of brain disorders and the increasing aging population, the demand for brain health devices is expected to witness significant growth.
Market Key Trends:
One key trend in the brain health devices market is the increasing adoption of
neurofeedback devices. Neurofeedback devices are used to help individuals
improve brain function by providing real-time feedback on brain activity. These
devices enable individuals to learn self-regulation of brain function, which
can lead to improvements in cognitive performance and mental health. The
growing awareness about the benefits of neurofeedback therapy is driving the
demand for these devices in the market.
Overall, the brain health devices market is poised for substantial growth in
the coming years, driven by the increasing prevalence of brain disorders and
the rising adoption of innovative technologies in healthcare.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the brain health devices market is relatively
low. The market is highly regulated and requires significant investments in
research and development. Existing players have established strong brand
recognition and have developed extensive distribution networks, creating
barriers to entry for new players.
Bargaining Power of Buyers:
Buyers in the brain health devices market have moderate bargaining power. While
there are several players in the market, the demand for brain health devices is
increasing due to the rising incidence of neurological disorders. This gives
buyers some leverage in negotiating prices and seeking innovative solutions.
Bargaining Power of Suppliers:
Suppliers of brain health devices have moderate bargaining power. These
suppliers include manufacturers of components, raw materials, and software.
While there are multiple suppliers available in the market, the brain health
devices industry requires specialized components and software, limiting the
number of potential suppliers.
Threat of New Substitutes:
The threat of new substitutes in the brain health devices market is relatively
low. Brain health devices play a crucial role in diagnosing, monitoring, and
treating neurological disorders. While there may be alternative treatments or
therapies available, brain health devices offer specific advantages and are
often considered the gold standard in patient care.
Competitive Rivalry:
The competitive rivalry in the brain health devices market is high. There are
several key players operating in the market, each offering a range of
innovative products and solutions. These companies compete on factors such as
product features, pricing, brand reputation, and distribution networks. This
intense competition drives continuous innovation and fosters market growth.
Key Takeaways
The Global
Brain Health Devices Market Demand is expected to witness high growth,
exhibiting a CAGR of 7.7% over the
forecast period of 2019-2026. This
growth is primarily driven by increasing awareness about brain health, rising
prevalence of neurological disorders, and technological advancements in brain
health devices.
From a regional perspective, North America is the fastest-growing and
dominating region in the brain health devices market. The region has a strong
healthcare infrastructure, advanced medical technologies, and a high prevalence
of neurological disorders. Additionally, government initiatives supporting
neurological research and favorable reimbursement policies contribute to the
region's market dominance.
Key players operating in the 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. These companies focus on product launches, strategic
collaborations, and mergers and acquisitions to gain a competitive edge in the
market.
In conclusion, the brain health devices market is set for significant growth in
the coming years. Increasing awareness, technological advancements, and
favorable government initiatives will drive market expansion. The key players
in the market will continue to invest in research and development to introduce
innovative solutions and capture a larger market share.
Comments
0 comment