Brain Health Devices Market Poised for Robust Growth, Reaching $18 Billion by 2030
The global brain health devices market is set to experience substantial growth, with a projected CAGR of 4% from 2023 to 2030, according to a comprehensive market analysis by Fairfield Market Research. The market value is expected to reach approximately US$18 billion in 2030, a significant increase from the US$10 billion recorded in 2022.
A Diverse Range of Devices Promoting Brain Health
Brain health devices encompass a diverse range of technological tools and equipment designed to monitor, assess, enhance, and support cognitive well-being and neurological function. These devices play a crucial role in diagnosing neurological disorders, improving cognitive function, managing stress, and promoting overall mental well-being across all age groups.
Key Growth Drivers
- Improving Rate of Diagnosis: Advances in neurodiagnostics, coupled with increased awareness about neurological diseases, are driving market growth. Governments, non-government organizations, and healthcare providers are actively promoting awareness, diagnostics, and treatment.
- COVID-19 Impact: The pandemic heightened the importance of mental health, driving demand for brain health devices that support and monitor cognitive well-being. The adoption of telehealth and remote patient monitoring further accelerated interest in these devices.
- Surging Cases of Traumatic Brain Injuries and Neurological Disorders: The increasing occurrence of neurological disorders, such as Alzheimer’s disease and stroke, is boosting demand for brain health devices.
- Strong Government Backing: Government initiatives worldwide are fostering progress in brain health technologies, emphasizing research, innovation, and accessibility enhancements.
Challenges and Opportunities
Challenges in the market include high costs and complexities in brain monitoring procedures. However, opportunities lie in North America, where a robust healthcare infrastructure and regulatory frameworks support innovation. Developing economies in Asia Pacific are also poised for significant growth due to increased awareness and demand for high-quality healthcare.
Key players in the market include Philips Group, GE HealthCare, Medtronic Plc, Siemens Healthineers, and others, who are actively engaged in marketing and research and development of brain health products.
Market Expansion Through Strategic Initiatives
Parkway Shenton of Singapore has partnered with Neurowyzr to introduce digital brain screening and monitoring, offering early identification of brain health issues. Masimo Corporation received CE Mark approval for its SedLine brain function monitor, further contributing to market expansion.
With a growing emphasis on brain health and an increasing prevalence of neurological disorders, the global brain health devices market is poised for substantial growth over the next decade.
Global Brain Health Devices Systems Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Device Type Coverage, By Procedure Coverage, By Application Coverage, By End User Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/brain-health-devices-market
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This press release first seen on Brilad