Brain Health Devices Market Expected To Generate a Significant Revenue of US$ 16.3 Billion by 2026 | CAGR: 7.7%: Coherent Market Insights
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The global brain health devices market, which was evaluated at US$ 9,070.5 million in 2018, is now projected to demonstrate a rapid CAGR of 7.7% over the forecast period (2019-2026. Increasing regulatory approvals for the launch of novel, innovative brain health devices is foreseen to propel the growth of the global brain health devices market in the foreseeable future. For instance, in March 2019, NeuroCatch Inc. received a Health Canada medical device license for its NeuroCatch Platform – a neuro-physiological brain function assessment system.
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Growing prevalence of neurological conditions, such as epilepsy, dementia, and Parkinson’s disease, majorly contributes to the global market growth. According to the World Health Organization (WHO), around 50 million people worldwide were diagnosed with dementia in May 2019. Furthermore, Neurology Lancet reported that around 6.1 million people around the globe were diagnosed with Parkinson’s disease in 2019.
Increasing product launches by the significant market players in the global brain health devices market act as a pivotal growth for the global market. For instance, in June 2018, NeuroPace, Inc. launched its next-generation RNS System for the treatment of refractory epilepsy. On the contrary, the ascending number of product recalls is a significant constraining factor for the global market growth. For instance, in September 2018, the U.S.FDA issued a product recall notice for the Neuro Omega System developed by Alpha Omega Engineering, as certain risks related to improper electrode connection were discovered, which could potentially damage the brain tissue.
Key Takeaways of the Global Brain Health Devices Market:
- The global brain health devices market is poised to grow significantly over the estimated period, registering a CAGR of 7.7%. For instance, in January 2019, Boston Scientific Corporation launched its Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems, which are designed to control the range, shape, position, and direction of the electrical stimulation for treating the symptoms of Parkinson’s disease.
- Increasing acquisitions by key market players further drive the growth of the global brain health devices market. For instance, in August 2015, Medtronic Plc acquired Medina Medical, which developed the Medina Embolization Device (TM). Medtronic strengthened its hemorrhagic stroke product portfolio with this acquisition.
- The leading players operating in the global 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.
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