The increasing incidence of neurological disorders, rising awareness about neurodegenerative diseases, growth in the number of traumatic brain injuries, and technological advancements are major factors driving the demand for brain monitoring devices. On the other hand, the shortage of trained professionals to effectively operate brain monitoring devices and unfavorable reimbursement policies are restraining the growth of Neuromonitoring Market.
The global Neuromonitoring Market is expected to reach USD 12.22 Billion by 2021 from USD 8.80 Billion in 2016, growing at a CAGR of 6.8% from 2016 to 2021.
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On the basis of type, the brain monitoring devices market is categorized into MRI scanners, CT scanners, PET scanners, electroencephalography devices, cerebral oximeters, intracranial pressure monitors, sleep monitoring devices, electromyography devices, TCD devices, and magnetoencephalography devices. The MRI scanners segment is expected to account for the largest share of the global Neuromonitoring Market in 2016.
MRI is a premium and sensitive imaging test for brain imaging in routine clinical practice. It provides superior images with contrast among different types of normal body tissues and between pathologic and normal tissues, thus allowing to investigate the anatomy and function of the human brain in terms of both health and disease. MRI is also a widely used technique for medical diagnosis and staging of diseases like cancer.
Based on disease type, the Neuromonitoring Market is categorized into epilepsy, dementia, Parkinson’s disease, Huntington’s disease, headache disorders, strokes, traumatic brain injuries, sleep disorders, and other diseases. The traumatic brain injuries segment is expected to account for the largest share of the global market in 2016. The increasing occurrence of falls, blunt trauma, and motor vehicle crashes (among other causes of traumatic brain injuries), alongside the growing aging population (who are more susceptible to such injuries), is contributing to the growth of this market segment.
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Based on end user, the Neuromonitoring Market is segmented into hospitals, neurology centers, clinics and ambulatory surgical centers (ASCs), ambulances, and other end users. In 2016, the hospitals segment is expected to dominate the global Neuromonitoring Market. Hospitals have access to all kinds of equipment for proper diagnosis and also the inflow of patients is considerably higher in hospitals as compared to other healthcare settings. Moreover, hospitals have a better capacity to afford the high installation and maintenance costs of these complex devices. As a result, the adoption of brain monitoring devices is higher in hospitals as compared to other healthcare settings.
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North America, comprising the U.S. and Canada, is expected to account for the largest share of the global market in 2016. The overall growth of the market in North America is primarily driven by the growing incidence of various neurodegenerative and sleep disorders, availability of insurance coverage for brain monitoring techniques, and government initiatives to support technological advancement in the field of neurosciences.
The prominent players in the Neuromonitoring Market are Natus Medical Inc. (U.S.), Nihon Kohden Corporation (Japan), Philips Healthcare (Netherlands), GE Healthcare (U.K.), Siemens Healthineers (Germany), Compumedics Ltd. (Australia), Electrical Geodesics Incorporated (U.S.), Medtronic plc (Ireland), CAS Medical Systems, Inc. (U.S.), and Advanced Brain Monitoring (U.S.).
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